Firms To Watch: Project finance

Fernand Arsanios , former co-head of the project finance team at Reed Smith, well-known for his expertise in domestic and international financing and transactions, joined the practice at King & Spalding LLP in September of 2022.

Firms in the Spotlight Project finance

Vivien & Associés

Vivien & Associés logo

Vivien & Associés offers competitive legal services and representation across a broad range of key practice areas:

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CHASSANY WATRELOT & ASSOCIES

CHASSANY WATRELOT & ASSOCIES logo

A FULL-EXPERTISE HUMAN RESOURCES LAW FIRM   Founded in 1987, Chassany Watrelot & Associés (CWA) is one of the main French law firms whose activity is exclusively dedicated to employment law and all other legal areas related to human resources management (insurance law, tax law…).

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Project finance in France

Clifford Chance

The projects team at Clifford Chance, noted for its ‘market knowledge and sector expertise’, has a range of specialists at the helm; notable names include partners Anthony Giustini , Nikolaï Eatwell, co-founder of the Paris renewable energy group Delphine Siino Courtin, co-head of the firm’s power and energy networks sub-group Richard Tomlinson, Milica Zatezalo-Falatar, Daniel Zerbib, David Préat and Gauthier Martin. The practice covers the full scope of projects work across a multitude of industries, predominantly advising domestic and foreign lenders and sponsors on the structuration, implementation and negotiation of complex and high-value projects. The team’s workload is increasing in regard to advising clients on projects which meet ESG principles, as part of the sector's energy transition. Notably, the team is currently advising Biovéa Energie S.A. on the largest biomass power plant in West Africa powered by agricultural waste.

Practice head(s):

Anthony Giustini; Nikolaï Eatwell; Delphine Siino Courtin; Richard Tomlinson; Milica Zatezalo-Falatar; David Préat; Daniel Zerbib; Gauthier Martin


Other key lawyers:

Corinne Duvnjak


Testimonials

‘Standout attributes are the breadth of the team, their willingness to work to tight deadlines and their ability to manage multiple stakeholders and simultaneous workstreams, as well as their market knowledge and sector expertise.’

‘Milica Zatezalo-Falatar is a great team leader and really drives projects towards completion by understanding the dynamics of commercial and business relationships and managing diverse groups of clients towards achieving financial close.’

Key clients

A. International Financial Institutions:


African Development Bank (ADB)


Asian Development Bank


Asian Infrastructure Investment Bank (AIIB)


DEG


EBRD


EIB


FMO


IFC


Inter-American Development Bank


Inter-American Investment Corporation


MIGA


OeEB


OPIC


Proparco


The Emerging Africa Infrastructure Fund (EAIF)


The |Korea| |Development| Bank


Agence Française de Développement (AFD)


Africa Finance Corporation


Emerging Africa Infrastructure Fund


FMO


OEEB


OFID


B. Government Authorities:


Ethiopian Electric Power


French Ministry of Ecology, Sustainable Development and Energy


Ministry of Water Irrigation and Energy, Government of the Federal Democratic Republic of Ethiopia


C. ECAs:


Bpifrance


Hermes


K-sure


SACE


UK Export Finance


D. French Banks:


BNP Paribas


CACIB


CDC


Natixis


Société Générale


E. International Banks:


Barclays


HSBC


Macquarie


Santander


Standard Chartered bank


Türkiye| |Garanti| |Bankasi| A.Ş.


UniCredit


MUFG


F. Corporates:


Bouygues


EDF


Eiffage


ENGIE


Meridiam


Total


Vinci


OCP


CNPC


Globeleq


Work highlights


  • Advising Biovéa Energie S.A. on the structuring and financing of the Biovéa Project located in the town of Aboisso, 100km east of Abidjan, in Côte d’Ivoire.
  • Advising the lenders on all aspects of the financing of phase 1 of the capital investments program, involving a greenfield solar photovoltaic plant with a total capacity of approximately 34,116 MWp to be located in Chad.
  • Advising the project company in connection with a full value project for the production of green hydrogen from solar energy, its transport and use in steel and other applications in Spain.

Gide Loyrette Nouel A.A.R.P.I.

Marie Bouvet-Guiramand , specialist in transport infrastructure and public facility projects, co-leads the sizeable practice at Gide Loyrette Nouel A.A.R.P.I., alongside Thomas Courtel , John D Crothers , Farah El-Bsat, Victor Grandguillaume, Nicolas Jean , Laetitia Lemercier and ‘outstanding business lawyer’ Stéphane Vernay. The team is well-equipped to advise its noteworthy client list, being sponsors and lenders including EDF and Total Renewables, on significant and often cross-jurisdictional PPP and concession matters, as well as the tendering and development process of projects, spanning the full-range of industry sectors. A significant example of the complex and high-value work the team is currently involved in, is its work advising Naval Group on the €50bn, cross-jurisdictional project regarding twelve submarines and their shipyard in Australia.

Practice head(s):

Marie Bouvet-Guiramand; Thomas Courtel; John D. Crothers; Farah El-Bsat; Victor Grandguillaume; Nicolas Jean; Laetitia Lemercier; Stéphane Vernay


Other key lawyers:

Claire Labouré; Magueye Guey; Roxane Debuse; Alexandre Gauthier


Testimonials

‘The team is incredibly well-prepared and connects well with clients, going above and beyond for them and often thinking outside the box. That is what we look for when hiring counsel.’

