IFLR 1000
The Guide to the World's Leading Financial Law Firms

	Allen & Overy Clifford Chance Linklaters
	Latham & Watkins Milbank Tweed Hadley & McCloy Shearman & Sterling White & Case
	Ashurst CMS Cameron McKenna Freshfields Bruckhaus Deringer Herbert Smith Norton Rose Sullivan & Cromwell
	Baker & McKenzie Chadbourne & Parke Dewey & LeBoeuf DLA Piper Hogan Lovells Simmons & Simmons Slaughter and May

UK project finance lawyers are increasingly finding their sights drawn to Africa, Russia and the Middle East. These three geographical regions are far and away the clearest source of mandates due to their insatiable appetite. The African continent in particular is awash with activity. "Africa has been remarkable," says one partner. "The African markets have reached a big level of stability." Another agrees and highlights the fact that nowadays there are very few jurisdictions considered out of bounds. "What we've seen is more difficult deals in more difficult jurisdictions. "There have been a few deals which have given people confidence and the development agencies have a lot of money to put into these things."

Linked to this, practitioners also note that the sources of finance are also diversifying, which has caused a lot of traditional sponsors to sit up and take note. "A lot of the Chinese investors are coming in and financing the whole thing so if you are a sponsor you either sit on the sidelines and do nothing or you start competing by doing project finance."

Outside of Africa, Russia and the broader CIS (Commonwealth of Independent States) region has also brought in mandates, predominantly in oil and gas related work. In this light the strong Russian practice of the magic circle and select US firms have proved to be a major boon.

Renewable energy continues to grow and received a (admittedly unfortunate) shot in the arm in the form of the Fukushima nuclear disaster in Japan. Many European jurisdictions, including the UK, have revisited their energy policies in the aftermath and there is hope of more mandates in the forms of wind and solar projects.

Project bonds have also continued to make headway and while they are still something of a novelty, the need to diversify financing sources becomes clearer all the time. "There's a lot of discussion about sources of funding particularly in the context of Basel III and partly in the recognition that they are different types of funding available, that's been a big theme," explains one partner. "Project bonds that's one of the areas which is being looked at much more closely."

The overall picture is one of new lenders, more lenders and more complex financing structures. "We have seen a shake up in terms of which banks are active in this area. There is a desire to source as much money as possible," says one partner. "People were predicting the death of project finance a few years ago but you still need to fund these projects somehow."

"Good team, it would be difficult to chuck them out of tier one," says one partner and this is the consensus across the market.Finance of all forms is the firm's bread and butter and therefore it is no surprise to see it once again occupying the top tier.... [more]

"Good team, it would be difficult to chuck them out of tier one," says one partner and this is the consensus across the market.

Finance of all forms is the firm's bread and butter and therefore it is no surprise to see it once again occupying the top tier.

Certainly one of the largest deals the team acted on last year and indicative of the firm's strength in the Middle East was its advice to Saudi Aramco Total Refining and Petrochemical Company (SATORP) as one of the sponsors on the Jubail Export refinery and Petrochemical Project in Saudi Arabia. The deal was valued at $12.8 billion with $9.6 billion being raised by the sponsors themselves.

Another substantial mandate on the domestic front saw the firm acting for the lenders, opposite Linklaters, with regard to the tenders of four UK offshore electricity transmission assets. Each project is being individually project financed and comes in the wake of a new regulatory regime surrounding offshore transmission assets.

Project bonds have been a growing area of the market in recent years as people look at new ways of financing project work. Last year, in conjunction with its Italian team, the firm acted for Andromeda as the borrower on Italy's first ever project bond for the financing of a solar plant. Andromeda entered into a construction contract with SunPower on the project.

Clients appreciate partner Conrad Anderson, in particular for his and the firm's links to the banks: "He has the confidence of the banks he gets them to speak with one voice," says one client. "He also understands what the important issues are, that's very important from our perspective. It's not just that he has the commercial sense and knows exactly what's required."

