NEWSLETTER

Sign up to read weekly email newsletter

13 years 🥳 of Publication, 100k+ Stories, 30+ Countries

Legal Desire Media and Insights
Donate
Search
  • Law Firm & In-house Updates
  • Deals
  • Interviews
  • Insight
  • Read to know
  • Courses
Reading: Latham Advises NextDecade in the Largest Greenfield Energy Equity and Debt Project Financing in US History
Share
Aa
Legal Desire Media and InsightsLegal Desire Media and Insights
  • Law Firm & In-house Updates
  • Deals
  • Interviews
  • Insight
  • Read to know
  • Courses
Search
  • Law Firm & In-house Updates
  • Deals
  • Interviews
  • Insight
  • Read to know
  • Courses
Follow US
Legal Desire Media & Insights
Home » Blog » Latham Advises NextDecade in the Largest Greenfield Energy Equity and Debt Project Financing in US History
Deals

Latham Advises NextDecade in the Largest Greenfield Energy Equity and Debt Project Financing in US History

By Legal Desire 4 Min Read
Share

NextDecade Corporation (NextDecade) (NASDAQ: NEXT) announced that it has taken its final investment decision (FID) with respect to the equity and debt financing of the first three liquefaction trains of its multi-train Rio Grande LNG Facility near Brownsville Texas.  This first phase, with nameplate liquefaction capacity of 17.6 MTPA, has 16.2 MTPA of long-term binding LNG sale and purchase agreements with TotalEnergies, Shell NA LNG LLC, ENN LNG (Singapore) Pte Ltd, Engie S.A., ExxonMobil LNG Asia Pacific, Guangdong Energy Group, China Gas Hongda Energy Trading Co., Galp Trading S.A. and Itochu Corporation. Bechtel is constructing the three-train first phase pursuant to fully wrapped lump-sum turnkey (LSTK) engineering, procurement, and construction agreements.

Latham & Watkins effectively structured more than half a dozen distinct transactions in the combined financing, which were all closed and funded concurrently on July 12, 2023. New York partner Hamad Al-Hoshan led the financing of a US$12.3 billion limited recourse debt financing, consisting of a US$10.8 billion commercial bank term loan A facility, a US$800 million commercial bank term loan A facility supported by credit support from TotalEnergies Holdings SAS, and a US$700 million in privately placed notes. New York partner Jason Webber led the formation of an equity consortium among NextDecade, Global Infrastructure Partners (GIP), TotalEnergies (NYSE: TTE), Singaporean sovereign wealth fund GIC, and Abu Dhabi sovereign wealth fund Mubadala with aggregate equity commitments of approximately US$6.2 billion. Houston partner Christopher Peponis led the development of more than a dozen complex and highly bespoke commercial agreements that collectively comprise the contractual architecture of the multi-owner multi-train Rio Grande LNG Facility.

The approximately US$18.5 billion in equity and debt commitments make this project financing the largest greenfield energy equity and non-recourse debt financing in the history of the United States.

As previously announced, Latham & Watkins also represented NextDecade in the private investment into public equity (PIPE) transaction by TotalEnergies into NextDecade, with the initial tranche funding on June 14, 2023, a second tranche funding concurrently with FID, and a third tranche to fund at a later date.

The team with respect to the bank financings and private placement included Mr. Al-Hoshan, San Diego partner Stephanie Fontanes, New York partner Michael Saliba, and associates Hyunjong (Josh) Ryu, Dominika Kovacicova, Yoon Lee, Matthew Powell, Tricia Duffy, Om Pandya, Paul Rafla, and Isabelle Sawhney. The corporate team with respect to the project-level equity consortium included Mr. Webber, and Houston associates Alice Parker, and Ben Marek, with advice on tax matters by Houston partner Jim Cole and associate Chelsea Muñoz-Patchen. The project development team included Mr. Peponis and associates Shawn Beloin, Julia Chen, Costanza Garcia, and Jack Klein. The corporate team with respect to the PIPE transaction was led by Houston partner Ryan Maierson, with associates Om Pandya, and Tasbiha Batool. Mr. Webber was the overall leader of the transactions and coordinated all aspects of the Firm’s representation.

You Might Also Like

Dentons Link Legal advises Genesys International on its Qualified Institutions Placement

Dentons Link Legal Advises Tata Capital on Financing of Cleantech Solar

Freshfields advises Sun King Nigeria on c.$80m local currency financing

Freshfields advises Charterhouse on the entry of new investors in Novétude

Mayer Brown advises Vitruvian Partners on acquisition of premium travel business Great Rail Journeys

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

Don’t miss out on new posts, Subscribe to newsletter Get our latest posts and announcements in your inbox.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

Don’t miss out on new posts, Subscribe to newsletter Get our latest posts and announcements in your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Legal Desire July 13, 2023
Share this Article
Facebook Twitter Email Copy Link Print

YOU MAY ALSO LIKE

Dentons Link Legal advises Genesys International on its Qualified Institutions Placement

Dentons Link Legal acted as the sole legal counsel as to Indian laws for the qualified institutions placement of equity…

Deals
May 27, 2025

Dentons Link Legal Advises Tata Capital on Financing of Cleantech Solar

Dentons Link Legal acted as legal counsel to Tata Capital Limited in connection with the extension of financial assistance to…

Deals
May 27, 2025

Freshfields advises Sun King Nigeria on c.$80m local currency financing

Global law firm Freshfields has advised Greenlight Planet Sun King Nigeria (Sun King Nigeria), a leading distributor and financier of…

Deals
May 24, 2025

Freshfields advises Charterhouse on the entry of new investors in Novétude

Freshfields advised Charterhouse Capital Partners (“Charterhouse”), one of the longest-established private equity firms operating in Europe, on the transaction involving…

Deals
May 19, 2025

For over 10 years, Legal Desire provides credible legal industry updates and insights across the globe.

  • About
  • Contact Us
  • Legal Marketing Service for Law Firms and Lawyers
  • Privacy Policy
  • Terms & Condition
  • Cancellation/Refund Policy

Follow US: 

Legal Desire Media & Insights

For Submissions/feedbacks/sponsorships/advertisement/syndication: office@legaldesire.com

Legal Desire Media & Insights 2023

✖
Cleantalk Pixel

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?