The Legal 500

Latham & Watkins LLP

PRACTICE: Described by clients as ‘the legal equivalent of a 6-star hotel’, Latham & Watkins LLP leads the market in project finance arena. Offering a ‘first class’ service, particularly in the energy, infrastructure, power and M&A arenas, the firm boasts 90 lawyers in ten national offices with a concentrated presence on both the East and West Coast.

The practice’s national expertise is supplemented by its ‘global footprint’, where its concerted efforts to expand has seen the addition of offices in Dubai, Abu Dhabi, and Doha, Qatar in 2008, bringing the practice’s international lawyer numbers to over 150 lawyers. While some firms may see pockets of patchy expertise in a practice so large, Latham & Watkins LLP is praised for having ‘very strong layers of leading partners, well-experienced associates and ground-level associates’ by clients.

Despite a very slight lender leaning, the practice acts for both sponsors and lenders equally, and has successfully navigated through the turbulent capital markets with the assistance of a top finance team. While the practice suffered a blow when partner William Voge moved to the firm’s London office, it continues to be noted for its depth of expertise, with clients noting that they have been ‘impressed with robustness of the talents’. This is due in part due to the partner’s personal focus on project finance matters, supplemented by practice cross-overs that support the project finance team. Such practice cross over experience includes banking, corporate finance and real estate.

Illustrating the practice’s prowess in the energy field, clients herald it as being ‘the single best firm in the US for energy related project financings’. In a matter which underlines this assertion, as well as illustrating its expertise in renewable energy, the practice acted for sponsor Noble Environmental Power regarding the $777m construction financing of three wind powered electric generating facilities around New York, which closed in June 2008.

In the infrastructure arena, the practice acted for lenders Royal Bank of Canada and Société Générale regarding a $1.7bn project financing of a diluent pipeline, which runs from Edmonton, Alberta in Canada, to Manhattan, Illinois.

During a strong 2008 in terms of national matters, the practice’s international work has also led the market. The firm as a whole is strong in Africa, Asia and the Middle East. The Washington DC team acted for Inter-American Development Bank as guarantor regarding a $400m guarantee facility for the lenders financing the $4.3bn Guadalajara Toll Road acquisition and expansion project in Mexico. The project was carried out by Red de Carreteras de Occidente.

CLIENTS: Representing a who’s who of lender, the firm counts Banc of America Securities, Deutsche Bank, Citigroup Global Markets, Wachovia Capital Markets and Wachovia Investment Holdings as clients. On the impressive sponsor side, clients include MEG Energy, GWF Energy, Marubeni Sustainable Energy and Nevada Geothermal Power.

INDIVIDUALS: Clients regard Washington DC partner John Sachs as being ‘first choice’ for project finance matters, particularly in the energy sector. Sachs recently acted on both the above-mentioned Noble Environmental Power wind powered electric generating facilities and FARAC toll road expansion project matter.

David Gordon is the managing partner of the firm’s New York office and is regarded as being a ‘smart, practical, great negotiator’. Gordon focuses his practice chiefly on the representation of lender clients, offering a full project finance service from development to financing matters.

Milbank, Tweed, Hadley & McCloy LLP

PRACTICE: Regarded as a ‘top US firm’ with an ‘excellent reputation’ in the renewable energy, power and infrastructure arenas, Milbank, Tweed, Hadley & McCloy LLP offers a service where clients feel ‘responsiveness and professionalism has been well above par’ from its New York, Los Angeles and Washington DC offices. The global project finance department is also praised as an ‘excellent litigation firm’, can call upon the expertise in its London, Hong Kong, Tokyo and Singapore offices.

2008 has seen the practice act on impressive lender side matters, underlining its reputation of acting for international lender clients in complex matters. The practice is also still strong in the representation of sponsors, in which area a client notes that ‘I have engaged some of the largest firms in the country and none have been as responsive, professional and accurate as Milbank, Tweed, Hadley & McCloy LLP ’.

The practice may not handle matters that equal the monetary values of competitors practices, but this does not hamper the leading nature of the work done. Regarded by clients as being ‘strong in the renewable area’, the practice represented the underwriters and letter of credit facility agent regarding the project leveraged lease of 240 MW of geothermal facilities in China Lake, California carried out by the borrower Seven Owners Trust. The leveraged lease/acquisition financing of the overall project was $1.028bn as well as a $61.7m letter of credit facility, and closed in December 2007. The practice’s Los Angeles office is also extremely strong in wind energy projects, recently representing the lenders in a $741m construction, and term and letter of credit facilities provided to affiliates of Nobel Environment for three wind project with a total capacity of 330 MW in New York state.

The practice’s reputation with clients for being ‘very detail oriented but very solution oriented’ is well illustrated in its representation of the private equity sponsor Energy Investors Funds at the end of 2007. The matter regarded the acquisition of an 80% equity interest in Cogentrix Energy’s portfolio of fourteen power plants located in twelve different states, and was financed by a combination of equity and a $750m credit facility.