‘Victor Grandguillaume thinks beyond the problem and proposes various solutions. It is interesting how well he connects with his clients. Roxane Debuse and Claire Labouré were always very prepared also.’

‘The Gide team is one that brings together varied profiles that work in harmony with each other, efficiently. This allows for a great reactivity, even if the question asked does not directly fall within the field of competence of our first interlocutor.’

‘Marie Bouvet-Guiramand and Magueye Gueye were constantly listening to us, each time proposing an approach in line with good market practices and the aspirations of the client.’

‘The practice’s strength is its ability to advise on the broad spectrum of legal matters pertaining to cross-border industrial projects and its focus on providing tailored, innovative and business-oriented advice.’

‘Stéphane Vernay is an outstanding business lawyer. He is solution-oriented in the way he addresses legal and contractual issues, reliable, hard-working and always delivers on time. He is very dedicated to his clients and the success of their projects. He has a broad knowledge in terms of legal matters, sectors and countries.’

‘The Gide team had a lot of experience relevant to our problem. This team was diligent and engaged in a constructive dialogue with us to ensure the provision of effective solutions and in our best interests.’

‘I could cite in particular Alexandre Gauthier for his ability to listen, the wealth of his experience and his ability to find new paths to better resolve the issues faced.’

Key clients

EDF


Total Renewables


Mediterranean Shipping Company (MSC)


Meridiam and FGIS


International Finance Corporation (IFC)


Government of Barbados


Government of Senegal (CETUD)


Ariane group


French State


Eramet


Eiffage


Vinci, EDF, Renault and Demeter


Caisse des Dépôts et Consignations


CNP-PPP


ALSF


EGIS


PFO Group


Millennium Challenge Account Côte d’Ivoire (MCA-CI)


Work highlights


  • Advised Eramet/Comilog in the sale of a 40% stake of Setrag to Meridiam to implement a new investment plan for the Transgabonais railway.
  • Advising the lenders of Vinci, a leading airport operator, in the context of the financing for the Nantes airport’s concession.
  • Advising the IFC and the Government of Timor Leste on the operation and management of the country’s international airport through a public private partnership (PPP) scheme.

Linklaters

The projects team at Linklaters has strong experience in advising its clients, being well-known and often internationally renowned sponsors and lenders such as the European Investment Bank, on high-value and complex projects across the full-range of industry sectors. Its infrastructure and energy work is particularly impressive and includes advice to lenders on all aspects of the financing of the first floating offshore wind asset in the world, to be financed on a limited-recourse basis. Its consistently high-value projects are regularly cross-jurisdictional in nature. Bertrand Andriani leads the team, which is formed of specialist partners in the sector, Stephen Le Vesconte, François April and Pierre Guillot. Counsel Samuel Bordeleau has expertise in advising clients on the development, acquisition, construction, financing and refinancing of their projects in energy and infrastructure. Darko Adamovic left for Gibson Dunn in July 2023.

Practice head(s):

Bertrand Andriani


Other key lawyers:

Stephen Le Vesconte; François April; Pierre Guillot; Justin C. Faye; Samuel Bordeleau


Key clients

Société Générale


Natixis S.A.


MUFG Bank, Ltd., Paris Branch


Banco Santander S.A., Paris Branch


European Investment Bank (EIB)


Caisse d’Epargne CEPAC


Coöperatieve Rabobank U.A. (Rabobank)


Meridiam


Arise


Rio Tinto


Société Autoroutière du Gabon (SAG)


Kalyon Enerji Yatirimlari AS


H1 Energy Pte Ltd


RWE AG


Voltalia S.A.


EDF Renewables


Enbridge Eolien France


InfraVia Capital Partners


Mirova


Arkéa


Marguerite Adviser S.A.


Caisse d’Epargne


La Banque Postale


National Bank of Egypt


Banque Misr


Dunkerque LNG SAS


Fortescue Metals Group


Korea Eximbank


K-sure


Standard Chartered Bank


Plateforme Industrielle d’Adétikopé (PIA)


Work highlights


  • Advised a club of eight leading European commercial banks, plus the European Investment Bank, on all aspects of the limited-recourse financing of the Provence Grand Large floating offshore wind project.
  • Acted for Kalyon Enerji Yatirimlari AS as project sponsor and borrower in respect of an ECA-backed project financing of a 1.350GW solar plant in Turkey, one of the largest single-site solar power projects in the world and Turkey’s largest solar power plant.
  • Advising the lenders on the limited-recourse financing of the A69 motorway, which will connect Castres and Verfeil in the South-West of France, one of the last greenfield financings of a motorway in France.

White & Case LLP

François-Guilhem Vaissier co-leads the practice at White & Case LLP, alongside Jean-Luc Champy and Amaury de Feydeau, noted for his ‘precise knowledge of the law and the market’. The team advises reputable sponsors and arrangers on high-value projects across the spectrum of industry sectors. It is particularly active in renewable energy, notably advising on significant offshore windfarms, which is a growing area of focus for the team. Recent standouts included its assistance to the French government on the South Brittany floating offshore windfarm and its oversight of a major hydrocarbon asset in Algeria. In addition to its impressive domestic and European work, the team is well-experienced in handling cross-border matters, namely being Africa-based projects. Transcontinental work, a further key facet of the practice, often involves complex hydropower projects, solar farms and thermal power plants.

