About

Number of years practice:

7

Principal practice areas:

Projects

Bar admissions:

New York, Washington, D.C.

Languages spoken:

English, Spanish

Rachel Crouch is a senior associate in Norton Rose Fulbright’s projects practice. Her 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. She has represented lenders and sponsors in several ground-breaking renewables transactions in Mexico. For example, she advised the lenders in the Solem 1 and 2 projects, which were the first solar projects under Mexico’s long-term clean energy auctions to reach financial close, and she advised the lenders in the Potrero project, which was the first merchant solar project to be financed in Mexico. Over the last 12 months, Crouch represented IFC and Bancomext in connection with the financing of a 296 MWp solar project in Jalisco, which will be the first be the merchant solar project in Mexico. She also represented Neoen S.A. in connection with the financing of a 375 MWp solar project in Aguascalientes.

What differentiates your Mexico-facing practice from those of your US competitors and peers?

I have a robust understanding of the Mexican energy market. In particular, I have a deep understanding of trends and financing structures for renewable energy projects in the market since the energy regulatory reforms.

Norton Rose Fulbright has a very strong transactional practice in Mexico, and I have had the privilege of working closely with my colleagues in Mexico City on a number of transactions. Because of our close collaboration, we are able to efficiently serve our clients and put together seamlessly integrated transactions. I have extensive experience in energy and infrastructure financing transactions across jurisdictions, which allows me to bring to the table innovative solutions, including structures developed in other markets.

What are the advantages and disadvantages of advising Mexico-based clients from an office in the United States?

All of my work in Mexico involves parties from multiple countries. Office location does not matter much. Cross-border financings in Mexico are usually governed by New York law, so having New York legal training and access to a practice group of New York lawyers is critical. As Norton Rose Fulbright has an excellent local team on the ground in Mexico City, working from an office in the United States does not have any drawbacks, as we are able to handle local issues without complication.

What changes in the commercial and/or legal market do you anticipate in the 12 months ahead in Mexico?

Notwithstanding the government cancellation of the fourth long-term energy auction earlier this year, there remains an appetite for developing renewable energy projects. I expect to see more renewables projects financed on a partial or full merchant basis in the coming 12 months. The energy and infrastructure sectors in Mexico are facing general uncertainty in the first year of the administration of President Andrés Manuel López Obrador. The next year could bring clarity as to the legal and political feasibility and financeability of some of the government’s current priorities, such as the Tren Maya, the Dos Bocas refinery, the three-airport system to serve Mexico City, and the port and rail projects in the Tehuantepec isthmus.

What influence will legal technology have on US/Mexico working practices in the future?

Changes to legal technology will affect US/Mexico work in many of the same ways as they affect legal work throughout world. Certain routine tasks and the production of standard documents will become automated to a large degree. At Norton Rose Fulbright, we are investing heavily in software and expertise to ensure we are at the forefront of legal technology, giving our lawyers the tools to provide optimized services to our clients. We are already implementing partial automation for closing checklists and simple security agreements, for example. On the ground in Mexico specifically, increased penetration of legal technology at local registries should help speed up the process of filing and perfecting security interests for project financings and make it much more efficient.

What is your perception of in-house counsel’s priorities in terms of client service when working with US-based law firms?

Mexican in-house counsel, like in-house counsel anywhere else in the world, expect their outside counsel to be commercially-minded and efficient problem-solvers. They expect their lawyers in the United States to have firm New York law transactional experience, familiarity with Mexican legal frameworks, and the ability to work in collaboratively with Mexican counsel. In project financings like those I am involved with, they expect their counsel to be constructive and creative in developing innovative transaction structures and helping prove the bankability of novel projects.

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