Editorial: Project Finance

01 February 2007

Our research identified 312 of the world’s leading lawyers who represent sponsors and lenders in project financing and refinancing. This practice area is – by its very nature – truly global in scale: the lawyers featured in this chapter hail from nearly 60 countries.

Several firms combine the depth of experience with the breadth of geographical range necessary to stand out from the field. Chief among these is Allen & Overy, which has 18 featured partners in 13 countries. The firm is known for its advice to governments, sponsors, banks, ECAs, MLAs and project companies on projects and financings throughout the world, in sectors including infrastructure, power and accommodation. A&O has advised on major PFI transactions such as the £1.2 billion Barts and the London Trust Hospital PFI project, one of the largest ever hospital financing in the United Kingdom. The firm has also been active too in oil and gas transactions, including the US$5bn Tangguh LNG project in Indonesia and the US$100m refinancing of the Ajman Wastewater Project, which was the first monoline wrapped project finance loan in the Middle East region. Alan Rae Smith is known in the market for his power-related expertise in particular. He is recommended for a depth of experience that encompasses projects in Nigeria, Turkey, South Korea, Hong Kong and India. A third partner to work on the Export- Import Bank deal also features in this book: the “very knowledgeable” David Slade, who practises in the important financial hub of New York.

In the London office, global head of the firm’s PFI/PPP group, Anne Baldock was commended as a “PPP guru” (she acted on the first ever PPP to close). Alongside her is Andrew Trahair, an “expert on a wide range of finance matters”, with experience of major transactions in Europe, Asia and the Middle East. The final featured partner from the firm’s London office is Chris Rushton. Previously based in Hong Kong for four years and Singapore for six, he is “fantastically knowledgeable on Asian projects”. The firm features prominently in our research into the Far East region. Brian Harrison leads the Asian practice from its base in Hong Kong. Harrison is known for his financing work across a range of sectors, including project, shipping and aircraft, and acquisition and structured financings. From the same office, Thomas Brown received sufficient nominations to be included. A “very solid practitioner”, he was part of the team that advised on the landmark US$1.25 billion financing of the Nam Theun 2 hydropower project in the largest Laos hydro project ever financed to date. With him on this deal was Simon Black, from the firm’s Shanghai office; “I have always found him to be excellent,” said one of our sources. In Japan, Aled Davies is especially wellknown in the power sector. He is noted for his role advising the Japan Bank for International Cooperation and the commercial lenders on the financing of the third expansion of the world’s largest ethylene glycol and polyethylene production project, owned by Eastern Petrochemical Company in Saudi Arabia. Kayal Sachi’s nomination is evidence of Allen & Overy’s presence in Singapore. Sachi is said to be “building quite a profile in this area” – she was lead partner in the C2C submarine cable financing and the SembCogen merchant power plant financing.

With a reputation as “one of the leading authorities on projects in the Middle East”, it is no suprise that two Allen & Overy lawyers appear in the United Arab Emirates section. Bimal Desai in Dubai is one of the most highly regarded figures worldwide, according to our findings. His “thriving practice” includes such highlights as advising the project company on the Qalhat LNG project, and the lenders on the Oman Polypropylene project and various other PFI/PPP projects in the UAE and Oman. In the same office, Duncan Macnab also fared well, with respondents describing him as a “throughly capable performer”.

Allen & Overy is also strong throughout Europe. In France, Tim Scales is highly regarded, and renowned for his work alongside Messrs Brown and Black on the Laos hydro project. In Frankfurt, the leader of the German projects practice, Peter Stenz, has advised banks and sponsors on energy, infrastructure and telecoms projects. Catia Tomasetti appears in Italy, thanks to some extremely positive appraisals (“absolutely first class”); the “very impressive” Bart Meesters keeps a high market profile in the Netherlands, and Gonzalo Martín de Nicolás features in Spain. The final nomination from the firm is Marcell Németh, a “very fine lawyer” based in Hungary.