On the sponsor side, in which the practice is regarded as being ‘outstanding’, it acted for Granite Ridge Energy, the owner of a 752 MW combined-cycle gas fired plant in Manchester, New Hampshire. The matter stems from the 2004 acquisition by several hedge funds and banks through a consensual handover of the plant from AES, which led the firm to act for the sponsor in terms of restructuring the client’s debt and equity, auction sale process, and planned recapitalization.

In the energy arena, the practice acted on one of the leading matters in 2008, representing the senior lenders in a financing that was the largest direct foreign investment in Peru’s history. The matter regarded a $3.8bn financing for the construction of the Peru LNG natural gas liquefaction project near Pampa Melchorita in Peru.

CLIENTS: The firm’s impressive lender client list includes West LB, Credit Suisse, Inter-American Development Bank and Standard Chartered Bank, while sponsor clients include Liberty Electric Power and Liberty Electric PA2.

INDIVIDUALS: New York-based partner William Bice has been a partner of the practice for almost 15 years and is regarded by clients as standing ‘head and shoulders above the other law professional that I have engaged outside of Milbank, Tweed, Hadley & McCloy LLP ’. Bice focuses on energy and infrastructure matters for lenders and sponsors in the US and internationally.

‘Excellent’ partner Edwin Feo is the co-chair of the firm’s project finance and energy practice. With particular expertise in the renewable energy arena, Los Angeles-based Feo focuses his personal practice on the representation of investors and sponsors in the infrastructure and energy markets.

Shearman & Sterling LLP

PRACTICE: Shearman & Sterling LLP’s New York-based project development and finance group is noted for its ‘good track record and experience in the LNG field’ and for its expertise in working on ‘large complex multi party financings’. With eight US-based lawyers in the practice, including six partners, it is a small practice but consists of ‘very high caliber lawyers’.

The practice’s strong financial expertise causes it to be highly visible on the lender side and deservedly so, as the practice boasts a who’s who of lender clients. One client notes that in transactions ‘the banks recommended that we approve them as the lenders counsel and we were happy to agree because of the great work they do’.

On the lender side, the practice has recently acted for the mandated lead arrangers including WestLB and Banco Santander among many others, regarding the $1.1bn project financing for GNL Qunitero. The practice also assisted the lead arrangers, bookrunners and agents regarding a portion of the financing of TXU, which would provide funds for the $45bn purchase of TXU. This is the world’s largest leveraged buyout.

The practice is however also very skilled in its representation of sponsor clients; illustrating its expertise here, as well as its international depth, the practice represented Chile’s second largest energy generation company Colbún regarding a $400m credit agreement with a syndicate of local and foreign financial institutions and banks to refinance the client’s foreign debt.

CLIENTS: Lender clients of the firm include AllCapital, Morgan Stanley, Calyon, ING Capital and Natixi, while sponsor clients include the Panama Canal Authority and Macquarie SC Holdings.

INDIVIDUALS: Partner Cynthia Urda Kassis is praised by clients for her ‘excellent overall understanding of all legal aspects of the project’ and for her ‘commercial attitude and could provide a range of precedents for all key clauses’. Urda Kassis is the co-head of the practice.

‘Solution orientated’ partner Gregory Tan is ‘extremely dedicated’ and ‘always prepared to respond quickly and even in the face of tough situations’. Tan focuses his practice on the representation of clients regarding matters in the energy and infrastructure industries in particular.

Skadden, Arps, Slate, Meagher & Flom LLP

PRACTICE: International firm Skadden, Arps, Slate, Meagher & Flom LLP is regarded as having a practice of ‘top people’ in terms of project finance expertise. With recognised strength in the infrastructure and ‘traditional energy sector’, the practice’s 25 lawyers, including 13 partners, offer a full service product from the East to West Coast.

Representing a plethora of lender and sponsor clients in large, complex and often ground breaking matters, the practice boasts lawyers who have had experience of the various
areas of project financing from the business side, assisting them is giving clients the best
service possible through personal expertise. This, coupled with the firm’s natural international breadth, makes it one of the leaders in both the national and international project finance markets.

On the sponsor side, the practice acted as financing counsel for the Peru LNG Project, representing a consortium including Hunt Oil Company, SK Energy, Repsol, YPF and Marubeni regarding an investment of an additional $1.6bn to the project. The total cost of the project is $3.8bn, making it the largest private-sector project in Peru’s history and the largest direct foreign investment, as well as being the first liquefied natural gas (LNG) export project in Latin America.

Also on the lender side, the practice acted for the Korea Export Insurance Company and a syndicate of thirteen commercial banks regarding a complex $1.5bn additional financing for the wholly owned subsidiary of Qatar Gas Transport Company, Nakilat. The financing was used to fund the building of the Nakilat’s nine additional liquefied natural gas vessels that transport LNG from Qatar around the world.

On the sponsor side, the practice illustrated its ‘strength in the M&A part of transactions’ in its recent representation of National Grid in its $2.9bn sale of Ravenswood Generating Station, based in Queens, New York, to TransCanada. In a similar matter, the practice acted for UK-based client Renewable Energy Systems regarding the possible sale of its US subsidiary RES Americas, which is a wind energy construction and development company.