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The project finance practice at Clifford Chance leverages off the firm's strong banking and corporate client base and can point to a steady stream of mandates arising from both sides.Jeremy Connick is one of the firm's leading lights: "With his background and experience he has excellent technical skills, he has seen and done so many deals.... [more]

The project finance practice at Clifford Chance leverages off the firm's strong banking and corporate client base and can point to a steady stream of mandates arising from both sides.

Jeremy Connick is one of the firm's leading lights: "With his background and experience he has excellent technical skills, he has seen and done so many deals. He has advised us on one wind deal in Africa and one in Europe and he clearly has a lot of prior knowledge so he can bring that to bear," says one client, who also pointed to the firm's strength in depth: "I don't know if its just CC who have associates who are so excited about their work. I think that Jeremy can be tough on the trainees but they value his approach." Another agrees: "Associates – they are head and shoulders above other firms we're working with, they can provide advice that 90% of the time will be more than suitable."

The other leading partner Andrew Grenville is also commended, particularly for his experience in the power sector: "He picks up issues before you have thought of them, he's happy to provide a view on things which are more commercially focused," says another client. "Andrew, given his position (within the power industry), is more willing to come forward and offer his position on new ideas and projects we are developing." Another client also points out Grenville's power experience. "Andrew's team is pre-eminent in the power industry. What he brings is experience, he has a lot of gravitas within the industry and across that world and because of that people fall behind his view which makes it a lot easier for me when I go into meetings, I can say that Andrew has suggested something and people respect that view, he serves a purpose by having that gravitas."

Rail related projects were high on the agenda for the team last year and in one example Gavin Teague led a team advising the prospective arrangers, including BNP Paribas, RBS and Bank of America, to the bid consortium comprising of Bombardier, Serco and Rreef on their pitch for the £1 billion PPP (public-private partnership) project to manufacture and maintain the new fleet of rolling stock designated for the London Thameslink rail project. The bid was eventually won by Siemens and criticism was levelled in some quarters at the result with the suggestion that greater value should have been attached to the Bombardier bid as the company has a UK manufacturing plant thus keeping jobs within the country.

Although not strictly finance related, the firm's wider projects team can also point to a trio of projects related to Eurostar, again showing the strength of the rail infrastructure group. One such project saw the team act for two separate consortiums – and the senior funders to yet another consortium – on the £2.1 billion bid process for High Speed 1, the entity which controls the high speed link between London and the Channel Tunnel. The team also acted for Eurostar on its transition to a joint venture structure – comprised of the UK, French and Belgian parties - and on its £500 million financing for the acquisition of a new high-speed fleet for the line.

Stepping away from rail but remaining in infrastructure, a long term project saw a team comprising Connick, David Metzger, Nigel Howorth, James Pay and Andrew Rolfe advising the lenders including various banks and the European Investment Bank (EIB) on the £1.5 billion funding for the London Gateway project, a deep sea container port located on the river Thames in Essex.

In line with the market, renewable energy has also proved to be a busy sector for the firm, in particular wind farm projects. In the CEE (Central & Eastern Europe) Jeremy Connick acted for the lenders including the European Bank for Reconstruction and Development (EBRD) on the €175 million funding for the 120MW Relax wind farm in Poland . A similar deal saw John Wilkins act alongside the firm's Romanian team advising EDP Renovaveis as the sponsor on a €186 million financing for the 90MW Pestera and 138MW Cernavoda wind farms in Romania.

International ability is critical and clients can't fault the team on this: "The good thing about Clifford Chance is that they have offices in all types of countries, they have the same way of working all over. It was very smooth because we only worked through the guys in London. We didn't have to get involved in the nitty gritty."

The African power sector is an area, which has been creating a lot of mandates for UK firms in recent years, however these are often focused on more traditional energy production like coal, oil or natural gas. However last year found partner Jeremy Connick acting for Infraco on the first wind project in sub-Saharan Africa. The €70 million PPP will see a wind farm constructed in Cape Verde. The mandate was won by the firm on the premise that the firm could deliver the project in a more streamlined manner than competitors including slimming down the project's power purchase agreement (PPA) to make it more efficient.