Practice head(s):

François-Guilhem Vaissier; Amaury de Feydeau; Jean-Luc Champy


Other key lawyers:

Tsveta Pencheva; Paule Biensan; Ximena Vásquez-Maignan


Testimonials

‘The team is very available, creative, open and attentive with a combined big picture view and a keen eye for detail.’

‘Amaury de Feydeau and Tsveta Pencheva have each acquired a precise knowledge of the law and the market, which allows its clients to improve with each operation.’

‘The team has a very good knowledge of the French digital infrastructure market, alongside a complete understanding of our deal and its various aspects. The team has a high-level of commitment and are very helpful throughout deals.’

Key clients

Compagnie Ivoirienne d’Electricité (CIE) / Eranove / Emerging Capital Partners (ECP)


Eiffage


Eranove


Iberdorla Renovables


LELP Anaklia Deep Sea Port Development Agency (Ministry of Regional Development and Infrastructure of Georgia)


Vinci Concessions


Themis Energy


Bouygues Telecom


Bouygues Construction


Altitude Infrastructure


Vauban Infrastructure Partners


DIF Capital Partners


Natixis


Société Générale


Chaabi International Bank Offshore – Groupe Banque Centrale Populaire (BCP)


Attijariwafa Bank Europe


Fonds Gabonais d’Investissements Stratégiques (FGIS)


National Bank of Greece


Katara Hospitality


Transdev


Coriance


NGE


Republic of Gabon


Occidental Petroleum Corp (Oxy)


LCL


First Sentier Investors


Valorem


Société Eiffage de la Concession de l’Autoroute de l’Avenir (SECAA)


Neoen


Work highlights


  • Representing Eiffage and Groupe Arcade-Vyv on the first concession contract granted in France for the outsourced management of a housing estate owned by the Ministry of Armed Forces, for a total amount of over €7bn.
  • Representing the financing of a new strategic joint-venture between Bouygues Telecom and Vauban Infrastructure Partners, via its digital investment platform Vauban Infra Fibre, to further accelerate the deployment of optical fiber in France.
  • Representing Oxy in the negotiation of a new production sharing contract between SONATRACH, Occidental, Eni and TotalEnergies relating to a major hydrocarbon asset in Algeria.

Ashurst LLP

The international projects practice at Ashurst LLP is noted for its ‘strong capabilities’ and is equipped to advise across a broad-range of industry sectors, with particular focus on infrastructure, conventional and renewable energy; its complex and high-value workload spans France, Africa, the Middle East, and Latin America. The team itself has a strong reputation for its expertise among its members, in multilateral guarantee products and the structuring, negotiating and documenting of such transactions. Mark Barges, who is described as knowing the finance market ‘inside-out’ co-leads the team alongside Tom Longmuir. Samia Khennous is a name to watch.

Practice head(s):

Mark Barges; Tom Longmuir


Other key lawyers:

Samia Khennous


Testimonials

‘The project finance team at Ashurst is definitely the market leader in the provision of pragmatic legal solutions and, consequently, in reaching a good compromise between all parties. Ashurst’s approach is based on knowledge, patience and pragmatism, as well as ensuring that the deal is closed on good fundaments even in difficult legal, commercial and social environments.’

‘Tom Longmuir, Samia Khennous and the team around them are excellent in understanding legal backgrounds, and in stakeholder management cases, in challenging international environments, which is key for international transactions. From a deal perspective, the team is very structured, reliable and available. Tom and Samia have the perfect approach to bringing complex deals over the finish line. We really enjoyed our experience working with them.’

‘Strong capabilities to provide high-quality advice on highly complex and sophisticated financing structures.’

Key clients

J.P. Morgan


UK Export Finance


Natixis


Deutsche Bank


African Development Bank


MUFG Bank, Ltd.


Goldman Sachs


Standard Chartered Bank


Commerzbank


Banco Santander


Banque Populaire (Morocco)


Bpifrance


Attijariwafa Bank


Octopus Investments


Kasada Capital Management


Engie


Wpd Offshore


Managem


Société Générale


ARISE Integrated Industrial Platforms (ARISE IIP)


EIB


Chariot Oil & Gas


AFD


Work highlights


  • Advised lenders, including EIB, EKF and commercial banks on the €400m financing of the floating offshore wind project which closed in July 2022; this was the first project to benefit from an ECA-covered tranche in France.
  • Acting for Société Générale on dual World Bank-guaranteed facilities to Electricidade de Moçambique E.P., Mozambique’s national utility, as part of the multi-sourced financing of the 450MW Central Termica de Temane gas-fired IPP sponsored by Globeleq.
  • Acting for J.P. Morgan on €800m MIGA-covered and UKEF-guaranteed facilities, to finance the construction of the Morava Corridor in the Republic of Serbia by a consortium comprised of Bechtel and ENKA.

De Pardieu Brocas Maffei

De Pardieu Brocas Maffei‘s projects team is led by expert in the field Jean-Renaud Cazali . It is well-regarded for its experience of and involvement in the arrangement of national and international infrastructure projects, in particular. The team also readily assists its notable clients on the construction and financing of significant energy projects, namely advising BioSynErgy on the financing of a waste-to-energy plant, which will heat Le Havre. Its matters are predominantly regional, though the team has international capabilities also, and its projects consistently involve high-values. July 2021-appointed partner Antoine Payen has a specialism in infrastructure, telecom and energy finance work.