CLIENTS: The firm’s impressive lender client list includes JPMorgan Chase, Credit Suisse Securities, Goldman Sachs, Industrial Bank of Japan and Credit Suisse First Boston. The equally impressive sponsor clients entail Terra-Gen Power, Nevada Power Company, P.T. Paiton Energy, Progress Energy and Progress Energy Florida.

INDIVIDUALS: Regarded as ‘one of the better project lawyers out there’ in today’s market, ‘leading individual’ Harold Moore focuses on the representation of sponsor and lender clients in project finance matters through his general corporate and bank finance practice.

Partner Julia Czarniak is regarded as being ‘fantastic’ in the project finance arena and focuses her practice on institutional investing and banking matters, particularly regarding corporate and project finance matters. Both partners are based in New York.

White & Case LLP

PRACTICE: Wall Street firm White & Case LLP’s national expertise cannot be denied, but it is the firm’s international prowess that sees the firm acting in the upper echelons of the project finance market. Offering a ‘superior’ quality of work to clients, the firm is strong in Asia, the Middle East, Africa and Latin America. Yet while having a reputation that is regarded to be ‘more international than domestic’, the firm’s national presence should not be ignored where it acts for a who’s who of clients including Calpine and Energy Capital Partners.

Boasting over 250 project finance lawyers internationally, the firm’s 36 US-based lawyers in this area have a particular focus and are praised by clients for their ‘deep understanding of project finance’. Offering a full service, the practice acts in areas from infrastructure, telecoms, oil and gas, petrochemicals, to metals and mining.

Illustrating the firm’s expertise in Latin America, its Washington DC and New York teams acted together with its Mexico office to represent Goldman Sachs and Ingenieros Civiles Asociados in the largest Mexican peso-dominated bank financing in Mexican history. It acted for the clients as sponsors in the approximately $4bn purchase and financing of a concession to 30 year concession to operate and maintain toll roads in the states of Guanajuato, Michoacan, Jalisco and Aguascalientes from the Ministry of Communications and Transport of Mexico.

In the US, the practice has showed its mettle in surging through the current economic downturn in matters such as acting for the sponsor Starwood Power-Midway regarding both the development and project financing of a 120-MW natural gas-fired simple-cycle power generating facility in California, closing in March 2008. Also, the practice represented Landesbank Hessen-Thuringen Girozentrale and ING Capital as lenders to Piney Creek regarding a $41m refinancing matter that closed in July 2008.

CLIENTS: On the lender side, clients include Deutsche Bank, BNP Paribas, ING Capital and Macquarie Bank, while sponsor clients include Hess, Qatar Petroleum, Saudi Aramco and LS Power.

INDIVIDUALS: Arthur Scavone and Troy Alexander have been singled out by clients of the practice. ‘Smart’ Scavone is the global head of the project finance practice group, bringing 24 years in the legal profession to the table and represents a full range of both lender and sponsor clients. Clients regard him as having ‘good judgement, is level headed and is careful’.

Troy Alexander focuses his practice on international banking and finance matters and is regarded by clients to be a ‘very pragmatic, problem-solving lawyer’. A member of the firm’s sovereign and India practices, clients note that they are ‘particularly happy to be able to work alongside Troy’.

Partner Christopher Cross is described as ‘a key member of several major project teams, very aggressive, a tough negotiator and excellent manager of supporting legal’ by clients. As a lawyer who is ‘prominent in delivering the quality service we received’, Cross focuses his practice on corporate and commercial matters, with particular focus in such areas as power, infrastructure, and oil and gas.

All three partners are based in the New York office.

Chadbourne & Parke LLP

PRACTICE: Described as being one of ‘the best firms’ in project finance, New York-headquartered Chadbourne & Parke LLP is praised by clients for the ‘depth and insight of the firm’ in the renewable energy arena.

With particular skill in the wind energy and the power arena, the practice offers a ‘high quality of service’ and ‘depth within firm on all matters... relating to project financings’, illustrating the rounded expertise of its lawyers. With 46 lawyers, including 19 partners, the practice primarily acts for sponsor clients, with a smaller but strong lender side practice. As well as representing clients across the US, it has strong ties with Latin America, Africa, Europe and Asia.

Having carried out an impressive number of wind energy project financings in the US and internationally, the practice has cemented its reputation within the area. The practice is currently acting for sponsor Clipper Windpower regarding the negotiation of a joint venture and turbine sales arrangements for the development of a 5000 MW wind project, which has an anticipated total value in excess of $15bn.

Also in the renewable energy space, the practice recently acted for Caithness Energy in the $1.4bn sale of renewable energy project portfolio, which included wind, solar and geothermal projects, to Arclight Capital Partners.

The practice has an aptitude for international work and its reputation for having a wide range of lender clients should also not be overlooked. It has acted for the International Finance Corporation (IFC) regarding involved a co-senior debt financing with other financial institutions to acquire,construct and operate a second methanol production train at the site of the Jose Antonio Anzoategui Petrochemical Complex in Anzoategui State, Venezuela. Closing in December 2008, the matter is valued at $525m. In another international matter in Asia, the practice acted on for a consortium of lenders and advised on the guarantees for the project financing of the Mundra Ultra Mega Power project, closing in April 2008.