White & Case

White & Case shares the limelight with Allen & Overy – having reached a high point in December 2005 – successfully closing more than 100 project finance transactions, with a value of more than US$40 billion, in just two years. Like A&O, the firm also has 19 featured partners. These are spread across 10 countries, but the majority are based in either the US or England. Arthur Scavone in New York stands out as a “phenomenal lawyer”. Recognised for his infrastructure and industrial projects expertise, both at home and abroad, he is especially known for his wind farm work. He represented Credit Suisse First Boston as underwriter in the FPL National Wind project, which involved the project financing of nine wind farms. Partner Troy Alexander is “one of the best in town” praise focused primarily on his energy work – including his representation of Pertamina (the Indonesian state-owned oil and gas company) in connection with the development and financing of a series of major industrial facility projects. Eugene Goodwillie, “one of the deans of the New York bar”, has “significant experience” in foreign investment projects and international and domestic natural resource projects. He represented the Sultanate of Oman in connection with the Oman two train LNG project, a deal that drew together the development and financing of three natural gas fields, and LNG facilities and tankers worth an estimated US$9 billion.Hugh Verrier and Alexander Kritzalis complete the strong quintet from the firm’s New York office. Kritzalis attracted considerable praise for his skill in handling Middle Eastern projects – he acted as lead counsel to the Abu Dhabi Water & Electricity Authority in connection with an independent water and power producer project. Verrier is former managing partner of the firm's Moscow office and is very well known in the region.

Washington, DC is home to Edward Neaher, who is said to be “right up there with the best”. Sources expressed particular approval for his work advising ITR Concession Company, a special purpose company formed by Cintra and Macquarie Infrastructure Group, in connection with the US$3.8 billion concession and lease of the Indiana Toll Road, and an associated US$4 billion non-recourse bank financing. Victor Desantis is “absolutely first rate, an outstanding lawyer”, well-known for international, multi lender project finance matters in Latin America; he represented Deutsche Bank, Société Générale and IFC in the EDFI Rio Bravo and Saltillo power project financings in Mexico, as well as Inter- American Development Bank in the financing of a hydroelectric project in Brazil. George Crozer’s “expert knowledge” of the Asian market also attracted admiring comments. He was formerly the firm’s executive partner of Asia and was based in Hong Kong. Oil and gas, power and telecommunications sector projects are reported as his areas of special expertise.

A quartet of lawyers from the firm’s London office made strides in the nominations, led by Philip Stopford. He has an “awesome practice”, which saw him engaged in the representation of project sponsors Qatar Petroleum and ConocoPhillips in relation to the financing of the US$5.8 billion Qatargas 3 LNG project, and separately, the sponsors Nigerian National Petroleum Corporation, Chevron, ConocoPhilips and Eni in connection with the financing of the two-train onshore US$6 billion Brass LNG plant in Nigeria. Senior partner Peter Finlay (“very good”) secures another nomination on behalf of the London office. Craig Nethercott, who is primarily known for his work on behalf of Saudi Aramco (regarding the financing of the US$9.6 billion Rabigh refinery project in Saudi Arabia), and for acting for Oman Oil, Alcan and ADWEA, and the project company in the development and financing of the US$2 billion greenfield aluminium smelter in Oman, is likewise “a very worthy” nominee. John Bellhouse is recognised for his infrastructure expertise – he has advised the Hong Kong government on all construction related parts of the Port and Airport Development Scheme, as well as on the Western Harbour Crossing road tunnel, and a privately financed toll road.

White & Case’s expertise also extends to Singapore, where Brian Miller was described by one source as “brilliant – the best power lawyer in Asia”. he has worked on projects in China, India, Indonesia, the Philippines, Singapore and Thailand. TheBeijing office is led by Xiaoming Li, whose “terrific credentials” include the representation of Guangdong Nuclear Power Group in its proposed financing of a new power plant. John Janks is among the most heavily nominated lawyers in South Africa, known for his work across the southern part of the continent. Ariel Ramos in Mexico is noted for his infrastructure work – particularly his role in advising the Federal Ministry of Health and ICA in the implementation of the first PPP in Mexico, in both the Health and Roads sectors. In Turkey, Asli Basgoz’s nomination was a “certainty”. Witold Jurcewicz topped the research in Poland. Finally, Paule Biensan in Paris is also highly rated. With a client list that includes BNP Paribas and Banco Santander, she is particularly well known in local circles for her work on behalf of Calyon and Natexis on the first PPP financing of four prisons in France. She has also represented the Royal Bank of Scotland as financial adviser and lender in a PPP financing for a hospital in southwestern France, which was only the third project of its kind.

