Shearman & Sterling was recognized with two 2020 IFLR Americas Awards for its groundbreaking project finance work in Latin America.
The firm was named “Project Finance Team of the Year” for its key role advising the lenders in two major projects: the Fruta del Norte gold and silver mining project in Ecuador and the Açu LNG to Power Project in Brazil. The Fruta del Norte mining project was also named “Project Finance Deal of the Year.”
The innovative Fruta del Norte project, which has raised more than $1 billion in financing, is the first major mining financing in Ecuador and the first time that stream, private equity and traditional project financing have successfully worked together at the project company level to finance a greenfield mining project. Shearman and Sterling advised lenders Orion Resource Partners and Blackstone Tactical Opportunities.
Fruta del Norte has garnered a long list of awards, including IJGlobal ’s 2019 Latin American Mining Deal of the Year, IJGlobal ’s 2017 Latin American Mining & Metals Deal of the Year, LatinFinance ’s Mining Financing of the Year Award in 2019 and Mines and Money 's Best Mid-Cap Deal in 2018.
The firm also advised the lenders on the financing of the Açu LNG to Power Project in Brazil. The project involves the development, construction, operation and maintenance of a 1,298MW gas-fired combined cycle power plant to run on gas supplied from a liquefied natural gas import terminal.