Projects & Infrastructure (International Firms): China

THE FIRM Allen & Overy is recognised as a leader in the field, particularly with regard to project financing. The team combines projects specialists and banking and finance partners with strong transactional projects experience, and as such attracts sophisticated development work involving multi-billion-dollar energy projects. One of its work highlights include advising Sinosure on its export guarantee provided to the Sasan power project’s USD1 billion export financing. It also acted for Asian Development Bank and China Everbright International on a USD100 million B loan facility to finance a series of waste-to-energy plants across China. 

Sources say: “We have a lot of respect for A&O. We actually recommend them quite a lot to our clients on the opposite side.”

KEY INDIVIDUALS Asian managing partner Thomas Brown is a respected practitioner, with a solid track record in advising both sponsors and lenders in project financing. He also handles asset finance work.

Roger Lui’s varied practice includes projects work, pre-IPO structured financing, as well as property financing. He has been advising on large-scale energy project financings in the Asia-Pacific region. His client base includes the IFC and Asian Development Bank.

Matthias Voss is a seasoned projects practitioner who handles both development and financing work. He is extremely active on energy projects both in Greater China and the wider Asia-Pacific region. Highlights include advising Sinosure on the aforementioned Sasan power project.

THE FIRM This firm continues to be extremely active in the project finance space. It is very involved in China-outbound project financings, and also advises on inbound financings and large-scale project M&As. The team counts some of the most revered practitioners in the market among its ranks. Noteworthy transactions include assisting a consortium led by China Development Bank and Bank of China with its USD336 million increased project financing facility for the Karara Iron Project in Australia. The team also advised China Development Bank on its USD300 million unsecured bank guarantee facility provided for upgrading the Karara Iron Project’s rail infrastructure.

Sources say: “They are helpful, responsive, and have good ideas. We send them complex matters which requires creative thought to make it work.”

KEY INDIVIDUALS Stephen Harder is a very reputable projects lawyer, and also manages the firm’s Beijing and Shanghai offices. He led the abovementioned financing transactions for the Karara Iron Project.

THE FIRM This firm demonstrates outstanding capabilities in the projects and infrastructure space. While highly regarded for its financing capabilities, the team is also involved in major project development work, energy related joint venture formations and project acquisitions. Its clientele includes energy giants such as State Grid and Total, as well as major lenders in the region. The team recently advised JBIC, Korea-Exim Bank, Nippon Export and Investment Insurance, and other commercial banks as common lenders in a USD1 billion financing, provided for the expansion of the Jorf Lasfar coal-fired power station in Morocco.

Sources say: “One main strength is their patience: Linklaters will spend lots of time explaining things to us. We learn a lot from them.” “They are very, very professional and responsive. We actively suggest Linklaters to other industry players.”

KEY INDIVIDUALS Asian managing partner Stuart Salt has 25 years of experience in projects work, and has a strong focus on the energy sector. Sources note that he is “definitely a top project finance lawyer.” Highlights include acting for Prophecy Coal on the development of the 600 MW Chandgana power plant in Mongolia.

Thomas Ng frequently advises Chinese banks on their project financing or general lending activities. A client praised the smooth delivery of his service, “our communication with his team was very smooth; it has been a very happy experience.” Another source added that “he’s a very confident attorney.” 

James Douglass is a project finance specialist who acts for both sponsors and lenders. His clients describe him as “a very experienced lawyer. He provides opinions on crucial points, and fights to get us the advantage during negotiations.”

Counsel Ji Xiaohui focuses on PRC-related financings, and is highly rated by her clients. A source says: “She understands us, and knows what we’re worried about. She’s detailed, and explains the problems to us very patiently.”

THE FIRM White & Case is another market leader for projects work. It demonstrates excellent project financing capabilities, with a strong bank-side client base including Chinese, regional and international lenders. Alongside its top-tier energy projects practice, the team also assists lenders on infrastructure projects such as water, housing and natural resources. The team is well versed in non-finance work, and was instructed by LDH Energy and Saudi Aramco on the formation of joint ventures in China and Saudi Arabia. Highlights include acting for Saudi Aramco on its USD8.5 billion YASREF joint venture with Sinopec, involving the construction of a grassroots full conversion oil refinery in Saudi Arabia.

Sources say: “I’m very satisfied with the team. It’s everything I expect from this level of international law firm – and my expectations are pretty high.” “The transaction may be complicated, but they have the attitude to solve the problem.”

KEY INDIVIDUALS Steve Payne advises on both project development and finance, and acts for both sponsors and lenders. His clients explain that “he’s more than a lawyer, he’s an adviser. I would be totally lost without his instinctual approach to projects work.” 

Li Xiaoming is a highly reputed banking and finance lawyer, who is well versed in project finance work. He continues to work with China Development Bank, recently on a major project financing deal in South America.

