Deal: Norton Rose Fulbright (NRF) has advised Equator Principles Association (EPA) as counsel for the legal review of the fourth Equator Principles (EP4).

Value: Undisclosed.

Area: Financial products.

Key players: The NRF team was led by partner Milana Chamberlain from London, a Calgary partner Ray Chartier, Denver partner Bob Comer, partner Gavin Scott from Brisbane and Durban partner Tina Costas.

Deal significance: The Equator Principles (EPs) are a “sustainability risk management framework” for projects by the financial institutions that have adopted the EPs.

NRF said they provide a framework and a minimum standard for financial institutions to identify and manage environmental and social risks and impacts of projects prior to entering into project financing documentation as well as throughout the project lifetime.

The NRF team commented on the deal: “Sustainability is a primary concern for all major institutions and corporations.”

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“Environmental and social issues are moving from the remit of corporate and social responsibility departments into the portfolio of chief risk and compliance officers and general counsels and corresponding risks are increasingly treated as legal and financial risks of our clients.

“The updated project-related sustainability framework in the form of EP4 is a step towards the development of better understanding of and focus on the most pressing environmental and social issues in projects.”

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