Proximo's sponsors, banks, and law firms of the year 2024
Proximo returns with the only clear, robust, and objective list of the best performing players in the project finance market in 2024. Here's to celebrating the global winners in Copenhagen.
While 2025 has had a tumultuous start, for the project finance market, 2024 represented a consistent picture of progress. Buoyed by some big-ticket financings for renewables and data centre portfolios, activity levels showed a modest improvement on 2023. Those improvements were not equally spread - the United States remained a powerhouse in project finance, and growth in volumes there compensated for weakness in other markets.
It is hard - probably harder than it ever has been - to work out which way the market will move in the rest of the year. Some of the tailwinds for last year, including a benign US political environment for renewable energy and limitless demand for power and data from artificial intelligence, are showing signs of flagging. But the global project finance market has generally been able to adapt to shifts in demand and allocate resources fairly quickly to the sectors and geographies that are most promising.
The market has deep reserves of creativity and capacity to meet these shifts in demand, as highlighted in Proximo's list of sponsors, banks and law firms of the year. The below list features the best sponsors, banks, and law firms both globally and in each region. Proximo can confidently say that these firms are the best in the market, because it has a clear and robust way of picking winners that completely eliminates human fallibility and errors.
Each bank and law firm is scored on its ranking in the Proximo Survey (a global score), combined with scores that represent its league table position in each region (or globally) and the number of award-winning transactions that it worked on, again both globally and regionally. Proximo does not (yet) solicit survey rankings for sponsors, and it makes less sense to rank them on award winning deals, though activity levels do factor into the Proximo team's slightly more subjective selections.
There are some familiar names from 2023, but also a many new names, in keeping with a market that attracted unprecedented numbers of new lenders in 2024. The winning firms are likely to be recognised at Proximo's Nashville and Copenhagen events in June.
Global
Sponsor of the Year - KKR. In 2024, KKR reached a scale as an infrastructure investor commensurate with its pedigree as a titan of private equity. Among the seven big-ticket financings it closed was the $11 billion financing for its TIM network acquisition.
Bank of the Year - MUFG. A very strong performance in North America and Asia allowed MUFG to retain the top spot. It also attracted very respectable ratings in the Proximo survey.
Law Firm of the Year - A&O Shearman. The merger of Allen & Overy and Shearman & Sterling may take a while to bed down, and the newly combined firm definitely benefitted from combining its totals. But its survey scores were respectable rather than sparkling.
North America
Sponsor of the Year - Brookfield. It was probably a little unfair that Brookfield did not win in this category in 2023, following its ground-breaking chip fabrication financing. Thanks to the refinancing of that venture, and a strong performance in data centres and renewables, it enjoyed a market-leading spread of sectors.
Bank of the Year - MUFG. The Japanese lender remains very hard to catch in North America, thanks to a strong power and renewables franchise. It tied for largest number of award-winning deals, but its league table position remains unassailable.
Law Firm of the Year - Milbank. It worked on a scarcely imaginable 97 deals in North America in 2024, and more award-winning deals than the next two firms put together.
Europe
Sponsor of the Year - TotalEnergies. The French oil major shunned its peers' rejection of renewables, closing on a market first CCUS deal, as well as a Polish wind farm and several solar financings outside Europe.
Bank of the Year - Santander. The Spanish bank's UK franchise did a lot of the heavy lifting, but it boasted a strong pan-European spread of deals and sectors. A strong league table and awards performance made up for a subdued survey score.
Law Firm of the Year - A&O Shearman. This award was all down to the former Allen & Overy lawyers. It was pipped to number 2 in the league tables, but performed well in awards and the survey.
Latin America
Sponsor of the Year - Actis. In deal count, Actis was a clear number one in Latin America, and it was only slightly behind the number one in volumes. Its success in trading in and out of brownfield power and renewables portfolios produced some ground-breaking deals in 2024.
Bank of the Year - SMBC. SMBC is a consistently strong contender in Latin America, and was a close second place in the region's league tables. It has a knack for coming in on Latin America's most challenging and high-profile transactions.
Law Firm of the Year - Baker McKenzie. A slightly dark horse winner, this firm was a distant number two in the league tables, and in the middle on awards involvement, but a strong survey score really helped.
Middle East & Africa
Sponsor of the Year - Engie. It has long been a major player in the Middle East, but in 2024, Engie combined two brownfield transactions in the GCC region - for Tihama and Al Dur - with the greenfield Oya solar deal in South Africa.
Bank of the Year - Riyad Bank. This is the first time that a regional lender outside of the clutch of top 10 international banks won in the Middle East. But this speaks to a changing of the guard in the region. It dominated both league table and awards rankings.
Law Firm of the Year - A&O Shearman. First in the regional league table, and second in awards involvement - on a combined basis. This was definitely a team effort for the merged firm.
Asia-Pacific
Sponsor of the Year - Global Infrastructure Partners. GIP will, for 2024 purposes, be considered separately from BlackRock, and in Asia it carved out a strong franchise across renewables, LNG, and digital.
Bank of the Year - MUFG. Pipped at the post in both league tables and awards involvement, MUFG's survey score again came to the rescue.
Law Firm of the Year - A&O Shearman. A strong awards performance and good survey score made up for a league table position that was good rather than great.
Participate in Proximo's 2025 Global Project Finance Survey
In the dynamic world of project finance, your insights aren't just valuable - they are essential! Our 2025 survey is out now and your unique perspective can steer the future of our industry. Global survey scores will be considered in Proximo's annual Industry Choice awards - ensure you participate and give the best sponsors, banks, and law firms the spotlight they deserve in next year's awards!
