Mizuho Americas was recognized in the 2024 Project Finance International (PFI) awards for our work with clients on 10 energy and infrastructure deals spanning three continents supporting energy transition and the technology boom.
The PFI awards celebrate exceptional work and achievement within the global project finance market. Mizuho's clients rely on our expertise in these markets as evidenced by the depth and breadth of projects we are involved in financing.
“Mizuho once again has its finger on the pulse leading critical infrastructure and energy projects across the globe,” said Rahul D. Shah, Mizuho Americas’ Head of Project Finance. “Our clients consistently rely on our deep knowledge of the project finance landscape, skill in innovating structures, and patience and fortitude to see them through.”
An awards ceremony will be held in London on February 20, 2025.
Mizuho was recognized for its leadership in financing the following projects:
AMERICAS:
Deal of the Year – Coastal Virginia Offshore Wind: Mizuho was Financial Advisor, Initial Underwriter and Coordinating Lead Arranger, Syndication Agent & Administrative Agent on Stonepeak Infrastructure Partners’ acquisition of a 50% stake in Dominion Energy’s 2.6 gigawatt Coastal Virginia Offshore Wind project, the largest renewable energy asset project financing in U.S. history, PFI editors noted.
Data Center Deal of the Year – Switch Bighorn: Mizuho served as Initial Coordinating Lead Arranger & Joint Bookrunner on the US$4.5 billion financing of Switch Bighorn’s data center project in Reno, Nevada. The project provides 300 megawatts of immediately available power and a supplemental project with a capacity of 360 megawatts, anchored by large cloud service providers. The deal was one of the largest data center project financings that was structured, underwritten and syndicated for two related projects in parallel with the same sponsor, PFI editors noted. With a 2.4x oversubscription at close, it also underscores investors’ desire to finance the technology revolution.
LNG Deal of the Year – Cedar LNG: Mizuho served as Coordinating Lead Arranger, Joint Bookrunner & Swap Coordinator on the US$4.5 billion financing package for the first commercially financed floating LNG production project in North America located in Kitimat, British Columbia. The project was also the first Indigenous-led and majority-owned global LNG export facility, the awards committee said.
Gas Deal of the Year – Mayakan – Engie: Mizuho acted as Joint Bookrunner, Joint Lead Arranger & Hedge Coordinator on French energy company Engie’s US$2.5 billion project financing supporting the expansion of the Yucatan Peninsula’s natural gas pipeline system. The project will supply natural gas for increasing power generation demand in a hard-to-reach area in Mexico.
ASIA-PACIFIC:
Battery Deal of the Year – Orana: Mizuho served as a lender in BlackRock-backed Akaysha Energy’s A$725 million, 415-megawatt/1.66-gigawatt Orana Battery Energy Storage System (BESS) financing. The project is among the largest standalone battery projects and has a long-term contract Australia’s New South Wales regional government to provide power.
Data Center Deal of the Year – AirTrunk: Mizuho acted as Lender and Arranger for AirTrunk’s US$393m five-year loan facility to expand its data center in Johor, Malaysia. AirTrunk, the largest data center operator in Asia-Pacific, will use the proceeds to expand the facility which is expected to increase connection to regional technology hubs such as Singapore, PFI editors noted.
Solar Deal of the Year – FRV Australia: Mizuho acted as a lender for FRV’s A$1.2 billion debt package to refinance a portfolio of solar power assets. The loan will enable the company to build out its 2.1-gigawatt clean-energy project pipeline. The company is 51% owned by Abdul Latif Jameel Energy, a Saudi Arabia family-owned firm, and Canadian pension fund OMERS who has a 49% stake.