CLIENTS: The firm’s expansive sponsor side client list includes Horizon Wind Energy, Sithe Global Power, GE Energy Financial Services and the Taiwan Power Company. On the lender side clients include Credit Suisse, Morgan Stanley and The Royal Bank of Scotland.

INDIVIDUALS: New York-based partner Chaim Wachsberger is the head of the firm’s global project finance practice and is praised by clients his ‘experience’ and his ‘innovative, solution-oriented approach to the transaction closing process’. Wachsberger focuses his practice on the representation of sponsors and lenders in complex financings in a multitude of infrastructure and industrial projects.

Clifford Chance

PRACTICE: Despite having a small practice of four partners and nine associates based in the US who focus on the area, Clifford Chance’s project finance practice proves its worth through acting on a number of 2008’s leading matters.

With a definite lender leaning, the practice has excelled in acting for lenders, particularly internationally, with international transactions make up approximately seventy percent of its workload. An example of such work is the representation of BNP Paribas in the financing and related documentation of the $5.2bn project financing of a petrochemical complex in Jubail, Saudi Arabia. This matter was particularly complex due to adherence to Islamic finance precepts.

Again illustrating the practice’s international strength, it acted on the first three successful project financings to reach financial close under the Philippine government’s electric production privatization initiative. The first project saw the practice represent the lenders International Finance Corporation, Nordic Investment Bank and a consortium of Philippine banks regarding the $542m multiple currency financing of the 360MW Magat hydroelectric power plant in the Philippines. A second matter saw the practice act for Asian Development Bank, International Finance Corporation, and a consortium of Philippine banks regarding the $1.1bn multiple currency financing of the 660MW gross Masinloc coal-fired thermal power plant in the Philippians.

On the sponsor side, the practice acted for Petroperu regarding the $1.2bn refurbishment of their largest refinery, and represented Électricité de France regarding the $1.45bn sale of electricity generation plants to the Spanish energy group Gas Natural. This was the largest energy M&A transaction in Latin America of 2007 and involved the purchase of five combined-cycle plants and a gas pipeline from both Mitsubishi and Électricité de France.

CLIENTS: Clifford Chance’s impressive list of lender clients includes The Inter-American Development Bank, the African Development Bank, the Asian Development Back, Citigroup and The International Finance Corporation. Sponsor clients include Petroleos del Peru, Siemens Project Ventures and the Delhaize Group.

INDIVIDUALS: Partner Lori Bean is praised by clients for taking ‘ownership of the project’ and for being ‘more than just a lawyer’ to clients in terms of offering her opinion on ‘business issues based on her experience to make sure that we are structuring the transaction correct’. Washington DC-based Bean focuses her practice on the development and financing of energy and infrastructure projects.

Clients describe joint-head of the America energy and projects group Christopher McIssac as an ‘efficient and effective’ lawyer. McIsaac, who is also based in Washington DC, focuses his practice on the financing and development of complex infrastructure projects.

Mayer Brown

PRACTICE: Feedback from clients suggests that Mayer Brown is a firm where attorneys are hired on their reputations alone, rather than being hired for the firm’s reputation, with one noting that in the hiring of the firm, ‘Barry Machlin’s proactivity and client-oriented approach made the difference’. This should not distract, though, from the outstanding matters that the firm has recently handled, particularly on the lender side.

The practice has continued to make strides internationally with its noteworthy merger with Asia-based law firm Johnson Stokes & Master in January 2008, giving the firm a further presence in areas such as Thailand, China and Japan. The firm now boasts 40 partners internationally. The firm has added two partners to its Washington DC office, giving the US based practice 21 lawyers with 14 partners overall. A number of the partners have broad financial practices, rather than concentrating purely on project finance.

The practice’s ‘responsiveness, quality and the fact that they also provide ideas or solutions (from other experiences they have had) to unblock negotiations’ has earned it repeat business, particularly in the case of acting for The Royal Bank of Trinidad and Tobago (RBTT) regarding the second stage of the clients Hidro Xacbal project. The project is the largest project financing in Guatemala of any and illustrates the firm’s strength in Latin America. The second leg involving the entry of the project into a $20m emission reduction credit agreement for the forward sale of carbon credits to a multi-lateral organization.

The practice is also advised West LB and the Inter-American Development Bank regarding Brazil’s Tecon-Santa Catarina port project. The construction and financing of a $238m privately owned, but public-use greenfield container port, is the project financing of the first privately owned port in the country.

While the firm is undeniably strong in terms of lender work, its recent offerings on the sponsor side should not be ignored, particularly regarding municipalities. The practice acted for the City of Chicago regarding a $2.51bn transaction to privatize Midway Airport, which will be the first privatization of a major American airport. Also on the sponsor and infrastructure side, the practice acted for the Port of Corpus Christi regarding the financing and development of a greenfield 1,100-acre container terminal and related intermodal facilities in the Texas town.

CLIENTS: Lender clients of the firm include The Bank of Nova Scotia and Fortis Bank. On the sponsor side, the practice counts as clients municipalities including the Commonwealth of Pennsylvania, the Panama Canal Authority, the Northwest Parkway Public Highway Authority of Colorado and the Commonwealth of Pennsylvania.