Outside of renewables, London partner Ranbir Hunjan acted alongside partners from the firm's US and Singapore offices to advise the lenders on the $3 billion financing for a new coal fired power plant in Sasan in India and the related development of the nearby cola mine at Moher.

The oil and gas team at the firm was also active, particularly in Russia. Although largely run out of the firm's Paris and Moscow offices, London partner Russell Wells had a role acting for the export credit agencies and lenders on a €7.2 billion gas pipeline joint venture between Russia and Germany. In another joint venture Tim Steadman acted for the Shtokman Development joint venture between Gazprom, Total and StatoilHydro on the $25 billion natural gas field.

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The Linklaters team was the subject of a fair degree of change in 2010 with two partners, in the forms of John Maxwell and Daniel Tyrer, relocating to London from Hong Kong and Moscow respectively. Going in the opposite direction to Tyrer was Matthew Keats who made the move to Moscow to head up the energy and infrastructure group.... [more]

The Linklaters team was the subject of a fair degree of change in 2010 with two partners, in the forms of John Maxwell and Daniel Tyrer, relocating to London from Hong Kong and Moscow respectively. Going in the opposite direction to Tyrer was Matthew Keats who made the move to Moscow to head up the energy and infrastructure group.

The Linklaters team is fairly balanced between the three areas of power, oil and gas and infrastructure.

In the latter sector, the team had a busy year advising on a number of road projects. On the domestic side Bruce White and Charlotte Morgan acted for Arney Ventures on the £2 billion Isle of Wight Highways Maintenance Project, which took the form of a PFI (private finance initiative). Closed in June 2010, the project follows similar work completed by the firm as lenders counsel on the Sheffield Highway Maintenance project.

The firm also acted on two Dutch road projects. In one, Stuart Rowson advised the ultimately failed bidders, made up of the Dutch Infrastructure Fund, Volker Wessels, Fluor Infrastructure and Heijmans, on the €665 million PPP (public-private partnership) for the maintenance of the 30km A15 road. The team also acted for the same bidders (without Fluor Infrastructure) on the pitch for the €300 million A12 road in Utrecht.

Another highlight saw Bruce White and Simon Ratledge acting for Caisse des Depots et Consignations on its bid for the £531 million expansion of the tram network in Nottingham, the Nottingham Express Transit Phase Two Rail Project, consisting of 17.4 km of track and 28 new stops.

The firm has had its fair share of lender side mandates as well, with one of the largest involving Pieter Puelinckx acting for BNP Paribas Fortis and Fortis Real Estate on the €1.75 billion PPP project for the construction of over 200 schools in the Flemish region of Belgium.

On the power side, the team can point to a first when a team including Andrew Jones and Julian Davies acted on the first ever Italian project bond, used for the construction of the Montalto di Castro solar power plant in Italy. The team acted for SACE as guarantor, BNP Paribas and Société Générale as originators and arrangers, EIB as bond investor, Société Générale as VAT lender and Deutsche Bank as bond trustee. The project would see Andromeda Finance issuing two sets of senior secured notes to finance the construction of the park.

Another renewable energy deal of note saw John Pickett act for the lenders including the European Investment bank and the African Development bank on the €60 million financing of four wind farms in Cape Verde.

Although the firms presence in the Middle East is arguably not as strong as some competitors, the London team did act on a major project in the oil and gas sector last year. A London team led by Manzer Ijaz acted for the lenders including seven export credit agencies and 31 commercial banks on the $14 billion financing for the Jubail Refinery facility in Saudi Arabia. The deal is notable for its size, the wide variety of financing sources it draws upon and the fact that it represents the first greenfield merchant refinery in the country.

Finally the firm demonstrated its Russian strength when new London partner Daniel Tyrer acted for the lenders on the $1.8 billion financing for the Yuzhno-Russkova gas field in Siberia.

