France > Project finance and energy: Project finance
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Project finance and energy: Project finance
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Allen & Overy LLP is ‘clearly among the best in Paris, especially when there is a true legal issue’ at stake. The practice is strong in France, Africa and Eastern and Central Europe for energy, infrastructure and telecoms work, and was further strengthened with the move of engineer and senior counsel Shaun Beaton from New York to Paris. The team, led by practice head Tim Scales and partners Rod Cork, Adrian Mellor, Christine Poyer-Rufenacht and Alexandre Ancel, also assists lenders and sponsors on a great number of high-profile energy projects. In the renewable field, the firm remains a top player and assisted GDF Suez, Natixis and other sponsors on the financing of the solar Curbans project in France. The nuclear sector is another area of strength with the firm advising Caisse des Dépôts et Consignations (CDC) on its investment in Exeltium. Other highlights included acting for TAQA and JLEC on the Moroccan Jorf Lasfar power project.
Clifford Chance has a leading domestic practice thanks to its team’s ‘high level of technical skills’, led by finance expert Daniel Zerbib and public law specialist David Préat. The duo often advises the Transport Ministry, sponsors and lenders, such as in Eiffage’s bid on the Bretagne-Pays de la Loire (BPL) railway project. The firm also has ‘excellent business acumen’, handling key infrastructure, mining and energy mandates in Europe, Africa and Turkey. Key figures include practice head Anthony Giustini, who is praised for his ‘outstanding negotiation skills’, Nikolaï Eatwell, who impresses by his ‘breadth of knowledge and communication skills’, Nicholas Wong and Mustapha Mourahib. Recent highlights include representing the export credit agencies SACE and Hermes and the lender on a crucial energy project, the Nord Stream offshore gas. Renewables are also a major field of development, the firm assisting the European Investment Bank (EIB) on the financing of the Zelios solar project.
Gide Loyrette Nouel A.A.R.P.I. ‘always provides a reliable and fully responsive team ready to master any type of financial deal, especially where quirky jurisdictions are involved’. Through its ‘broad and talented’ pool of 26 lawyers, the firm has a comprehensive practice, handling high-profile instructions in France and abroad in the fields of energy, transport and infrastructure. Bruno de Cazalet, François Krotoff, John Crothers, Rupert Reece and Stéphane Vernay are the key contacts for international projects, especially in Africa and Eastern Europe. The team assisted GDF Suez on its contemplated acquisition of a 9% interest in the Nord Stream project and is involved in the Saudi high-speed train project. The firm is also a leading player on the French PPP market through practice head Thomas Courtel and newly promoted partner Christine Van Gallebaert. Highlights included assisting a bidding consortium on the BPL project, and Eiffage on the Defence Ministry’s new headquarter project.
Herbert Smith LLP’s ‘historical base’ in Africa and its lawyers’ in-depth knowledge of the region make the firm a top choice for projects on the African continent. Serving a large client base of sponsors, the firm advises on infrastructure, mining and energy projects and leads a busy practice in the energy sector in France. The practice also ‘has an insight in the world of oil and gas in Africa that no other firms has’. Heading the Paris and the firm’s global mining group, Stéphane Brabant stands out for his experience on the ground in Francophone African countries. Bertrand Montembault is a mining and oil and gas expert, handling work in France and Africa, French and Algerian-qualified Mehdi Haroun focuses on power and renewable projects in France and North Africa, newly promoted partner Nina Bowyer adds common law capabilities to the practice, while Jacques Bertran de Balanda advises lenders on the finance side. Rebecca Major joined the firm’s Tokyo office and Laurent Vandomme is now a partner at Jones Day. Highlights included advising EDF on France’s second EPR in Penly, and Rio Tinto on mining exploration activities in the Democratic Republic of Congo.
Linklaters LLP is ‘one of the few firms in France able to achieve a high degree of interaction among its practices’. The 15-lawyer project and energy team is led by ‘one of the most recognised project finance experts in France’ Bertrand Andriani, who can make a ‘deal possible’. Simon Ratledge and François April are also key figures for finance work, while Paul Lignières is ‘able to manage not only the administrative law issues but also the financial and corporate matters at stake’. The firm is a leading player on the French PPP market and combines extensive experience on projects in Francophone Africa. It also handles large renewable projects in France and North Africa and is involved in strategic electricity and nuclear projects. Highlights included advising the senior lenders on the BPL project and Areva on its mining agreement with the Jordanian Atomic Energy Commission.