Hallam Chow has been very active in the projects space, and advised Asian Development Bank on an innovative water infrastructure financing in China. “Hallam is constructive and conscientious, and in every way a very dependable adviser. He brings to his work a genuine spirit of creativity. I recommend him without the slightest hesitation,” one source enthused.

Counsel David Li’s practice covers capital markets and financing, and has been involved in major water infrastructure financings of late. His clients note: “He’s internationally trained, but also knows China well. He is somebody I can rely on.”

THE FIRM Baker & McKenzie has a well-balanced practice that handles development and financing for both project originators and banks. It also remains very visible in the Hong Kong infrastructure scene, and advises many Chinese banks on their outbound financing ventures. Team members recently advised Société Générale on its export credit facility provided for Vietnam Electricity for developing the Duyen Hai 1 thermal power project.

KEY INDIVIDUALS David Smith is a seasoned project development practitioner. He advises on energy and infrastructure projects across Greater China, and is particularly active in the Hong Kong infrastructure scene. 

THE FIRM This firm is home to a respected infrastructure and project finance practice which has handled large-scale China-outbound financings and inbound infrastructure M&As over the past year. Its foreign offices also ably support clients with financings involving Chinese lenders. Notable work includes advising SINOSURE and China Development Bank on a USD1 billion financing for the GNPower Marieles power project, which includes a 2X300 MW coal-fired power plant and ancillary facilities in the Philippines.

KEY INDIVIDUALS Wei Jun heads the practice, and represents both lenders and borrowers in outbound project financings. Sources note: “He is very good. He really understands where US companies are coming from, and understands China too. He’s critical to us for bridging that gap.” 

THE FIRM This firm is proficient in both project development and financing matters, and is highly active in some of the largest South-East Asian projects. It has a strong focus on sponsor-led work, and is particularly visible in the Vietnam market; it team also advises regional lenders on outbound financings around the world. Highlights include advising the Ministry of Industry and Trade in Vietnam on the development of the 1200 MW Vinh Tan 1 power plant, a USD2 billion project involving substantial Chinese investments.

KEY INDIVIDUALS Linh Quynh Doan is a key contact.

THE FIRM Paul Hastings is home to a solid projects practice that advises on mandates relating to energy, power and infrastructure. Its client base is especially weighted towards sponsors, although it also advises lenders. The team is also highly regarded for its Philippines practice. Notable transactions include acting for Global Gaming Philippines on share acquisition negotiations concerning the project company of an entertainment complex currently under construction in the Philippines.

Sources say: “They don’t just wait for us to ask questions. They advise us immediately if they think we should be aware of something, and this is very helpful and practical. I’m very thankful to them in this respect."

KEY INDIVIDUALS Patricia Tan Openshaw is a trusted adviser for projects work and is particularly active in the Philippines. A client enthuses: “She’s very well versed in our industry’s technologies: she’s aware of the terms, the components of the plants, and the particular provisions in our contracts. This is not only academic knowledge, but also practical.” 

THE FIRM This firm has been very involved in projects across the Asia-Pacific region. The firm acts for sponsors and lenders, and has been particularly active on PPP projects. Recent highlights include advising the International Finance Corporation, which is assisting the Philippines government in delivering the USD1.5 billion Manila Light Rail Transit PPP project.

Sources say: “I have really been incredibly impressed by the quality of their work. I think they are one of the most customer-focused law firms in Hong Kong, and I have worked with all of the firms there!”

KEY INDIVIDUALS Ian Laing has a heavy focus on project finance work, and is also a PPP projects specialist. One source noted: “He did all the execution for us, and was very creative and innovative.” 

THE FIRM This projects team has a fine reputation in the market. It has been deeply involved in projects around the world, particularly on the development side. Such projects span a wide industry spectrum including energy, mining, materials and chemicals. Team members have also assisted regional and international lenders on major financing mandates. The firm continues to represent a multinational chemical company on developing, financing and building a coal-to-chemicals project in China.

KEY INDIVIDUALS The highly reputed Andrew Ruff spearheads the practice and is the managing partner of the Shanghai office. He has handled on a number of significant projects in the past year and is extensive experienced of working with Chinese banks.

THE FIRM This firm has been involved in all manner of projects, from energy to civilian infrastructure. Its renowned energy sector specialism make the firm particularly attractive for project development, joint venture formation, and transactional work in the energy arena. Notably over the past year, it advising Rosneft on a major Chinese joint venture with CNPC, which involves the building of a USD4 billion oil refinery.

KEY INDIVIDUALS Jeffrey Layman has notable projects and infrastructure experience. Sources say: “He has a strong project finance background. His advice is very practical and timely, and he has tremendous knowledge in China having spent so much time there. It’s really rare to have a skilled practitioner who understands China as well.” 

Russell Wilkinson’s practice covers project finance and development, as well as the acquisition of projects assets. He is also known as an oil and gas expert.