INDIVIDUALS: Chicago-based partner Barry Machlin is singled out by clients as an ‘excellent facilitator, creative, dynamic and committed to the deal’. The ‘very impressive’ Machlin is the co-chair of the global projects group and acts for lender and sponsor clients in a full range of sectors from healthcare to power and infrastructure.

Sullivan & Cromwell LLP

PRACTICE: International firm Sullivan & Cromwell LLP has carved a successful niche in the representation of multiple sponsors in large project financings. Clients note that they ‘prefer Sullivan & Cromwell LLP because of their wide experience of this kind of transaction, very high calibre lawyers and sensible commercial approach’.

An illustration of this strength is the firm’s representation of sponsors BP Exploration, ExxonMobil and ConocoPhillips regarding the financing and matters that arose from the sponsorship of an infrastructure project that focuses on the development and operation of a natural gas pipeline and related facilities, to transport gas from the North Slope of Alaska to markets in Canada and the continental US.

Regarded as the ‘pre-eminent law firm to act on the behalf of the borrower’, the firm’s project development and finance practice is spear-headed from the New York office where nine partners reside, with one partner based in the Washington DC office. Despite having a relatively small practice, it is felt that it illustrates ‘the difference between quality and quantity. You’re not going to find better quality anywhere’.

In the mining project finance arena, the practice acted for sponsor LLX Minas-Rios regarding the approximately $1.5bn Minas-Rio port facility project finance. The practice also represented Anglo Ferrous Minas-Rio in the approximately $2.5bn Minas-Rio iron ore mining corporate financing in Brazil. These projects include three iron ore mines and a beneficiation plant in the State of Minas Gerais.

On the lender side, the practice is acting as lenders counsel in a pending transaction involving an approximately $1.2bn greenfield project financing of a steel and iron plant in the Point Lisas Industrial Zone in Couva, Trinidad.

CLIENTS: In addition to the above mentioned sponsor clients BP Exploration, ExxonMobil and ConocoPhillips, other clients of the firm include Macrobre. Lender clients of the firm include Deutsche Bank and Goldman Sachs.

INDIVIDUALS: Head of the firm’s global project development and finance group and co-head of the corporate practice, Frederic Rich, is rated by clients as ‘absolutely top quality’ as well as his ‘very smart and commercial sensible’ approach to matters.

Clients single out ‘incredibly diligent’ partner Christopher Mann for his ‘great expertise’ in the project finance arena. Mann offers clients 20 years worth of expertise in a range of corporate and financing matters, including project financing.

Partner Sergio Galvis brings international flavor to the practice as the head of the Latin American group and the coordinator of the Spanish practice. The ‘personable’ lawyer is praised for his ability to find ‘legal solutions that work for the deal and meet the needs of all parties’.

The above partners are all based in the New York office.

Vinson & Elkins L.L.P.

PRACTICE: Vinson & Elkins L.L.P. has had an impressive 2008 in terms of acting on a number of large matters, a lot of them ‘firsts’ in the field, particularly for sponsor clients. Capitalising on its already ‘superior’ reputation in the energy and infrastructure arena, the practice added four partners from Hunton & Williams who bring a focus on electric and natural gas utility regulation to its energy practice. Offering ‘the highest level of experience in the fundamentals of project finance structuring in both theory and practice (including representation during critical negotiations)’ the practice has particular expertise in the LNG, power, infrastructure and renewable energy arenas.

The practice is mainly based in Texas, with three offices there, supplemented with New York and Washington DC offices. The practice also does lot of work in the South but is not hemmed in by its regional position. It also has a strong international presence through the firm’s eight international offices in Asia, Middle East and Europe.

Offering a service that ‘was beyond reproach’, the practice illustrates its ability to work on large projects in areas that have not been entered before. The Houston and Washington DC team acted for BG Group regarding the financing and development of the first LNG import terminal in South America. The $1bn receiving terminal in Chile closed in July 2008.

In an oil and gas-related matter, the New York team acted for the sponsor Enbridge regarding the financing of the $2.3bn Southern Lights Project. The dilutent pipeline runs between Canada and the US and connects the petroleum producers in heavy crude oil production and oil sands production in regions in Western Canada’s demand for dilutent with the supply of dilutents from US refineries and supply centers.

Despite working on more leading matters on the sponsor side, the practice is regarded as having a ‘stellar reputation’ acting for lenders. In such a matter, the firm acted for WestLB, as leader of a large group of commercial banks, regarding the $990m financing of what will become one of the world’s largest dams, Mexico’s 750 MW La Yesca Hydroelectric Project.

CLIENTS: The practice’s impressive sponsor client list includes First Wind Holdings, NRG Energy and the Southern Gulf LNG Company, while lender clients include Denham Capital Management and ING.

INDIVIDUALS: New York-based partner Karen Smith focuses her practice on project finance as well as acquisition and structured finance transactions, and is singled out by clients as ‘responsive, professional and above all is intimately familiar with the intricacies of the law as relates to project finance both from the perspective of the lender and the borrower’.

