The Legal 500

Projects and energy has been one of the more resilient practice areas recently, with the long-term nature of many projects insulating them from short-term financial turmoil. Outbound investment from the PRC continues unabated, as China’s resource-hungry industries look for opportunities abroad and the government’s stimulus package makes such investments particularly attractive. This section covers project finance, infrastructure projects and energy-related M&A.

Allen & Overy is known for lender-side project finance, leveraging off its top-tier banking practice. ‘Very fine practitioner’ Thomas Brown led the team advising Calyon and other lenders on the $201m financing of Cai Mep International Terminal in Vietnam. The team also acts on several hydropower projects in Laos, and acted for Deutsche Bank on purchasing carbon credits relating to various projects in the PRC. Clients praise the ‘very dedicated, client-oriented team’ and say the team is ‘quite proactive in giving out advice’. Roger Lui is also recommended.

Clifford Chance is ‘excellent’ in project finance, operating across power, oil and gas, mining, utilities and infrastructure, and clean energy. Geraint Hughes and Huw Jenkins lead the practice. The practice has been involved in several headline transactions: advising Chinalco on its proposed acquisition of Rio Tinto; EDF on its joint venture with China Guangdong Nuclear Power to construct and operate two nuclear reactors, one of the largest joint ventures in China to date; and China Development Bank as lead arranger of the financing for a new $11bn gas pipeline across Central Asia.

Linklaters’ top-notch finance practice works closely with the energy and infrastructure group, focusing on power-related matters. The practice is ‘client-focused and responsive’ as well as ‘helpful and business-oriented’. The practice is strong regionally, having advised the lenders on the potential $3-4bn acquisition financing of Seraya Power Generation in Singapore, and acting for lenders in restructuring the debt facilities of the $2bn Pusan Newport Project in Korea. John Maxwell leads the team, though Patrick Fontaine has retired.

Baker Botts L.L.P. maintains the firm’s global concentration on energy and resources, covering oil, gas, LNG, petrochemicals, oilfield services, electric power and infrastructure projects out of Hong Kong. The practice is ‘superb on all counts’, has ‘exceptional knowledge of the oil and gas industry’, and is ‘eager to help clients find a solution’. David Powers is ‘exceptionally qualified in every respect - he is smart, knowledgeable, politically savvy, technically competent and highly experienced’. David Renton advised EMP-Daiwa on its investment in VenturOil, with other clients including Halliburton, Lyondellbasell and Liberty Global.

Herbert Smith has strong financing and M&A expertise, advising CNOOC on its agreement with BG to acquire interests in an LNG project in Queensland, and acted for China Development Bank on the financing of a $1.34bn mining project in Western Australia. Other clients include EDF, Edison, BP and Sinopec. Anna Howell is ‘a good lawyer in M&A in the energy sector, with rich industry knowledge’.

Latham & Watkins LLP’s team is ‘extremely professional’, and clients say Joseph Bevash is ‘commercially minded rather than overly legalistic’ and ‘recognises the internal issues that banks often have to deal with’. The practice advised the Lion Power consortium on the acquisition of the Senoko Power Project from Temasek Holdings, with an aggregate value of over S$4bn, and GMS Power in the financing of a hydroelectric power project in Laos. David Miles recently transferred from London, while Sabrina Maguire left for an in-house role at GE.

Minter Ellison’s sponsor-oriented practice concentrates on energy, construction and infrastructure. The practice acted for CLP Power India in developing a power station in Haryana, India, and PetroChina on three separate LNG terminals. The firm also represents the Las Vegas Sands Casino and Venetian Macau Cotai on developing the Cotai Strip. Sam Farrands and construction partner David Goldstein are highly recommended.

White & Case has drifted somewhat from its zenith in the mid-1990s, but maintains strength on both lender and sponsor side. Hallam Chow is notable for his ‘deep insight in structuring issues and strong leadership’ and ‘knowledge of China and commercial approach’. The practice represented Asian Development Bank in its financing of up to $200m for Dalkia Group for a clean energy project in the PRC, and acted for a group of lenders in the $1.5bn acquisition financing for China Oilfield Services.

Baker & McKenzie has expertise across infrastructure, resources and construction. David Smith acted for MTR Corporation in planning a $3bn express rail link. Korea expert Won Lee continues to represent Korea Electric Power on its uranium mining project in Canada, a $15m joint venture with Fission Energy. Clients say the team is ‘responsive, has good industry knowledge and gives appropriate advice’.

Clients value the M&A expertise of Freshfields Bruckhaus Deringer’s projects team, which has strong regional presence, especially in Vietnam. The team advised Asia Trans Gas, a joint venture between the Uzbekistan government and China National Petroleum, on the $3.5bn limited recourse financing of the Uzbekistan section of the Central Asia gas pipeline. Yeelong Tan retired, leaving Bruce Cooper as the lead partner.