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Ashurst's project finance deal list had a distinctly international feel last year. One of the largest projects undertaken by the team saw the firm acting on the $1.... [more]

Ashurst's project finance deal list had a distinctly international feel last year. One of the largest projects undertaken by the team saw the firm acting on the $1.7 billion financing of the Shuweihat 1,6000MW IPP (independent power production) project with the firm acting for the banks including JBIC, K-Exim, BNP Paribas, Mizuho, BTMU, HSBC and the National Bank of Abu Dhabi.

Another power project saw Anthony Patten and John McClenahan advising KOGAS in relation to a $16 billion investment into the Gladstone LNG (liquefied natural gas) project in Queensland. Staying in Southeast Asia, partner Matthew Bubb acted for the mandated lead arrangers including BNP Paribas, HSBC and Standard Chartered on the S$1.33 billion (£678.7 billion) Singapore Sports and Leisure Infrastructure PPP (public-private partnership).

"I think Ashurst is also an outstanding team. Patrick Doyle and Jan Sanders," says one client. "I'd put Jan up there in terms of the way she treats her clients."

The firm has recently been building strong links and client relationships in the Nordic region and one example saw a team including Sanders, Patrick Boyle and Nick Hilder acting for Skanska/Innisfree on the $1.35 billion Nya Karolinska Swedish university hospital PPP, the largest project undertaken by Skanska to date.

Another client specifically praises the firm's ability to work with many differing parties: "We had national institutions as well as banks so it was a difficult mix to manage. It was important to create ownership on the lawyers, Ashurst worked very well to achieve that. It was a non-confrontational approach, it didn't feel like two sides."

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The Latham & Watkins project finance team has grown impressively in recent years. The six partner team, supplemented by new promotion Matthew Brown maintains a focus on power projects, although oil and gas related matters also form a key part of its offering.... [more]

The Latham & Watkins project finance team has grown impressively in recent years. The six partner team, supplemented by new promotion Matthew Brown maintains a focus on power projects, although oil and gas related matters also form a key part of its offering.

Dennis Nordstrom and Bill Voge are the firm's key figures and both had a hand in projects with a wide geographical sweep last year. One client who worked with both said: "I was impressed with their ability to communicate, the way in which they were able to work with multilingual groups of people on both sides of the table during the transaction and in the timeframe considering the complexity of the deal. We have done many finance deals, two law firms stands out from the rest and Latham and Watkins is one of them."

Indeed so key are the partners that many clients pointed out that the strength of the relationship came from them. "The partner relationship is always important because he is ultimately behind the team, Bill is fully involved in business, he is not remote. If Bill was to move to another firm it would have a damaging effect on Latham, it is the partner people identify with the most." Another says: "I feel very valued, they make the effort. Dennis is the reason I am with Latham, personally I follow Dennis."

Africa is proving to be a major source of mandates for UK practices and so it proved for Latham. Last year Nordstrom acted on the $1.1 billion project financing granted to NGL II, an offshore LNG (liquefied natural gas) project in Nigeria. In addition Nordstrom and new partner Matthew Brown also acted for the developers of a 500MW IPP (independent power project) also in Nigeria.

Further afield the team also acted for the banks, export credit agencies - including the Export-Import banks of China and the US and the Japan Bank for International Cooperation – and the underwriters of the $14 billion financing for the PNG LNG project in Papua New Guinea. Nordstrom was again involved alongside London partners Voge and Simon Dickens and a team drawn from the firm's China, New York and Singapore offices.

The firm's presence in the Middle East has been growing in recent years following its triple office launch in the region in 2008 and several high-profile hires.

Clients are impressed with their knowledge, particularly that of Craig Nethercott, who has recently moved to the region from the London office: "Craig was up on the markets, he has a lot of credibility, his style was very cooperative with the other side, no time was wasted negotiating with such large numbers of people, he did a good job keeping everything together despite the large number of people involved," says one client. "Great knowledge of project finance, they knew the business well, as well as the landscape and political issues in Saudi."