Washington DC-based partner Mark Spivak is praised by clients for his ‘ability to negotiate and handle thorny issues appropriately’. Excelling in ‘great on first-of-kind transactions’, Spivak acts for a whole range of sponsor and lender clients in a range of project finance-related areas.

Allen & Overy LLP

PRACTICE: While the firm has attracted some of the 2008’s leading work, Allen & Overy LLP is known for being a ‘globally great project finance firm, one of the top’ rather than for its strong US practice. The firm has made moves to boost its US expertise by adding former Deputy Assistant Secretary for Transportation policy at the US Department of Transport, David Horner, to the practice in January 2009.

The firm, which has its core practice based in London, had an incredible 2007, seeing it close more international matters than another firm in 2007, and earned itself the reputation as one of the best global project finance groups, which has been boosted by the recent addition of a Sao Paulo office.

Illustrating the firm’s leaning towards lender representation, the practice recently acted for the New York branches of National Bank of Australia, Banco Espirito Santo, and DEPFA, as well as the Bank of Nova Scotia, acting through its New York Agency. The matter regarded the clients’ provision of letters of credit to provide credit enhancement to Private Activity Bonds (PAB) that were issued as part of the $1.524bn financing package for the Capital Beltway HOT Lanes PPP Project in Virginia, USA. This matter was the first PPP transactions to be signed using a combination of PABs and a loan from the US Department of Transport, under the Transport Infrastructure Finance and Innovation Act 1998 (TIFIA).

The practice has a particular strength in Mexico, and in October 2007 acted for Banco Santander and syndicate of lenders of the financings of the first package of the FARAC road privatization program in Mexico, amounting to $3.3bn. The project included a loan to an incorporated company owned by GS Global Infrastructures Partners and Ingenieros Civiles Asociados. to finance the acquisition of and ongoing capital and maintenance expense involved in operation a package of toll roads in Mexico.

CLIENTS: Examples of clients that the firm has acted for include Reliance Petroleum on the sponsor side, and Opic and Balfour Beatty Capital on the lender side.

INDIVIDUALS: New York-based partners David Slade and Charles Williams are singled out as two of the leading lawyers in the project finance area for the firm.

David Slade is the head of the US banking practice and has expertise in acting for sponsors and lenders in a number of types of projects and have particular expertise in emerging markets.

Charles Williams focuses his practice on major project finance matters and is a New York and English qualified lawyer.

Baker Botts, L.L.P.

PRACTICE: Praised with offering the ‘most superior legal services of all the project and structured finance legal firms I have worked with’, Texas-based Baker Botts, L.L.P. is known for its strong sponsor side client list. Boasting a strong team of 11 partners, the practice has the majority of its 32 international projects lawyers in its Dallas, Houston, New York and Washington DC teams. The global project group has particular expertise in the energy and infrastructure arenas, with clients praising the practice’s ability to offer ‘top quality expertise in energy and infrastructure financing’.

Experiencing a notable presence in Mexico last year, the practice has international support from its Hong Kong, Beijing and Dubai offices. The firm also brings strong finance capabilities from its New York office, but despite this, the
firm has not seen the same calibre of clients or size and complexity of matters as its competitors.

Illustrating the practice’s ‘superior expertise across industries particularly in energy’ and cross-office expertise, the firm’s New York, Washington DC and Houston teams acted for the Hunt Refining Company and its affiliates regarding an approximately $750m expansion and senior secured bank financing of the clients oil refinery in Tuscaloosa, Alabama.

While the practice is strongest in terms of sponsor representation, Baker Botts, L.L.P. has made a concentrated effort to expand its expertise on the lender side, and has acted for a number of leading backs, including HSBC and Citibank. The practice recently acted for ArcLight Capital Partners regarding its investment and financing of the repowering of a 1.5GW portfolio of NuCoastal Power Holdings owned electric power plants. The matter closed in August 2008 and involved five natural gas-fired power plants located on Texas.

CLIENTS: Sponsor clients of the firm include AES, BP Alternative Energy, Buchanan Renewables and Petrobras, while lender clients include BNP Paribas, Calyon, Citibank, HSBC and Natixis.

INDIVIDUALS: New York partner William Giusti is regarded by clients as ‘one of the most talented project finance attorneys’ in the market. With a particular focus in the energy arena, Giusti is noted as ‘always looking for solutions, he is a problem solver’ by clients.

Baker & McKenzie

PRACTICE: Baker & McKenzie offers clients a ‘full spectrum of capabilities under one roof (eg partnership, tax, project financing)’, allowing lawyers to offer a full project finance service to clients from within the firm’s banking and finance practice. The Chicago-based practice is known for its strength in the power, infrastructure and mining arenas, and particularly for the representation of sponsor clients.

The firm has a strong international reputation in the legal market, but has seen a number of the firm’s leading matters in the US. While 31 US-based lawyers, including 14 partners, have a project finance component in their practices, it is not an area of major specialization for the firm.

In the wind energy area, it has attracted new client WestLB on the lender side, representing the client regarding a $43.5m project finance loan made to a SkyPower sponsored 27MW wind energy project in Canada.