Clifford Chance

In terms of numbers, Clifford Chance treads on the coat tails of these two firms, with 17 featured partners in 12 jurisdictions. The firm was recommended by contacts from around the world, and its track record is similarly international. In recent years it has advised the lender on the financing of a seawater desalination plant in Algeria, the sponsor on all aspects of the Malhas Gas Pipeline Project in Brazil, the commercial bank lenders and Islamic lenders on the Equate Petrochemical Project in Kuwait, and lenders in relation to the Istanbul Atatürk Airport in Turkey.

The London office made a particularly strong showing in the research. Margaret Gossling was described as “excellent” and “highly impressive”, with sources commenting favourably on her global power and natural resources work. Sources also gave a good account of Chris Wyman, who is “very highly regarded in the market” for his work in South Asia. Wyman represented the international lenders on the final settlement of the Dabhol Power Project restructuring in India, and the sponsor on the first major private sector mining project in Pakistan.

The firm is also strong on the other side of the Atlantic, specifically in DC where three of its partners are featured. Joint head of the Americas energy and projects group, Christopher McIsaac is highly rated by his peers – “you only ever hear good things about him.” He has represented Export-Import Bank of the Untited States and the commercial banks in a US$3.2 billion plus NCP Petrochemical Project in Saudi Arabia, as well as representing the Inter- American Development Bank in connection with the Baba hydroelectric project in Ecuador, among others. He is joined by David Evans, who brings “invaluable experience” from his former posts as staff counsel for the Nuclear Regulatory Commission and vice president and general counsel for KMR Power Corporation. The third featured lawyer from the American capital is Catherine McCarthy, well-regarded for her work in a range of sectors and an “absolute joy to work with”.

Clifford Chance is also represented throughout the European research. In France, Anthony Giustini is said to be “top tier” for his energy and infrastructure work. In Germany, Nicholas Wong features on account of his “impressive work” in this sector, including acting for the project company on the Saudi Kayan petrochemicals project in Saudi Arabia, the lenders on the Ostregion motorway bid in Austria and the lenders on the financing of Istanbul airport in Turkey. Péter Köves leads the Hungarian research, and Charles Adams, managing partner of the Milan office, is said to be “of the very highest class”. In Spain, Carlos Hernandez-canut was recommended for his work for Royal Bank of Scotland on the construction of a shadow toll road in Madrid, and for Global Wind Partner (Babcock & Brown) on the financing of the acquisition and project financing of six windfarm projects. Japp Koster was highlighted for his work in The Netherlands.

The firm also makes an impression in the Far East. Stephen Harder’s expertise in water, power, oil and gas and infrastructure projects, made the Shanghai based lawyer an irresistible case for inclusion. The “very prominent” Huw Jenkins appears in the Hong Kong section, and is rated “very highly” by his clients and peers for his work in Europe and Asia on infrastructure and power projects. Tim Jeffares, managing partner of the Tokyo office, gives the firm a presence at the top of the Japanese research. Russell Wells has advised the sponsor consortium, comprising EDF International, Electricity Generating Company of Thailand, Italian-Thai Development Company and the project company, Nam Theun Power Company on all of the commercial and financing aspects of the development of the landmark US$1.58bn development and financing of the Nam Theun 2 hydropower project in Laos. In addition, he has also advised the mandated lead arrangers in connection with the financing of the Island Power project in Singapore.

Clifford Chance’s final featured partners are based in the United Arab Emirates. Peter Avery in Dubai is a “splendid lawyer”, and is known for his work for Japan Bank for International Cooperation on the Rabigh petrochemical plant in Saudi and the Hidd IWPP in Bahrain. Malcolm Turner also features from the same office, and is said to be a “very impressive operator”.