Last year this growing influence was demonstrated when Nordstrom and Nethercott acted for the lenders including EDC and US-Exim on the $1.8 billion financing provided to GDF Suez for the development of the PP-11 IPP project in Saudi Arabia.

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Shearman & Sterling's strength in banking has been successfully replicated by its project team. The team maintains a strength in oil and gas and energy projects with a particular focus on the Middle East and North African (MENA) region.... [more]

Shearman & Sterling's strength in banking has been successfully replicated by its project team. The team maintains a strength in oil and gas and energy projects with a particular focus on the Middle East and North African (MENA) region.

Highlighting this, last year the team acted for private equity firm Citadel Capital and the Egyptian Refining Company (Takrir) on the $3.5 billion financing for the redevelopment of its hydrocracking refinery at Mostorod near Cairo. The financing was the largest project financing in Africa to date.

Another highlight, this time on the lenders side, saw Kenneth MacRitchie lead the team acting for BarCap and HSBC on the $430 million bridge loan to Delek Drilling, Avner Oil Exploration and Dor Gas for the exploration and development costs related to the newly discovered Tamar natural gas field off the coast of Israel.

There were also some personnel changes in the department with the departure of David Platt to Pinsent Masons in July 2010. However the numbers wee replenished when the firm hired Christophe Asselineau from Simmons & Simmons in May 2011.

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The energy, transport and infrastructure team at Ashurst is led by Mark Elsey and was boosted last year with the promotion of Nick Stalbow to the partnership.The firm has been making moves this year to strengthen and expand its international presence, most notably in Australia where a merger with Blake Dawson was confirmed earlier this year.... [more]

The energy, transport and infrastructure team at Ashurst is led by Mark Elsey and was boosted last year with the promotion of Nick Stalbow to the partnership.

The firm has been making moves this year to strengthen and expand its international presence, most notably in Australia where a merger with Blake Dawson was confirmed earlier this year. In light of this it will be encouraging for the firm that it has managed to secure roles on projects work in a host of locations beyond the European markets where it derides its strength.

One such example saw Matthew Bubb act for the lead arrangers including Bank of Tokyo-Mitsubishi, BNP Paribas, Credit Agricole, DBS Bank and HSBC on the S$1.33 billion ($1 billion) Singapore Sports and Leisure Infrastructure PPP (public-private partnership). Another PPP project saw Jan Sanders, Patrick Boyle and Nick Hilder act for the Skanska/Innisfree consortium on a project to develop Sweden's new university hospital. The project is notable for being the first successful PPP in Swedish history.

Power was another key area for the team last year and two projects emphasise this. In the first Anthony Patten and John McClenahan acted for KOGAS of South Korea on its investment in the $16 billion Gladstone LNG (liquefied natural gas) project in Queensland. John Inglis, David Wadham and Nikhil Markanday meanwhile acted for the lenders including BNP Paribas, the National Bank of Abu Dhabi and JBIC on the financing for the $1.7 billion Shuweihat SE IPP (independent power project) in Abu Dhabi.

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Freshfields pulled off quite a coup in May 2010 with the hire of Alan-Rae Smith from Allen & Overy. He joins a team already well stocked with talent in the forms of department head Alex Carver and fellow partner Nicholas Bliss.... [more]

Freshfields pulled off quite a coup in May 2010 with the hire of Alan-Rae Smith from Allen & Overy. He joins a team already well stocked with talent in the forms of department head Alex Carver and fellow partner Nicholas Bliss.

Both Carver and Bliss had another good year in the field working on projects with a wide geographical scope. Carver acted for the joint venture Northern Capital Gateway as the preferred bidder on the Pulkovo PPP (public-private partnership) airport reconstruction project in St Petersburg. Alongside securing the €1.1 billion in debt financing for the project the firm also advised on the 30 year concession itself from the City of St Petersburg. On the other side of the divide Craver also acted on the bank side when he advised the European Investment Bank on the financing provided to six offshore transmission owners around the UK.