Infrastructure transactions continue to be an area of strength for the firm, representing global client Global Via Infraestructuras, regarding the Chicago Metered Parking System. The client is proposing to participate in the consortium that is preparing to bid on the concession system, which consists of the parking operation through the City of Chicago and one of the largest systems of its kind in the US.

CLIENTS: Sponsor clients include POET, Solar Reserve and White Energy Coal North America as well as TD Bank, Stark Investments and the above mentioned WestLB on the lender side.

INDIVIDUALS: Clients return to the firm due to ‘long-standing relationships’ with Chicago-based partner James O’Brien. O’Brien brings particular tax expertise to project finance matters, as well as having infrastructure, oil & gas and power expertise in his practice.

Partner Christopher Groobey is regarded by clients as being ‘excellent in getting a deal done and ensuring all parties work together to get to the finish line’. The Washington DC-based lawyer has a particular focus on infrastructure and energy matters.

Cleary Gottlieb Steen & Hamilton LLP

PRACTICE: Cleary Gottlieb Steen & Hamilton LLP’s 12 project finance and infrastructure practice lawyers, including ten partners are based in its New York office, with 23 lawyers overall internationally. Praised by clients for having ‘specialists in all fields we had to cover’, the practice’s lawyers have project finance expertise within larger finance practices, including bankruptcy, restructuring and capital markets, as well as a number having a concentration in certain geographical practices such as Africa and Latin America. In the latter area, in particular, clients note that the practice has ‘wonderful knowledge’.

An example of the firm’s Latin American strength is its representation of marine terminal operator DP World regarding the development of a new container terminal in the port of Callao, Peru. The practice advised the client on the EPC contract and the $300m term loan facility of the project involving the largest and fastest growing container port on the west coast of Latin America.

While the firm has not seen the complexity or size of matters that its competitors enjoy, the traditionally sponsor side practice is particularly strong in the infrastructure arena and has worked on a number of matters in the oil and gas area recently.

On the lender side, the practice acted as counsel to Credit Suisse regarding the construction by Mexican corporation Torre Cívica of an office building that will be leased by the Government of Nuevo León, México. The team is also advising the prospective consortium members and financing sources regarding bids to acquire a concession for the Pennsylvania Turnpike.

CLIENTS: The firm’s sponsor driven practice includes clients such as Suez Energy Andino, North East Biofuels, and Central Térmica Loma de la Lata. Lender clients include ACON Investments and Deutsche Bank.

INDIVIDUALS: ‘Amazing legal mind’ Jeffrey Lewis is singled out by clients for his ‘intelligence, experience and negotiation skills’, focusing his practice on both national and international business and financing transactions including project finance. A client notes that they ‘wouldn’t go ahead with an important decision without listening to him’ as ‘he can find ways to overcome difficult situations with knowledge and ingenuity’.

Debevoise & Plimpton

PRACTICE: Noted as doing a ‘terrific job’ for clients, Debevoise & Plimpton has expertise in a vast array of projects, including energy, infrastructure and power, in both the public and private arenas. Illustrating the practice’s impressive knowledge, a client notes that ‘not many firms could claim to know a lot about accommodation’.

Despite concentrating the practice of nine partners with project finance as their focus n the New York office, the geographical positioning and the size of the practice does not impinge on its ability to handle large complex matters for large clients. Praised for it ability to ‘pull in a team’ of lawyers with the appropriate expertise, the practice is particularly strong in the pubic private partnerships (3P) and infrastruture arenas.

For instance, the practice recently acted for Citi Infrastructure Investors, Abertis Infraestructuras and Criteria CaixaCorp regarding the $12.8bn privatization of the Pennsylvania Turnpike. The transaction was postponed by the state at the expiration of 2008 legislative session.

Also in the infrastructure arena, the practice is acting for a consortium of equity investors in an ongoing matter regarding a bid for a proposed long term agreement for the operation and maintenance of Puerto Rico’s PR-22 Highway.

In aviation matters, the practice acted for a bidding consortium regarding the recent Midway Airport privatization concession tender in Chicago, and is currently acting for a project developer in the preliminary phase of the development of a proposed Abraham Lincoln Airport for the Chicago metropolitan area on a PPP basis.

In the international arena, the prcatice acted for the sponsor Companhia Energética do Maranhão (CEMAR) regarding an $80m loan from the IFC. The loan will support the rehabilitation, modernization, and expansion of its electricity distribution system in Maranhão, Brazil.

CLIENTS: Lender clients of the firm include Babcock & Brown and Deutsche Bank, while OJSC Terminal (a subsidiary of Aeroflot-Russian Airlines) counts is a sponsor-side client.

INDIVIDUALS: Co-chair of the project finance team Ivan Mattei is regarded by clients as a ‘very thorough guy, very cool headed’. With clients noting that they ‘have not met a better lawyer’ in the projects arena, New York-based partner Mattei brings 20 years of expertise to the table in project finance and international financing transactions.