Milbank Tweed Hadley & McCloy

Over the past few years, Milbank Tweed Hadley & McCloy LLP has closed more than 140 project financings, which raised more than US$85 billion for infrastructure projects across the globe. The firm has 13 representatives nominated in five jurisdictions. The majority are based in the United States, with four in the New York office. Jonathan Green is head of the firm’s leveraged finance group and an “undeniably great lawyer”. Well-known for his work in both domestic and Latin American projects, he was involved in the Neptune merchant electric transmission line from New Jersey to Long Island, the Cadereyta and Madero Oil Refinery Projects in Mexico and the Alumbrera Copper and Gold Mine in Argentina. His colleague Richard Brach is a “big player” in the field, known for mining, industrial, pipeline and energy projects and his Latin American expertise. Eric Silverman was praised as “commercial and business-oriented”. Well-known for his energy and infrastructure project work at home and overseas, he has recently worked on the development and financing of LNG terminals in the US and Mexico. The final inclusion in New York is Douglas Harris, praised for his “technical excellence” and recommended for his work in the power generation and transmission sector.

Two partners stood out in Washington, DC. Jonathan Maizel heads the office’s project finance practice and is particularly well known in the power sector – he represented Overseas Private Investment Corporation and a syndicate of commercial lenders in a US$1.275 billion expansion of the Nigerian offshore gas liquids facilities owned by Mobil Producing Nigeria and the Nigerian National Petroleum Corporation. Alongside him is Glenn Gerstell, the managing partner of the office and “profoundly impressive” in telecommunications. Over the past year he has represented Alestra, a Mexican long distance operator partly owned by AT&T, in various financings; and ProtoStar, a newly formed Asian direct-to-home satellite operator, in its US$250 million fundraisings. The final featured US partner is Ed Feo. Described by one source as “the most prominent project finance lawyer on the west coast”, he is based in Los Angeles and he recently represented the lenders in the financing of the Cross Sound Cable Project, an undersea transmission cable linking Connecticut to Long Island, and the lenders in the US$71 million financing of the Top Deer Wind Energy project, among many others.

Milbank has three partners in London on our list. Phillip Fletcher, the managing partner of the firm’s European offices, is recommended for his work in the development and financing of natural resource, power, satellite and other infrastructure projects across Europe, the Middle East and Africa. Sources gave strong testimonials to his “knowledgeability”. John Dewar was picked out as an “expert” in regional and international precedents for risk allocation in international project financings. Researchers also noted the “great work” of Cathy Marsh, who recently advised the lenders on the $1.8 billion financing of the acquisition and subsequent expansion of the Umm Al Nar power and water project in Abu Dhabi. In Germany, Rainer Magold is well known for his large-scale asset financing and PPP transactions. And, in the Far East, the firm can turn to the regional expertise of Gary Wigmore, who is based in Tokyo. Wigmore was praised for his broad finance practice, including the notable development and financing of the Phu My 3 Power Project in vietnam also drew admiring comment. David Zemans in Singapore was also highly rated for his energy work.

Linklaters

Linklaters’ 10 featured lawyers are based in six countries. From the London office, we recognise Bruce White, head of global projects and the firm’s PFI/PPP team, which has brought over 60 major UK PFI/PPP projects to financial close. Clive Ransome is “well-known and highly respected”; he worked on the US$800 million bridge financing by Citibank, BNP Paribas and SG for KMG in Kazakhstan, and the US$1.8 billion Sohar Refinery project in Oman. The “excellent” Alan Black has a strong profile for energy work, advising on the Sakhalin II LNG and Shtokman LNG projects in Russia, the Qatargas II LNG project in Qatar, and the Pars LNG project in Iran. His colleague Fiona Hobbs is also respected for her energy project expertise – she represented the sponsors on the financing of the expansion of the Equate petrochemicals facility in Kuwait – and for her experience in the mining sector. Jonathan Inman, who moved to the UAE from the London office in 2006, is recommended for his “encyclopedic knowledge”, honed on projects such as Dabhol Power Project and the New Athens International Airport.

In this edition, we recognise the firm’s expertise in France and Hungary, as well as in East Asia. The “vastly impressive” Stuart Salt in Hong Kong is “top of anyone’s list” and among the most highly regarded lawyers worldwide. Martin David features in the Singapore section. As a former civil engineer, he brings technical expertise to the table. Wilailuk Okanurak in Bangkok is well known for her work on domestic petrochemical, telecommunications and power projects.