Practice head(s):

Jean-Renaud Cazali


Other key lawyers:

Antoine Payen


Key clients

BORALEX


LA BANQUE POSTALE


NATIXIS


EIFFAGE


NEOEN


BEI


CAISSE DES DEPOTS ET CONSIGNATIONS


EDF RENOUVELABLES


GREEN YELLOW


SUEZ


VAUBAN INFRASTRUCTURE PARTNERS


KFW IPEX-BANK


ALBIOMA


SOCIETE GENERALE


EIFFEL


CEPAC


CAISSE D’EPARGNE HAUTS DE FRANCE


VINCI


AUXIFIP


CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK


BNP PARIBAS


PAPREC GROUP


DIF INFRASTRUCTURES


TOTALENERGIES


VEOLIA


SOLVAY


Work highlights


  • Advising the sponsors Solvay, Veolia and DIF in connection with the construction, operation and financing of a refuse-derived fuel cogeneration unit, located in Dombasle-sur-Meurthe.
  • Advising BioSynErgy project company and its shareholders on the financing of the project to build and operate a waste-to-energy plant using biomass and solid recovered fuel (CSR)
  • Advising Compagnie Electrique de Bretagne, a subsidiary of TotalEnergies, on the refinancing of the construction of a 446 megawatt gas-fired combined cycle power plant, located in Landivisiau.

Herbert Smith Freehills LLP

Régis Oréal, Eric Fiszelson and Michaël Armandou lead the practice at Herbert Smith Freehills LLP, which is experienced in handling a broad array of project finance-related matters, across various disciplines. Its workload consistently involves structuring and development; financing; tendering and procurement; land-related issues; and advising on ESG, public and regulatory principles, on high-value deals. Its expertise is spread across PPPs, renewable energy, new infrastructure, oil and gas, mining, transport and telecoms; its activity is commonly France-based though it also has clear international competence, having recenyly advised on a $672m port project in Colombia.

Practice head(s):

Régis Oréal; Eric Fiszelson; Michaël Armandou


Other key lawyers:

Louis de Longeaux; Soraya Salem


Testimonials

‘The team has great experience in the jurisdiction our matter concerned, allowing them to suggest mitigants to the identified risks. Their strong reactivity allowed for a quick execution of the transaction.’

‘Louis de Longeaux and Soraya Salem were instrumental to the success of this transaction.’

‘The diversity of skills and availability across the team, atop the members’ experience in multiple sectors of activity, types of project and types of financing, are all attributes that make it stand out.’

Key clients

Akuo Energy


African Export Import Bank (AfreximBank)


Asian Development Bank


Agence Française de Développement


Bank of Tokyo-Mitsubishi


BNP Paribas Group


BPCE/Natixis Group


Bpifrance


Caisse des Dépôts et Consignations


Crédit Agricole Group


DIF Infrastructure


Indonesia Eximbank (Indonesia Export and Import Bank)


International Finance Corporation (IFC)


La Banque Postale


Marguerite Adviser


Marubeni


Meridiam Infrastructure Partners


Neoen


Norddeutsche Landesbank Girozentrale (Nord/LB)


Proparco (French DFI)


Samsung Life Insurance


Société Générale


Total Eren


HDF Energy


Veolia


CMA CGM


Work highlights


  • Advising the project company and sponsors on the $672m, multi-tranche project financing for a Puerto Antioquia port project in Colombia.
  • Advising the lenders, BPI France and Unifergie (Crédit Agricole) on the financing of the “Dombasle Energie” energy transition project, launched by Solvay, Veolia and DIF Infrastructure VI.
  • Advising the lenders, BNPP, Natixis, KfW and MUFG, on the project refinancing of the Landivisiau CCGT in France

Orrick

The team at Orrick is described as having ‘extensive expertise in the field’ and regularly acts on high-value deals, both domestically and internationally. Yves Lepage , noted for his ‘rich experience’, leads the team which advises well-known clients such as the French Government, on projects across a range of industry sectors, including renewable work such as offshore wind farms. The predominant focus of the team is the transport sector, on matters ranging from motorways through to maritime and aviation. In addition, the team has extensive experience advising on PPP contracts, for the construction and operation of projects.

Practice head(s):

Yves Lepage


Other key lawyers:

Foucauld Jaulin; Geoffroy Berthon; Laure Séror


Testimonials

‘The team has extensive expertise in the field of infrastructure project finance, and partners are very available.’

‘Yves Lepage stands out for his rich experience, his ability to conduct negotiations on behalf of his client, his great availability in the sector, and his complete dedication to his client. Foucauld Jaulin stands out for his rigour, legal precision, dedication and tenacity.’

‘Availability and skills are noteworthy in the team.’

‘Geoffroy Berthon and Laure Séror have always made themselves available and have been consistently attentive to the various issues surrounding the projects within my scope. They have always been very competent and proactive.’

Key clients

3i Group plc


Aéroports de Paris


Africa50


Colas


Crédit Agricole


DIF Capital Partners


Egis (client for 5+ years)


ENEO (client for 5+ years)


Engie


EOS Holding


Eranove Group


Eurofiber


Fayat


Geogas LNG


Gridworks (British International Investment)


GuarantCo


Icade Promotion


IGY MARINAS


La Banque des Territoires (Caisse des Dépôts Group)


Neoen


Republic of Mali


Romande Energie


Saur


Société Générale


TERÉGA (formerly known as TIGF)


The French Government


Voigt & Collegen


Voltalia


Work highlights


  • Advised the French government (Ministry for an Ecological Transition) on the offshore wind farms’ calls for tender to develop 6GW of offshore wind projects, including France’s largest wind farm and a floating wind farm, which will be the first-of-its-kind in Europe.
  • Advising the Fayat and Egis consortium on the financing of a public-private partnership (PPP) contract for the construction and operation of 14 toll stations on Cameroon’s main road axes.
  • Acting for bidders in the €1.2bn tenders launched by Ile de France Mobilités, for the public service contract regarding the operation of lines 15, 16 and 17 of the Grand Paris Express metro system.