THE FIRM Despite the recent departure of Simon Meng, Herbert Smith continues to be instructed on a wide range of projects work. The team has been involved in project financing, joint venture formation, and equity investments for projects across Asia. Notable transactions include advising China Development Bank on its well publicised USD3 billion financing to the Republic of Ghana.

KEY INDIVIDUALS Hong Kong-based Alexander Aitken co-heads the practice, focusing on project finance work. He recently acted for oil and gas company Nobel Holdings Investments on a USD200 million financing facility for the purchase of Russian petroleum assets.

THE FIRM This firm boasts a team of lawyers who combine expertise in both construction and projects work. The team wins mandates on substantial energy and infrastructure projects in several jurisdictions. It continues to act as project counsel for Chevron regarding its development and construction of a USD4.7 billion sour gas production facility in Sichuan, China, together with CNPC.

KEY INDIVIDUALS Phillip Georgiou is a seasoned construction lawyer, who is also entrusted with very large-scale projects mandates. He acted as project counsel to a client on the development of a power project in Asia.

THE FIRM This practice is known for its ability to handle projects across the region, with the Hong Kong office frequently working with the firm's other offices in Asia and beyond. The regional offices have worked together on a plethora of sponsor and lender instructions, which include a large number of major power projects. 

KEY INDIVIDUALS Senior partner David Miles is based in Hong Kong and is best known for his financing capabilities. His clients note that “he has the right legal knowledge, and takes into account commercial considerations. It makes negotiations easier for us.”

THE FIRM Minter Ellison is home to a long-standing projects practice that is particularly active on Greater China mandates, with a strong focus on sponsor-led and development work. The firm��s new Mongolia office extends the practice’s offering, and the team is assisting clients seeking opportunities in this fast-developing natural resources market. Its recent clientele includes the Hospital Authority of Hong Kong, Grand Hyatt, Marriot, Standard Chartered Bank, and China Development Bank.

Sources say: “They have a number of talented partners, and our experience working with them was very good." "They’re devoting a lot of effort and resources to make the new Mongolian office work well.”

KEY INDIVIDUALS Sam Farrands heads the firm’s Asia-wide major projects practice. He is an outstanding projects lawyer who handles infrastructure projects across the region.

THE FIRM This firm is best known for its financing work, fielding a team which consists of specialist projects lawyers as well as seasoned bank finance lawyers. It often acts for lenders, including both Chinese and regional banks. It is particularly well versed in the area of clean-energy, and has handled many financings involving wind farms and solar projects. The group also acts on traditional energy, mining, and infrastructure projects, and continues to strengthen its oil and gas offering via internal promotions.

KEY INDIVIDUALS Tom Luckock is a very respected climate change specialist. He has been highly involved in project financings on behalf of regional banks. Luckock recently advised China Development Bank on financing for a Greek developer to develop 42 solar projects in Greece.

THE FIRM This firm fields a team of experienced projects and construction lawyers. Together with its international offices, the Greater China team has acted on energy and resources projects around the world, advising both sponsors and lenders. Deal highlights include advising Qatar Petroleum International on a USD10 billion joint venture project in China, involving the development of an oil refinery and petrochemical plant.

Sources say: “They did very well, we found them to be very business oriented. It was superb legal work.”

KEY INDIVIDUALS Tomm Deegan and Richard McKeown are key contacts.

THE FIRM This firm has been involved in a wide range of projects across Asia. Natural resources work is a particular forte of the group. Following the merger between Ashurst and Blake Dawson, this newly expanded firm also offers increased experience and coverage, particularly in relation to the Australian market. The team recently acted for GVK Group Entities and Hancock Coal as sponsors of the development of the Alpha Coal Project in Australia, which includes the coal mine and its ancillary transport facilities.

KEY INDIVIDUALS Matthias Schemuth leads the firm’s energy, transport and infrastructure practice. He has a broad finance practice, but is well versed in project finance, acting as both sponsor and lender side counsel.

THE FIRM This firm has a long track-record for projects work of all types in China and Asia. Team members consist of multi-disciplinary lawyers who are well versed in project development and financing. Notable mandates of late include acting for Total Petrochemicals on establishing a joint venture with China Power Investment Corporation, for the purposes of constructing and operating a coal-based polyolefin petrochemical plant in Inner Mongolia. The project involves an estimated investment of EUR2 to 3 billion.

KEY INDIVIDUALS Key contacts include Rebecca Silli and Balbir Bindra in Hong Kong, and Thomas Urlacher in Beijing.

THE FIRM This practice has proven experience acting on a range of energy and infrastructure projects. This includes project development, financing, as well as projects-related acquisitions. Noteworthy mandates include assisting a major US-based energy company on the development and financing of a large-scale wind project in China.

KEY INDIVIDUALS Alan Schiffman leads the practice, and receives praise for his project finance capabilities. His clients note that “he is one of the most experienced lawyers in the region. He has lots of industrial knowledge about different sectors, and has experience in both the debt and equity side of financings. He’s also very hardworking.”