Shearman & Sterling

Shearman & Sterling LLP’s reputation as a “project finance powerhouse” is reflected in our findings: it counts eight partners in the following pages, in five countries. Three are based in London, led in the voting by managing partner Kenneth MacRitchie. Known for his work on behalf of WestLB AG, as lead arranger of the £400 million financing for the new Wembley National Football Stadium in the UK, and for BG plc, Petronas and Egyptian General Petroleum Corporation in the development and financing of a US$1.5 billion LNG plant in Egypt, he “gets the deal done and commands great client loyalty”. David Platt “has a very good name in the market”, deriving in part from his work on the joint venture of BASF and Sinopec on a US$3.6 billion integrated petrochemical project in Nanjing, China. Another successful nominee – the head of the firm’s project finance group – Nicholas Buckworth advised the project company in relation to a World Scale Petrochemicals project in Libya and the lenders in relation to the Mesaieed IPP in Qatar.

In New York, Cynthia Urda Kassis is a “stand out”. She is known for her work on behalf of Banco Bilbao vizcaya Argenteria SA, Bank of Montreal, Banco Santander Central Hispono, Caja de Ahorros y Pensiones de Barcelona and the Royal Bank of Scotland, as arrangers on the landmark US$1.1 billion project financing of the development of the Canaport LNG terminal in Canada, the first new LNG receiving terminal on North America’s east coast in over 30 years. The firm is represented by two nominees in the UAE: Tim Pick, who advised Qatar Electricity & Water Company on the US$485.5 million limited recourse project financing for the development and construction of the Ras Abu Fontas B2 independent water and power project in Qatar; and philip Dundas, the managing partner of the office, who recently advised United Arab Emirates Offsets Group as sponsor of the US$6 billion Dolphin gas project.

In Asia, Edward Turner appears in Hong Kong, and Bill McCormack “stands out” in Singapore. McCormack worked on the Tiberon tungsten-fluorspar mining project in vietnam and the New Bong hydroelectric power project in Pakistan.

Latham & Watkins

Latham & Watkins LLP withstands comparison with the best firms in projects, with seven featured lawyers in three countries. In the US, the voting was led by William Voge, described to researchers as a “leading light”. He was repeatedly recommended for his expertise in the electricity and oil and gas sectors, and his work for sponsors, banks and underwriters. His colleague in the New York office, Jonathan Rod “belongs on any list of the best”. Singled out for his work in Latin America, his knowledge of domestic and overseas power sectors drew many compliments. Rod represented Edison Mission Energy as initial purchasers in the refinancing of Edison Mission Energy’s interest in four combined cycle cogeneration power projects in California, and Dayabumi Salak in the financing of three geothermal power plants in Indonesia. David Gordon, the third partner from the office to be included, is a “great talent” known for his work on Energy Capital Partners’ purchase and financing of 15 electricity generating units in New England from Northeast Utilities; LS Power Equity Partners’ purchase and financing of nine electricity generating units from Duke Energy North America. John Sachs is said to be “one of the best lawyers in DC”, especially for his work in the private power sector and in the Latin American market. The “very impressive” Kenneth Blohm in San Francisco comes recommended for his work on behalf of commercial bank lenders, government lenders, project advisors and sponsors on the financing of electricity, oil and gas, petrochemical and water projects internationally.

In London, Dennis Nordstrom comes “highly rated” for both energy and private infrastructure projects. The firm’s other featured partner is Joseph Bevash, who is “making a big splash in the market” through his work in power, gas and petrochemical projects throughout Asia.

Chadbourne & Parke

Chadbourne & Parke LLP’s “impressive bench strength” and overall performance in the research deserves recognition. Its five featured lawyers are predominantly based in the USA, led in the voting by Chaim Wachsberger in the New York office, the head of the firm’s global project finance practice. Described as “one of the best in the industry” and praised for his “creative solutions”, he recently led the representation of the consortium developing the Bolivia-Brazil natural gas pipeline and a consortium in its tender to finance, build and operate the first line of the Tel Aviv Metro. His colleague John Baecher also appears, thanks to his work in the private power industry, advising AES in the development and financing of the Andres project, an LNG terminal, regasification facility and combined cycle power plant in the Dominican Republic.