Willkie Farr & Gallagher LLP

Amir Jahanguiri , noted for his ‘long-standing expertise’ in the sector, leads the project finance team at Willkie Farr & Gallagher LLP. The team ably advises its noteworthy and often international clients, both lenders and sponsors, on high-value projects predominantly in the transport, energy and infrastructure industries. It advises on the drafting of, developments for and financing of such projects and is experienced in doing so in novel and cross-jurisdictional circumstances. It is also equipped to advise on limited recourse matters. Michaël Armandou, former partner in the team, departed to Herbert Smith Freehills LLP in October of 2021. Antoine Bouzanquet was notably appointed partner in January 2022, and is described as ‘an expert in project finance.’

Practice head(s):

Amir Jahanguiri


Other key lawyers:

Thierry Laloum; Antoine Bouzanquet


Testimonials

‘Amir Jahanguiri has long-standing expertise in project finance. The whole team has exceptional availability and commitment, also.’

‘There is a strong ability in the firm to support clients in innovative structuring, without losing sight of the essential issues of transactions.’

‘The team has great understanding of technicalities, plus the ability to understand client expectations and issues; we had a very successful collaboration with Antoine Bouzanquet.’

‘The project financing team have significant expertise in the field; they show creativity in their processes as well as innovation, to help clients overcome key challenges of acquisition deals in the digital sector.’

‘Antoine Bouzanquet is an expert in project finance.’

‘Antoine Bouzanquet has good experience in project financing and was able to guide us to determine our best avenues in our complex case.’

‘A very good, experienced and available team.’

‘Amir Jahanguiri is the best lawyer in project finance – he is very intelligent, very hardworking, and very experienced.’

Key clients

Meridiam


CMA CGM


Ardian


Bouygues Construction


Bouygues Télécom


Vinci Airports


Vinci Concessions


Nareva


Rönesans


Altitude


Agence Spéciale Tanger Méditerranée


Government of Djibouti


Great Horn Investment Holdings (Djibouti)


South Bridge


Eiffage


STOA Infra & Energy


Nareva


EDF Renewables


Banque Postale


Société Générale


Caisse des Dépôts et des Consignations


Work highlights


  • Advised the lenders in connection with the €2bn financing of a concession agreement project entered into by the French Ministry of the Armed Forces and Nové, for the rental management, housing renovation, operation and maintenance of state-owned housing units.
  • Represented sponsors and the SPV in connection with the development and financing of the CEOG project, a first of its kind power plant combining a solar PV farm with a hydrogen chain.
  • Represented a consortium led by Meridiam in connection with the successful bid for the concession of the Sofia Airport in the Republic of Bulgaria, and the signing and closing of the limited recourse project financing of the project.

Allen & Overy LLP

Driss Bererhi, described as a ‘fantastic person to deal with’, leads the project finance team at Allen & Overy LLP, with support from the leader of public law at the firm Romaric Lazerges, head of energy Alexandre Ancel and Adrian Mellor who takes lead on English Law. The offering is well-known for its ability to handle matters for both borrowers and lenders, involving infrastructure, energy and significant transport projects. Key members of the practice also include specialist counsels Amine Bourabiat and Tzvetomira Pacheva.

Practice head(s):

Driss Bererhi; Romaric Lazerges; Alexandre Ancel; Adrian Mellor


Other key lawyers:

Amine Bourabiat; Tzetomira Pacheva; Aïda Lamrani Karim


Testimonials

‘Pragmatism, efficiency, great business strength, attentiveness and availability are all evident across the team of great professionals.’

‘Driss Bererhi is extremely strong technically and commercially, with vast experience in the Banking and Finance sector in general and in infrastructure project finance in particular. He is solution-oriented and has an exceptional ability to balance lenders’ and borrowers’ interests. He is very responsive and trustworthy. Also, the tandem with Counsel Tzvetomira Pacheva and Associate Aïda Lamrani makes the team unbeatable.’

‘Amine Bourabiat has great competence, availability, responsiveness, and a strong ability to make the client’s interests feel protected.’

Key clients

African Development Bank


Altitude Infrastructure


BMCE


Bolloré Group


DIF Infrastructure


Domo Chemicals


Engie


IFC


Infravia


Natixis


Phoenix Towers International


Predica


Omnes Capital


Vinci Concessions


Work highlights


  • Advised ATOSCA in the context of the competitive bidding procedure, the conclusion of the concession contract and the financing of the A69 motorway.
  • Advising the lenders to the SEMOP Port la Nouvelle, the concession holder of the concession contract, related to the renovation and extension of Port La Nouvelle.
  • Advised Bolloré on its divestment of 100% of Bolloré Africa Logistics (BAL), comprising all the transport and logistics activities of the Bolloré Group in Africa, to MSC Mediterranean Shipping Company SA (MSC).

Asafo & Co.

