NEW YORK – Bracewell LLP has been named a finalist in the project finance category at the 2026 FT Innovative Lawyers Awards North America, for the firm’s representation of AEP Transmission, LLC, a subsidiary of American Electric Power, on a $1.6 billion loan guaranteed by the US Department of Energy (DOE). Winners will be announced on December 7 at an awards ceremony in New York City.
The proceeds of the multi-draw loan from the Federal Financing Bank will be used to upgrade nearly 5,000 miles of transmission lines in Indiana, Michigan, Ohio, Oklahoma and West Virginia, while saving customers an estimated $275 million in financing costs through its preferred rate structure and lower bills. DOE guaranteed the loan under its Energy Infrastructure Reinvestment Program.
This transaction was the first DOE-guaranteed financing to close under the program during the current administration and closed on October 15, 2025, during what became the longest federal government shutdown in history. The parties had signed a preliminary term sheet and conditional commitment letter before the January 2025 change in administration, and Bracewell’s team helped preserve the deal’s core commercial terms while adapting to DOE’s policy changes and evolving procedural requirements.
New York partners Nicolai J. Sarad and Fernando J. Rodriguez Marin led the Bracewell deal team.
Now in its 21st year, the FT Innovative Lawyers Awards North America recognize law firms and in-house legal teams across the region for innovation.