In Washington, DC the “very effective” Kenneth Hansen represents lenders and developers in structuring, negotiating and implementing international project financings, while Noam Ayali was commended for his advice to a Latin American energy company, regarding the analysis of commercial structures and risk allocation issues in connection with a proposed greenfield LNG receiving terminal facility in Latin America, as well as his representation of a major gas company in connection with a proposed LNG liquefaction project in Russia. The firm’s contingent is completed by the inclusion of Peter Fitzgerald, a “terrific lawyer” according to our sources.

Sullivan & Cromwell and Beyond

The four Sullivan & Cromwell LLP lawyers that we feature are recommended as some of the “finest legal minds around”. Chief among these is Frederic Rich, an “acknowledged leader” and one of the practice area’s elite practitioners. Head of the firm’s global project fi- nance group, with international expertise gleaned from projects in countries as diverse as Azerbaijan, China, Panama, Russia, venezuela and zimbabwe. Christopher Mann is “wonderful to work with”, and well known for his involvement on the Sincor extra heavy oil project in venezuela, the Camisea gas pipeline in Peru, the Coega LNG project in South Africa, and the Kutubu oil development project in Papua New Guinea. Sergio Galvis is recognised for his Latin American expertise, and Panama Canal Authority Advice regarding the possible expansion of the Panama Canal. The firm will also welcome the nomination of Jamieson Logie, who is “one of the finest project finance lawyers in London”, and a prominent figure in the oil and gas, mining, power and infrastructure sectors.

Elsewhere in the research, Richard Shutran once again earned a place among the area’s leading figures. Described as “absolutely wonderful”, he is chairman of Dewey & Boeuf LLP's project finance group. His practice focuses on the representation of developers, investors, underwriters and lenders in the energy, industrial, mining and public infrastructure sectors.

International

In Australia, Allens Arthur Robinson is a “very impressive firm”, with an “established pedigree”. Examples include the A$3.795 billion Mitcham-Frankston Tollroad, the A$2.65 billion restructure of Loy Yang A Power Station and Alinta consortium’s A$1.8 billion acquisition of the Dampier to Bunbury Pipeline. One of the firm’s three featured lawyers, Phillip Cornwell was described to us as a “superstar”. He led the Allens teams on AMC’s A$1.4 billion Stanwell Magnesium Project, the A$1.3 billion Alice Springs to Darwin Railway, and the A$1.46 billion Millmerran Power Project, Australia’s first greenfields coal-fired merchant power plant.

In Latin America the research identifies several leading individuals. Ronald Herscovici of Souza Cescon Avedissian Barrieu e Flesch Advogados in Brazil is “highly impressive”. He is joined by his colleague Luis Antonio de Souza, “one of the best lawyers I know – if I owned a project he’s the one I would hire,” according to one interviewee. “Premier league firm” Machado Meyer Sendacz e Opice Advogados contributes two lawyers to the Brazil section: José Roberto Opice, said to be a “marvellous lawyer”, and Antonio Corrêa Meyer. In Chile, José Maria Eyzaguirre Jr of Claro y Cia is “right at the top of the list”, while Carey & Cia Ltda Abogados has two of its partners in the chapter. Jaime Martinez is head of public law in the firm’s infrastructure financing group, and Juan Guillermo Levine is head of the project financing group (and “very prominent in this area”). In Mexico, Thomas Mueller-Gastell at Ritch Mueller SC is “an institution” – the firm is renowned for its work in power, water treatment, gas transportation, toll-road and other infrastructure projects.

The final firm to stand out in our research is based in India. Amarchand & Mangaldas & Suresh A Shroff & Co has three featured lawyers, and represents both project developers and financiers in varied areas including power, oil, gas, airports, roads, port and urban infrastructure. The firm has been involved in some of the largest projects in India, and can call on one of the singular expertise of managing partner Cyril Shroff. Described as “very eminent”, his work on the Dabhol Power Project attracted compliments, as did his work on behalf of SBI and other lenders on the financing of Petronet LNG’s Expansion Project at Dahej. Alongside him on that deal was L Viswanathan. This duo acted as lenders’ counsel for ICICI Bank Limited in the financing of Lanco Group’s power project in the state of Himachal Pradesh, India. Shardul Shroff also received enough votes to feature in the publication, completing the firm’s contingent.

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