The well-regarded Simon Ratledge co-leads the practice at Asafo & Co. alongside Pascal Agboyibor who has a particular specialism in African projects and financings involving energy, infrastructure, mining and agriculture. The team enjoys an evident expertise in working on complex matters overseas, advising key clients including the Democratic Republic of Congo in the development and expansion of significant green energy projects.

Practice head(s):

Simon Ratledge; Pascal Agboyibor


Key clients

Government of the Democratic Republic of the Congo


African Development Bank (AFDB


Opec Fund for International Development (OFID)


Arab Bank for Economic Development in Africa (BADEA)


West Africa LNG Inc.


Lion’s Head Global Partners (LHGP)


The Facility for Energy Inclusion’s Off-Grid Energy Access Fund (OGEF)


MGI Energy


Work highlights


  • Advising the Democratic Republic of Congo in its discussions with international investors in regards to the development in the DRC of hydroelectric energy projects, green industrial projects and infrastructure projects.
  • Advising West Africa LNG on the development of a Liquefied Natural Gas import terminal and the associated distribution network in the Republic of Guinea.
  • Advising AfDB, OFID and BADEA on the financing of the 120MW heavy fuel oil power plant developed in Malicounda (Senegal) by Melec Power Gen, Africa 50 and Senelec.

Baker McKenzie

The practice at Baker McKenzie has Michael Foundethakis at its helm. It is well-equipped to handle matters cross-jurisdictionally, with projects often reaching other European nations, as well as Africa, for such key clients as the African Export-Import Bank; the team consistently deals with said matters in collaboration with the various international offices within the broader firm. It advises across aspects of often high-value projects, including restructurings and negotiations. Former partner Richard Mogni departed to finance company OCIM in November of 2021.

Practice head(s):

Michael Foundethakis


Key clients

Crédit Agricole


BNP Paribas


Société Générale


African Export-Import Bank (“Afreximbank”)


PROPARCO (the subsidiary of the Agence française de Développement dealing with the private sector)


MUFG Bank


Africa Finance Corporation (“AFC”)


Eastern and Southern African Trade and Development Bank (“TDB”)


Asian Infrastructure Investment Bank (“AIIB”)


Black Sea Trade and Development Bank


CureVac


Work highlights


  • Acting for African Export-Import Bank in relation to the construction of the first in a series of African Centres of Medical Excellence (“ACME”), this one in Abuja, Nigeria.
  • Advising PROPARCO, a subsidiary of the Agence Française de Développement in relation to a $10m loan granted to Africure Pharmaceuticals.

Cleary Gottlieb Steen & Hamilton

Specialist in financings, acquisitions, energy and natural resources projects, Barthélemy Faye, heads the project finance practice at Cleary Gottlieb Steen & Hamilton alongside Andrew Bernstein. There is an impressive African-based financings expertise at all levels of the team; noteworthy work spanning this jurisdiction presently includes its advising Groupe Envol Immobilie on PPP projects relating to a novel healthcare financing, which is a major step for the continent towards vaccine autonomy. As well as healthcare, the team often advises on projects involving energy and oil and gas industry work, regularly in collaboration with the Brussels-based cohort.

Practice head(s):

Barthélemy Faye; Andrew Bernstein


Other key lawyers:

Blanche d’Aramon


Testimonials

‘The team delivers exceptional work and advice time and time again. They remain available to assist us with what is likely their most demanding and dynamic matter and guide us through the many trials and tribulations that it entails. Always willing to jump on a group call, the team is indispensable to the matter through their knowledge, hard work, commitment and dedication.’

‘Barthélemy Faye must spend a tremendous amount of his capacity on our matter and despite this, he is always open to assist when urgency requires. Blanche d’Aramon is another extremely professional and devoted member of the team. She has been an integral part of our matter and we appreciate all the time and advice this team has given.’

Key clients

Gemini


Institut Pasteur de Dakar (IPD)


Eramet


Petrosen


Republic of Senegal


Ministry of Oil of the Republic of Iraq


Republic of Benin


Envol Immobilier


Société des Hydrocarbures du Tchad


Republic of Chad


Société Africaine de Raffinage (SAR)


OCP


Work highlights


  • Advising the Republic of Benin on six export finance arrangements related to various road projects throughout Benin, the design and construction of the new Sofitel hotel and renovation of the International Conference Centre in Cotonou.
  • Advised the Ministry of Oil of the Republic of Iraq and two Iraqi state-owned companies in the Gas Growth Integrated Project, a major investment project with TotalEnergies that is expected to include total investments estimated at $27bn.
  • Representing, pro bono, the Institut Pasteur de Dakar in the development and financing of a large-scale manufacturing facility for the production of vaccines against COVID-19 and other endemic diseases.

DLA Piper

The DLA Piper finance team, led by Eric Villateau and Jérôme Pentecoste, continues to impress in the project finance sector, consistently advising lenders and borrowers on noteworthy PPP model projects across a range of industry sectors. Standout recent work involves an infrastructurally significant telecoms project, wherein the practice is advising on the financing of a high-speed broadband network as part of a major urban, social and economic project of national interest in France, the Grand Paris Express. In addition to its presence in France and Europe, the team’s workload expands to the African continent.

