Norton Rose Fulbright US LLP
Related services and key industries
Rachel Crouch’s practice is focused on the representation of developers of and investors and lenders to energy and infrastructure projects, including solar, wind, LNG, desalination and mining projects. She is primarily active in the United States and Latin America.
JD, cum laude, Harvard Law School, 2012
BA, with highest distinction, Phi Beta Kappa, University of Virginia, 2007
- District of Columbia Bar
- New York State Bar
- Represented Greensill Capital in a $50 million supply chain financing for Freeport LNG, guaranteed by the Export-Import Bank of the United States (EXIM). This financing incorporated EXIM's first-ever use of a funder guarantee structure through an arrangement among EXIM, Greensill Capital and the Private Export Funding Corporation.
- Represented AMP Capital Investors in the $280 million mezzanine construction financing of portfolios of solar and wind projects in Chile owned by Mainstream Renewable Power.
- Represented the lenders to Cheniere Energy, Inc. in an approximately $2.5 billion senior secured term loan facility.
- Represented an investor in a joint venture for the development of solar distributed generation projects in Mexico.
- Represented Neoen S.A. in the financing of the 300 MW El Llano solar project in Aguascalientes, Mexico. The financing consisted of a term loan facility, a letter of credit facility and a VAT loan facility.
- Represented the lenders in the financing of the 270 MW Potrero merchant solar project in Jalisco, Mexico.
- Represented the Inter-American Investment Corporation and the International Finance Corporation in the $120 million financing of the Tropicalia sustainable resort in the Dominican Republic.
- Represented Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) in the $15.5 million term loan corporate financing of Solesco Centroamérica (Kingo), a company providing prepaid access to rooftop solar panels in Central America.
- Represented Inter-American Investment Corporation, International Finance Corporation, The Bank of Tokyo Mitsubishi UFJ, Banobras and Bancomext as senior lenders in the $235 million financing of the 150 MW Solem 1 and 140 MW Solem 2 solar projects, located in Aguascalientes, Mexico, which were the first solar projects under Mexico's long-term clean energy auctions to reach financial closing.
- Represented the sponsor in the approximately $30 million tax equity financing of a portfolio of commercial and industrial solar projects throughout the United States.
- Represented a tax equity investor in a partnership flip financing of an 80 MW solar project in Utah.
- Represented the sponsor in the tax equity financing of a portfolio of community solar projects in Minnesota.
- Represented the lead arrangers and lenders in connection with the back-leverage financing of the 100 MW Mustang solar project in Kings County, California. The financing consisted of an approximately $105 million term loan facility and an approximately $18 million letter of credit facility.
- Represented the lead arrangers and lenders in connection with the financing of the 157.5 MW Roserock solar project in Pecos County, Texas. The financing consisted of a construction period credit agreement providing for a $63 million construction loan facility, an approximately $180 million equity bridge loan facility and an approximately $23 million letter of credit facility, as well as an operating period back-leverage credit facility with a $63 million term loan facility and an approximately $32 million letter of credit facility.
- Represented Cheniere Corpus Christi Holdings, a wholly owned subsidiary of Cheniere Energy, Inc., in the $11.5 billion financing of its LNG project in Corpus Christi, Texas.
- Represented Minera Antucoya, whose sponsors are Antofagasta plc and Marubeni Corporation, in the $650 million financing of the Antucoya copper project in Chile.
- Legal 500 Latin America, Rising Star, International firms: Projects and energy, The Legal 500, 2019 - 2021
- Private Practice Powerlist: US-Mexico, The Legal 500, 2019
- Author, "Negotiating hydrogen contracts," Project Finance Newswire, February 18, 2021
- Author, "Emerging opportunities in the hydrogen market," Project Finance Newswire, December 9, 2020
- Co-author, "US Export-Import Bank Resurfaces, Project Finance Newswire, April 2020
- Co-author, "Bird's Eye View - Latin America / Project Development," IFLR, Nov. 15, 2018
- Co-author, "Community Solar and Securities Regulations," Project Finance Newswire, Oct. 18, 2016
- Co-author, "Opening up the finance markets for merchant solar," PV Tech Power Volume 6, Feb. 2016
- 2nd World Hydrogen Summit, March 9 - 11, 2021
October 12, 2020
November 13, 2019
September 23, 2019