Bliss meanwhile was kept busy by the UK Department of Transport advising on the PPP and PFI (private finance initiative) elements of the procurement of rolling stock for London's Thameslink rail project, consisting of between 900 and 1,200 vehicles. Bliss also advised the lead arrangers including HSBC Bank Bermuda, Sumitomo Mitsui Banking Corporation, Natixis and UniCredit on the financing for the King Edward VII Memorial Hospital in Bermuda. The deal is notable for being the first PPP project on the Caribbean island.

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Herbert Smith added extra capacity to its team last year with the hire of Linklaters of counsels Matthew Job and Martin Kavanagh.One of the largest deals worked on by the team last year saw it act for Shtokman Development a projects company owned by Gazprom on the financing for the Shtokman Field gas, LNG (liquefied natural gas) project.... [more]

Herbert Smith added extra capacity to its team last year with the hire of Linklaters of counsels Matthew Job and Martin Kavanagh.

One of the largest deals worked on by the team last year saw it act for Shtokman Development a projects company owned by Gazprom on the financing for the Shtokman Field gas, LNG (liquefied natural gas) project. The field is though to contain 3.9 trillion cubic meters of gas.

New partner Kavanagh was also kept busy, acting alongside John Balsdon on the $40 billion financing for a LNG project off the coast of Western Australia.

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Norton Rose has been grabbing headlines this year with its rapid global expansion. As well as mergers in Canada and South Africa, the team has also made further inroads into Australia and confirmed the establishment of a new office in Morocco.... [more]

Norton Rose has been grabbing headlines this year with its rapid global expansion. As well as mergers in Canada and South Africa, the team has also made further inroads into Australia and confirmed the establishment of a new office in Morocco. This has further enhanced the firm's standing in the energy and natural resources sectors and will enhance the firm's project finance scope.

Leading the team jointly are the head of infrastructure, mining and commodities Martin McCann and head of energy Simon Currie. The latter had a particularly busy year including advising the lenders, BNP Paribas and Lloyds on the funding for the $48MW Hill of Towie wind farm project. Curries also advised Nordea and ING Bank on the $122 million financing for another wind farm project, the Hog-Jaeren in Norway and acted for GDF Suez and GEK Terna as the sponsors on the first Greek merchant power plant. The team also advised the lenders on the €203 million financing for the project.

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Calvin Walker leads the Baker McKenzie project finance team and since joining from Allen & Overy in 2009, has been building up the firm's London practice.Last year he along with Richard Brunt advised Sir Robert McAlpine and Paget Health Services in regard to the financing for the redevelopment of the King Edward VII Memorial Hospital in Bermuda.... [more]

Calvin Walker leads the Baker McKenzie project finance team and since joining from Allen & Overy in 2009, has been building up the firm's London practice.

Last year he along with Richard Brunt advised Sir Robert McAlpine and Paget Health Services in regard to the financing for the redevelopment of the King Edward VII Memorial Hospital in Bermuda. The deal was the first PPP (public-private partnership) ever completed on the Caribbean island.

Walker also acted for Belgian based smelting and mining company Nyrstar on its $335 million financing.

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The 2010 merger of Lovells and Hogan Hartson has certainly increased the combined firm's scope, although in the case of the London team, the major benefit has been a wider network. The UK domestic offering is still largely made up of the former Lovells team, which has maintained its reputation in the market through the range of different sectors from which it draws its mandates.... [more]

The 2010 merger of Lovells and Hogan Hartson has certainly increased the combined firm's scope, although in the case of the London team, the major benefit has been a wider network. The UK domestic offering is still largely made up of the former Lovells team, which has maintained its reputation in the market through the range of different sectors from which it draws its mandates.

One of the firm's highlights last year saw the London team act in conjunction with its Singapore office advising the Singapore Sports Council on the redevelopment of the National Stadium as part of the Singapore Sports Hub PPP (public-private partnership). The project was delayed after the Lehman Brothers collapse in 2008 and is notable as the largest sports infrastructure PPP in the world.