Practice head(s):

Eric Villateau; Jérôme Pentecoste


Key clients

Caisse des Dépôts et Consignations


Idex


Glennmont Partners


Omnes Capital


Mirova (now Vauban Infrastructure)


PROPARCO


Urbaser Environnement


French State (Ministry of transports)


CIC (Crédit Industriel et Commercial)


COVAGE


Société Générale


Conquest Asset Management


3i Group


ENGIE


Bouygues Construction


Dalkia


Département de la Meuse


Eiffage Concessions


Altitude Infrastructure


NGE


Government of Ivory Coast


Work highlights


  • Advising lenders and hedging banks in connection with a financing of approximately €267m made available to Altitude Infrastructure for the deployment of two private fibre optic networks under a call for local commitments.
  • Advising the lenders for the financing of the construction, operation and maintenance of the waste management concession of PAU BEARN in the Southwest of France, operated by a wholly owned subsidiary of URBASER.
  • Advising Caisse des Dépôts et Consignations as co-sponsor with RATP Connect, for the structuring of its investments and for the financing of the very high speed broadband network of the GRAND PARIS.

Mayer Brown

Alban Dorin and Olivier Mélédo co-head the practice at Mayer Brown, which demonstrates a particular specialism in handling international project finance work for its clients, whom range from international companies, financial institutions and banks, to governments. The team’s oil and gas, and renewables work is a clear focus, as it works consistently on high-value matters, the standout being its advising The Government of the Islamic Republic of Mauritania on various such work, including significant green hydrogen projects, often in collaboration with the Singapore and London-based teams at the firm. The team leads both have particular expertise in global energy, and Africa-based finance.

Practice head(s):

Alban Dorin; Olivier Mélédo


Testimonials

‘The best in OHADA/Francophone Africa law. Brilliant on all legal and regulatory aspects of the jurisdictions concerned and excellent in mining law.’

Key clients

Africa Finance Corporation


Africa Legal Support Facility


Caterpillar Financial Services


Coris Bank


En/Power


Générale du Solaire


Millennium Challenge Corporation


The Government of the Islamic Republic of Mauritania


The Republic of The Gambia


The Presidency of the Republic of Benin / The Government of the Republic of Benin


Société Générale


Société Mauritanienne des Hydrocarbures et de Patrimoine minier (SMHPM)


The West African Power Pool (WAPP)


Total EREN


Work highlights


  • Advising the Government of the Islamic Republic of Mauritania in the context of the financing and the development of the “Banda” offshore gas field.
  • Advising Coris Bank in connection with the financing of the Bomboré gold mining project in Burkina Faso.
  • Advising the West African Power Pool and the Republic of the Gambia in connection with the development and financing of a 150MW solar park in The Gambia.

Reed Smith

Victoria Westcott and Baptiste Gelpi co-lead the team at Reed Smith. It is well-equipped to handle sophisticated cross-border mandates across a range of industry sectors, for its significant clientele in the sector, advising on all aspects of project financing, from construction, to operation and maintenance. Former co-leader of the team and specialist in the field Fernand Arsanios, departed to King & Spalding LLP in September of 2022.

Practice head(s):

Victoria Westcott; Baptiste Gelpi


Other key lawyers:

Marc Fredj


Shearman & Sterling LLP

Shearman & Sterling LLP‘s team ably handles matters advising on a broad range of project types of significant value; the Paris team regularly works in collaboration with various international offices within the firm, to advise on complex global projects. It is experienced in acting as grant provider, collaboration partner and general adviser to its key clients, and holds significant expertise in financial restructurings. Infrastructure and energy specialist Lachlan Poustie is at the helm.

Practice head(s):

Lachlan Poustie


Key clients

The Dow Chemical Company


IFC – International Finance Corporate


EIB – European Investment Bank


Proparco


OFID – Fund for International Development


Standard Bank


DBSA- Development Bank of Southern Africa


AfDB – African Development Bank


EAIF – Emerging Africa Infrastructure Fund


DEG – Deutsche Investitions und Entwicklungsgesellschaft


Engie


Work highlights


  • Advised the lenders on the project financing for a $12.5bn worldwide integrated gasification and combined cycle energy project within the Jazan refinery and terminal complex in the Kingdom of Saudi Arabia.
  • Advised The Dow Chemical Company in connection with the financial and commercial restructuring of the Sadara Chemical Company, which owns and operates the $20bn world-scale integrated Sadara chemicals complex in Saudi Arabia.
  • Advised the sponsors, Bolloré and Maersk, in relation to the circa €400m Cote d’Ivoire Terminal port project in the Ivory Coast.

Dentons

Jean-Marc Allix and Marc Fornacciari co-lead the project finance team at Dentons. The team is experienced in advising its clients on significant cross-border projects in relation to climate change, transportation and infrastructure projects and is currently advising on a high-value offshore windfarm project. The practice is notably adept at advising on complex bidding procedures involved in the granting of awards of concession relating to said cases.

Practice head(s):

Jean-Marc Allix; Marc Fornacciari


Testimonials

‘Professionalism, responsiveness and a high-quality of rendering, as well as respect for deadlines and good advice, make this team stand out.’

‘The team listens and knows how to defend our interests, producing quality work consistently.’

Key clients

Agence Française de Développement (AFD)


La Banque Postale


Caisse d’Épargne et de Prévoyance Normandie


Caisse des Dépôts et Consignations (CDC)


Caisse Régionale de Crédit Agricole Mutuel de Normandie-Seine


Collectivité Européenne d’Alsace (CEA)


Compagnie des Alpes


EGIS


French Government – Direction Départementale des Territoires (DDT) du Rhône


French Ministry of the Ecological Transition


Île-de-France Mobilités (IDFM)


Meridiam SAS


Moroccan Airports Authority (Office National Des Aéroports, ONDA)


Orange S.A.