White & Case LLP’s Paule Biensan, Jacques Bouillon, Victoria Westcott and newly promoted partner Louise Mor are renowned for their French and international project practice, advising lenders and sponsors. In France, the team handles high-profile public procurement work, often assisting financiers such as in the Tours-Bordeaux railroad and A65 motorway projects. Abroad, the firm focuses on projects in Europe and Africa, recently assisting Société Nationale Industrielle et Minière on the financing of the expansion of a mine and the construction of a new port in Mauritania. On the energy side, the team is a major player in the oil and gas, electricity, nuclear and renewable sectors in France and abroad, notably acting for Verbund on the financing of the first French independent power plant.
Thanks to its experience in the region, Cleary Gottlieb Steen & Hamilton LLP receives high-profile instructions in Africa. The 13-lawyer practice, led by Jean-Pierre Vignaud, Barthélemy Faye and Gamal Abouali, assists sponsors on oil and gas, electricity, water, transport and mining projects. The team assisted Rio Tinto on a strategic project in Cameroon involving bauxite mining and the construction of a hydroelectric dam and transport facilities, and the Government of Gabon and the Islamic Development Bank on Libreville airport project. In the energy field, the firm advised the Gambia River Basin Organisation on a $1bn hydroelectric project.
Jones Day has a growing French PPP practice in public law figure Philippe Delelis and finance expert Frédéric Gros, representing sponsors and lenders. The team assisted Réseau Ferré de France on the BPL project and CDC on the building of the new Defence Ministry’s headquarters. In the energy field, the firm hired a four-lawyer team from Herbert Smith LLP, led by Laurent Vandomme who now heads the energy, infrastructure and mining practice. The group has a strong focus on renewables, nuclear, power and gas in France and Africa, while also handling international infrastructure projects. It assisted Azito Energie on its power plant project in Ivory Coast.
Norton Rose LLP is a major player in the French PPP market through Philippe Malléa, who is adept at advising sponsors, public entities and governmental bodies, while developing the firm’s involvement on the banking side. The team assisted Eiffage on the BPL project and the EIB on the GSM railway communication project. The firm also manages projects abroad, notably in Africa, and has a leading practice on renewables in France through the ‘very experienced’ Anne Lapierre who acts for sponsors and lenders. She recently assisted EDF Energies Nouvelles on the conclusion of a partnership with the EIB on a French solar project programme.
Orrick Rambaud Martel’s team is ‘business-minded’ and provides a ‘good level of service’. The five-partner practice is led by ‘deal maker’ Yves Lepage and includes public law specialist Jérôme Pentecoste and finance expert Pascal Agboyibor, who handles project finance in Africa for clients such as the African Development Bank. The firm assisted the Banque Nationale d’Investissement on the financing of a toll bridge in Abidjan.
Paul, Hastings, Janofsky & Walker (Europe) LLP’s ‘deep knowledge of legal matters, experience of the public sector and strong reactivity brings significant value’ for PPP deals in France. The four-lawyer team is led by Pascal Cuche, an expert who ‘understands what matters are at stake on a deal and also knows how to tone down negotiations while adding strategic vision’, and Marc Lordonnois, whose ‘reactivity breaks all-time records’. The firm handles a high volume of PPP mandates in the infrastructure and transport fields, representing leading sponsors such as Vinci and Eiffage, which it assisted on the bid for the Canal Seine Nord Europe project. The practice also acts for public sector entities and the lenders, which it notably advised on the renovation of the Vincennes Zoo. The team is also involved in the renewable, while Liubomir Roglev has a strong international oil and gas practice, assisting Bulgarian Energy Holding on the construction of the South Stream gas pipeline.
Salans has ‘excellent knowledge of the problems raised by industrial and financial projects’. The ‘reactive’ nine-lawyer team has an integrated PPP practice through financial experts Philippe Max and Jean-Marc Allix, and public law specialist Marc Fornacciari. The firm is assisting lenders, sponsors and public entities on numerous high-profile infrastructure projects.
Though a new entrant on the market, Willkie Farr & Gallagher LLP is already regarded as a key player after the firm hired one of France’s top project teams in Amir Jahanguiri, Thierry Laloum and Vincent Brenot from Freshfields Bruckhaus Deringer LLP. The practice also recruited European counsel Paul Lombard from Allen & Overy LLP to further enhance its finance capabilities. The ‘highly dedicated’ team handles key mandates in the transport sector, advising the Synerail consortium on the GSM project and the EIB on the Tours-Bordeaux high-speed link project. The practice also takes on power-related work, assisting Exeltium on the purchase of electricity from EDF.