Mizuho Spotlight

Mizuho Americas wins PFI’s Americas Bank of the Year; Recognized with four deal-specific awards

January 3, 2024

Mizuho Americas was recognized by Project Finance International (PFI) with five awards in 2023, including Americas Bank of the Year, for its achievements in financing groundbreaking power, energy, and infrastructure projects. 

The PFI awards, which celebrate exceptional work and achievement within the global project finance market, highlight Mizuho's leadership in supporting energy transition and infrastructure and include the largest greenfield energy project financing in U.S. history. Award winners were selected among detailed award entries and final evaluations by the PFI senior editorial team.

“Across the Americas and around the globe, Project Finance continues to impact a wealth of integral operations within the power, energy, and infrastructure landscape,” said Rahul D. Shah, Mizuho Americas’ Head of Project Finance. “We are proud to have played a prominent role by providing innovative solutions and attractive financing in these historic deals.”

An awards ceremony will be held in London on February 21, 2024. 

Mizuho was recognized in the following categories:

Americas Bank of the Year for Mizuho’s ability to advise and lead some of the industry’s largest and foremost transactions in the region. In 2021, the bank redefined its project finance strategy to align with its broader investment banking platform to drive M&A, loan capital markets and hedging solutions. Since then, Mizuho has climbed six places in the PFI league tables, establishing itself as a leading top-tier project finance institution. 2023 was a standout year for Mizuho with several leadership roles in $1bn+ transactions in the Americas across LNG, midstream oil and gas, power, renewables, and digital infrastructure. In addition, Mizuho made noticeable strides in the ESG space, leading several greenfield renewable energy and battery storage transactions that will build out more than 1.1 GW of generation and 340 MW / 1,360 MWhs of storage. In addition to leading greenfield projects, Mizuho continued to be active in leading transactions for operating renewable assets or portfolios. Through the end of 2023, Mizuho led multiple transactions that included more than 8 GW of operating renewable energy projects. Mizuho was also mandated as Co-Financial Advisor for an upcoming green hydrogen project that will be a crucial new technology for the future clean energy transition.

Deal of the Year for Rio Grande LNG’s $18.4 billion financing of its Phase 1 project comprised of three LNG liquefaction trains capable of producing a total of 18m tonnes per year of LNG. The transaction represents the largest greenfield energy project financing in U.S. history. Once completed, the Rio Grande LNG project will be the largest privately funded infrastructure project in Texas. Mizuho played an active role in the transaction as Coordinating Lead Arranger, Joint Bookrunner, Syndication Agent, Documentation Agent, Global Coordinator and P1 Collateral Agent.

Infrastructure Deal of the Year for Aguas Horizonte’s (a subsidiary formed by Marubeni and Transelec) $2.2 billion construction financing to develop Chile’s largest desalination plant for Codelco, the Chilean state-owned firm that accounts for an estimated 10% of the world’s copper production. The work will include the construction of a high-pressure water supply pipeline, a pumping station to transport water from the coast to a copper mine area located approximately 160km inland, a large water reservoir, a water distribution pipeline for three copper mines owned by Codelco and an overhead power transmission line and substation. Mizuho held several leadership roles on the transaction including Financial Advisor to the sponsors, Mandated Lead Arranger, Equity Bridge Lender, Swap Coordinator, Modeling Bank, Offshore Collateral Agent, and Offshore Accounts Bank.

Renewables Deal of the Year for SB Energy Global’s $2.4 billion financing of its 1.3GW portfolio of four utility-scale solar projects in energy communities with higher-than-average unemployment rates caused by coal closures or fossil fuel retirements. Among these three transactions, Mizuho acted as Coordinating Lead Arranger on two – Orion I and Orion III – which closed within a few months of each other. 

Acquisition Deal of the Year for EnfraGen’s $1.05 billion refinancing for its acquisition of a renewable energy portfolio in Panama and Costa Rica. The renewable power facilities purchased were the 199MW Dos Mares Hydro Complex in Panama, the combined 19.7MW Prudencia and Divisa solar projects in Panama and the 49.5MW Guancaste wind farm in Costa Rica. Mizuho was a Joint Bookrunner on the financing. 

For the full article, please visit: https://www.pfie.com/story/4290950/americas-awards-yx4vgqsysz

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