Closer to home, other infrastructure projects included work for Serco on the Belmarsh West Prison PFI (private finance initiative) and advise to the lenders including HSH Nordbank, Santander and WestLB on the senior debt facilities provided to Maritima Valenciana for the refinancing of existing facilities provided for the concession for the port of Valencia.

"Very good. Always have the answers to queries, what I rated most was that they are always one step ahead of the game, commercial legal advice, able to disseminate the appropriate information and act accordingly," says one client.

On the power side Adrian Walker acted for Mitsubishi Heavy Industries on their bid for the construction of a nuclear power plant in Jordan, while Andrew Briggs and Andrew Gallagher meanwhile advised the lenders to Macquarie in regards to the UK's Offshore Windfarm Transmission Projects.

The team also has a specialisation in the establishment of infrastructure funds and has worked in this regard for Lend Lease and the John Laing Infrastructure Fund.

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In addition to promoting both Yves Baratte and Adrian Nizzola to the partnership in 2010, the firm also hired energy partner Steven McNab from Travers Smith.One of the firm's largest deals last year saw it act for the mandated lead arrangers including Santander and Depfa Bank on amendments to the €350 million financing of the A8 motorway in Germany.... [more]

In addition to promoting both Yves Baratte and Adrian Nizzola to the partnership in 2010, the firm also hired energy partner Steven McNab from Travers Smith.

One of the firm's largest deals last year saw it act for the mandated lead arrangers including Santander and Depfa Bank on amendments to the €350 million financing of the A8 motorway in Germany.

The team also advised Barclays on the £120 million financing to cover the launch costs of the Nylas 2 satellite of Avanti Communications. David Nelligan led on the deal.

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Slaughter and May is not as well known for project finance work as it is for straight banking, but the firm still has pockets of activity in certain sectors and has the quality to make the most of those opportunities.Oil and power were the twin themes of the firm's deal list this year.... [more]

Slaughter and May is not as well known for project finance work as it is for straight banking, but the firm still has pockets of activity in certain sectors and has the quality to make the most of those opportunities.

Oil and power were the twin themes of the firm's deal list this year. Examples of the former include Steven Galbraith advising Kosmos on the financing of the first phase of the Jubilee oil field in Ghana. The $1 billion financing was procured from several lenders including the International Finance Corporation (IFC) and the project is the largest offshore oil discovery in Africa for ten years.

The firm also advised the lenders including Bank of Tokyo Mitsubishi on the $2.6 billion financing to the Egyptian Refining Company for the development of an oil refinery in Cairo. Helen Griffiths and Peter Jollie acted on the deal.

On the power side, the team advised Centrica on various aspects of its wind frams projects.

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Sullivan & Cromwell's project finance team demonstrated its geographical scope last year with the London team advising on mandates from all over the globe.

One example saw a team led by co-heads Jamie Logie and Stewart Robertson (English and US law respectively) advising UAE aluminum company EMAL on a $737 million export credit facility for the construction of a new smelter project in the Emirates.... [more]

Sullivan & Cromwell's project finance team demonstrated its geographical scope last year with the London team advising on mandates from all over the globe.

One example saw a team led by co-heads Jamie Logie and Stewart Robertson (English and US law respectively) advising UAE aluminum company EMAL on a $737 million export credit facility for the construction of a new smelter project in the Emirates. The firm has a strong history with EMAL who it also advised on a similar project in Abu Dhabi.

In a similar deal - and one in line with the general trend of increased work emerging from Africa - the team acted for the sponsors, Ambatovy Minerals and Dynatec Madagascar, on the $4.52 billion financing of the Ambatovy nickel and cobalt project in Madagascar.

Natural resources, more specifically mining, also threw up work for the firm in Mexico, where a team, again led by Logie, acted on the $823 million financing of the Boleo mining project in Baja California Sur. Boleo is a joint venture between Baja mining and a Korean consortium.

Further emerging markets work was seen when the team advised the The Baku-Tbilisi-Ceyhan Pipeline Company on the financing of the titular pipeline project in the Caspian. The team acted as both US and English law counsel on the deal.
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