Paris Saclay University


Phoenix Tower International


Shell-EOLFI


Vinci Group


Work highlights


  • Advising the lenders of the Chamber of Commerce and Industry Seine Estuaire with regard to the refinancing of two bridge concessions in Normandy.
  • Advising the French Ministry for Ecological Transition in connection with the competitive bidding procedure, the conclusion of the concession contract and the financing of four motorways.
  • Advising Shell-EOLFI on the implementation of a €250m offshore floating wind farm project off the coast of Brittany; the first floating wind farm in France.

Hogan Lovells (Paris) LLP

The team at Hogan Lovells (Paris) LLP is co-led by Bruno Cantier and Olivier Fille-Lambie, the former of whom also co-heads the global Africa practice at the firm. The offering ably handles work assisting its clients on significant projects involving renewable energy, transport and infrastructure; there is a focus on France-based work, with a definite presence in Africa also. Former specialist partner Ludovic Babin departed to BCTG Avocats in January of 2022.

Practice head(s):

Bruno Cantier; Olivier Fille-Lambie


Key clients

A consortium led by Engie and Meridam


Themis Energy


TSK


BPI FRANCE


BNP PARIBAS


Caisse d’Épargne Grand Est Europe


Société Générale


Proparco


Bank of China


Crédit Lyonnais


Banque Palatine


Jones Day

The team at Jones Day is co-led by ‘expert in the team’ Sophie Chevallier and Nicolas Brice, both of whom specialise in asset and project finance in particular. It is well-equipped to advise on a broad range of corporate and financing issues, being that the team leads are ably supported by a multitude of experts in various related sectors, being Frédéric Gros , Rémi Fekete, Philippe Delelis, Audrey Bontemps, Alexandre de Verdun and Qian Hu . The group’s project finance work involves predominantly domestic advisory work, in such key industries as solar, waste management and energy, with its PPP and IPP projects also spanning other jurisdictions, namely in Africa.

Practice head(s):

Sophie Chevallier; Nicolas J. Brice; Frederic H. Gros; Rémy Fekete; Philippe Delelis; Audrey A. Bontemps; Alexandre F. de Verdun; Qian Hu


Testimonials

‘Responsiveness, strength of proposal in negotiation and recognized legal expertise in the field of project financing, are strengths of the team.’

‘Sophie Chevallier is educational, persevering, and an expert in the team.’

‘A multi-skilled team that can address all subjects, being banking, public law and derivatives, relating to the implementation of project financing.’

‘Sophie Chevallier demonstrates great qualities in listening to her clients and being involved in negotiations on their behalf.’

Key clients

TotalEnergies


Agence Togolaise d’Electrification Rurale et des Energies Renouvelables


Cap Vert Energie (CVE)


Société Générale


Caisse des Dépôts et Consignations (CDC)


Agence des Participations de L’Etat (APE)


Fluence


Engie


TDF Fibre


Presidency of the Republic of Togo


Norton Rose Fulbright

The multi-disciplinary practice at Norton Rose Fulbright is co-headed by global head of the firm’s energy practice Anne Lapierre  , project finance specialist Arnaud Bélisaire and Simon Cudennec . The team is heavily focused and has an impressive workload in the energy sector, particularly on the African content, and advises on numerous project and financing matters in this regard.

Practice head(s):

Anne Lapierre; Arnaud Bélisaire; Simon Cudennec


Key clients

Djermaya CDEN Energy S.A.S


African Development Bank


RTE/REE


TotalEnergies


Work highlights


  • Advised the project company, Djermaya CDEN Energy S.A.S., on the development and financing of phase 1 of a solar project with a total capacity of approximately 34 MWp to be located 30km north of N’Djamena, Chad.
  • Advising Electricity Interconnection France-Spain €2bn plus project to connect electricity transmission cables between Gatica in Spain and Cubnezais in France; the first largely sub-marine interconnection between Spain and France.

Pinsent Masons LLP

Pinsent Masons LLP‘s project finance practice is headed by specialist Eran Chvika , and is well-known for its work on international project finance work, spanning Europe and Africa predominantly. A key focus of its matters are energy-related, namely nuclear and renewables, but it is also experienced in handling infrastructure cases. Its workload is often advisory, assisting on due diligence, negotiations and related contracts; additionally, the team is equipped to assist its clients in disputes which may arise during the course of the projects.

Practice head(s):

Eran Chvika


Other key lawyers:

Matthieu Le Roux


Key clients

Crédit Agricole Corporate & Investment Bank


African Legal Support Facility


InfraRed Capital Partners


Empresarios Agrupados Internacional


International Finance Corporation


NORD/LB – Norddeutsche Landesbank


Cho Tiper (Europlasma group)


VTB Capital plc


Société Generale


La Banque Postale


Envision


China Railway


Atalante Energies


Work highlights


  • Advising InfraRed Capital Partners in connection with the financing by La Banque Postale and BPIfrance of the acquisition from Envision of a portfolio of wind farms with a total capacity of 42MW.
  • Assisting China Railway 16, a major subsidiary of China Railway, relating to two concession railway projects, one in Guinea Conakry and one in Congo Brazzaville.
  • Advising the Government of Madagascar in relation to the project of rehabilitation of the port of Manakara in Madagascar.