Fulbright & Jaworski LLP has an impressive team led by Jeffrey Blount, with clients calling newly-promoted partner Ben McQuhae ‘a very innovative thinker willing to consider many ideas’ and senior associate Vivien Yang ‘expert at deep analysis’. Clients include BG, Senoko Power and Anadarko Petroleum.

Mayer Brown JSM hired Jack Su as head of energy across Asia from Lovells, which has certainly proved popular with clients who praise ‘the quality of his work and his in-depth industry knowledge of the sector’. The sponsor-oriented practice represented Aqua Resources Fund in a $12.5m joint venture investing in water and wastewater projects in Thailand and China.

Milbank, Tweed, Hadley & McCloy, led by Young Joon Kim, represented Sumitomo Corporation and Kyushu Electric Power as sponsors of a wind farm in China. The team also acted for GNPower on a coal-fired power project in the Philippines, and for Banpu in financing a power plant in Laos.

Paul, Hastings, Janofsky & Walker handled the $544m refinancing of a Philippines power plant for First Gas Power. Clients say Patricia Tan Openshaw is ‘exceptionally experienced in project financing in Asia’, and ‘an outstanding and engaging communicator’. Clients also value the team’s focus on Korea.

Simmons & Simmons hired Brian Downie from Minter Ellison and litigator James Kwan from Allen & Overy LLP in Dubai. Tom Deegan still leads the practice, whose clients include China Light and Power, CNOOC, CNPC, Datang and Shui Wing Steel.

Skadden, Arps, Slate, Meagher & Flom LLP has a strong reputation, with clients saying Alan Schiffman ‘has tremendous experience in energy and infrastructure, and he brings a clear business head to the table’. The practice ‘has in-depth knowledge of the market in Hong Kong and the United States’, and ‘a very good understanding of the energy sector in general and power plant projects in particular’. The practice advised Kazakhstan oil company JSC Mangistaumunaigaz on its $3.3bn sale to Mangistau Investments, a joint venture between China National Petroleum and KazMunayGas.

Deacons advises on inbound and outbound investment in China, acting for a European sponsor on two water projects in China, and an Asian sponsor of power plants in Brazil and Argentina. Philip Gilligan is the key contact.

Dewey & LeBoeuf LLP has been hit by the departure of its main projects partner Daniel Liew to SJ Berwin LLP. Senior associate Kee Ming Chi, who recently transferred from Herbert Smith, is now the key contact. The practice focuses on inbound and outbound project development, renewables, LNG projects and acquisitions in the energy sector.

Holman Fenwick Willan carries out project work relating to its shipping and international trade practices, focusing on infrastructure, port terminal and gas and oil exploration. Richard Wilmot manages the practice.

Jones Day’s practice is led by Michael Arruda, who is based in Hong Kong and Singapore. The practice focuses on M&A for oil and gas companies in Asia. On the finance side, the firm also represents Adani Power.

The current vogue for Chinese companies investing in Australian natural resources has served Mallesons Stephen Jaques well, building up strong relationships with several SOEs and acting for Hunan Valin on its acquisition of a stake in Australian iron ore producer Fortescue. Clients say Hayden Flinn is ‘very commercial, practical and responsive’, and Dieter Yih is ‘very consistent’. The practice has ‘excellent industry knowledge and seniority of focus - the partners never disappear from the deal’.

Orrick, Herrington & Sutcliffe has expertise in Korea and Vietnam, advising the Vietnamese Ministry of Industry and Trade on the $1.4bn coal-fired power plant in Vinh Tan. Christopher Stephens, Neal Stender and newly-promoted partner David Cho are all highly recommended.

Pinsent Masons continues to bolster its practice with the addition of partner Ian Laing from the Glasgow office, and new consultant Tu Dinh from Lovells, whose primary focus is Vietnam. Clients include Siemens Water Technologies, Siemens China and Power Sector Asset and Liability Management. Nicholas Brown and Bernard Ang are the other key partners.

SJ Berwin LLP is one of the newest entrants to the Hong Kong legal scene, having established its office in April 2009. Asia stalwart Daniel Liew moved from Dewey & LeBoeuf LLP to manage the office, bringing along clients such as Hong Kong Electric. It remains to be seen how well Liew and his team can transfer their successful projects and energy practice to the new firm.

Shearman & Sterling LLP’s practice is managed by Shanghai partner Andrew Ruff and Hong Kong counsel Nick Wang. The group advised IPIC on acquiring an interest in Oil Search, and acted for KEPCO and Salcon Power on financing for a coal-fired power station in the Philippines.

Vinson & Elkins L.L.P., led by James Cuclis, specialises in the energy sector, covering project development, finance and M&A across petrochemicals, oil, gas, transport and infrastructure.