Dewey & LeBoeuf LLP

PRACTICE: Over a year since Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRea merged, Dewey & LeBoeuf LLP’s project finance practice appears to have gelled well and continues to offer a ‘strong’ project finance product. Bringing together a combination of the two firms’ expertise in such areas as energy, infrastructure, structured finance and M&A, the firm offers clients a comprehensive project finance practice.

Of the firm’s 103 national and international project finance lawyers, 27 are based in five of the US offices, with expertise based in the West and South, and headed by a team of 20 partners in New York. Representing both lenders and sponsors, with a slight leaning towards the sponsor side, the firm’s large energy group boosts the project finance team and also see a lot of work in water and infrastructure-related matters.

A highlight on the sponsor side includes acting as project counsel to Angola regarding the development and financing of a US Regas terminal in Mississippi.

A particular strength for the practice is its expertise in the renewable energy arena, seeing the firm carrying out a very large number of wind transactions in this. For instance, the practice acted for a syndicate of three institutional investors in negotiating the terms of an equity investment in three wind farms.

On the lender side, the practice acted for the lender and underwriter WestLB regarding a loan to an investment fund to purchase minority interests in transmission assets. The assets acquired include minority interest in the Mead-Phoenix Transmission Project.

Internationally, the Washington DC office has acted for the Government of Afghanistan regarding the development and project financing of a regional energy market and related generation and transmission infrastructure in Central and South Asia. The total project costs are estimated at $1bn.

CLIENTS: Sponsor clients of the practice include Simms Metal East, Suez Environment, the Government of Ghana and the Volta River Authority. Lender clients include Royal Bank of Scotland, RBS Securities and the Export-Import Bank of the United States.

INDIVIDUALS: Washington DC-based partner Timothy Moran is regarded as being ‘dedicated to servicing his clients’. A member of the firm’s corporate and finance department, a client praises ‘the highest quality’ of work, adding ‘I would recommend him to anyone’.

Fulbright & Jaworski LLP

PRACTICE: Receiving accolades from clients for its strength in the energy field, such as ‘it was our expectation that Fulbright & Jaworski LLP would be the best available in the midstream arena. Our expectations were met in the final product’, it is clear that the firm is one of the leaders in this area, as well as in infrastructure, M&A, and mining matters. Noting that ‘they have it all - the knowledge, the ability to put a team together quickly and the industry experience to anticipate likely issues’, the firm represents both sponsor and lender clients, although does not see the same caliber of lender clients as its competitors.

As with other international, full service firms, Fulbright & Jaworski LLP’s structured and project finance practice takes full advantage of the firm’s international presence, including the Middle East, Asia, Africa, and particularly in Latin America. With 82 lawyers internationally, the US-based practice has over 60 lawyers including 45 partners in seven offices, the majority of whom are based in the Houston office.

The New York team represented the Queens Ballpark Company (New York Mets) regarding the complex financing and development of a new 45,000 seat stadium in New York City. The matter pioneered a 3P structure using a
unique combination of financing structures. The matter also included the development of a precedent setting tax-exempt payment instead of tax (“PILOT”) based tax-exempt finance mechanism.

In an ongoing international matter, the Washington office is representing a client with interest in the sponsor of the development of the Sabodala gold mine in Senegal.

Joining forces with the London office, the Washington DC team represented a multilateral lender regarding the expansion of the São Paulo subway system. The client provided a two part loan of $310m to the first phase of the project, which will cost approximately $387m.

CLIENTS: Illustrating the firm’s energy expertise, it counts Ashmore Energy, CPS Energy and Noble Energy among its clients. Other sponsor clients include Cabot Oil & Gas, Millenium Pipeline and Shell. Lender clients include Inter-American Development Bank and International Finance Corporation.

INDIVIDUALS: Houston-based partner Michael Irvin is the head of the firm’s global energy practice, and is praised by clients for being ‘a very knowledgeable lawyer with experience of many areas of practice which bring a broader perspective than one sometime gets from very narrowly specialized lawyers’.

Washington DC-based partner Gregg Harris is described by clients as ‘an outstanding lawyer... very smart, excellent communication and management skills’. The head of the firm’s structured and project finance group, the ‘bright and customer-focused lawyer’ represents clients in both national and international project finance matters.

Hogan & Hartson LLP

PRACTICE: Power and renewable energy project financings have continued to be particular strengths for Hogan & Hartson LLP’s Washington DC-led project finance practice group. Praised by clients for reacting to their needs ‘quickly and effectively’ and for ‘high’ efficiency in communication, the practice is spearheaded from the Washington DC office and has 46 lawyers based in six offices with the majority of expertise on the West Coast.

With a leaning to the representation of sponsor clients, the practice’s expertise in the independent power project (IPP) arena stands out to clients, who note that ‘in choosing Hogan & Hartson LLP as the counsel, we emphasize their familiarity with the specific market and in-depth knowledge for the IPP’. Particularly strong in renewable energy and infrastructure project financing, the practice offers a service that ranges from the preparation of documents for transactions to the planning, financing and implementation of infrastructure.

The practice’s expertise in the wind energy sector is particularly impressive. Having worked on over 6,000 MWs of the 10,000 MWs wind projects developed over the past eight years, it is clear that its strength in this area is recognized by clients. An example in this area is the practice’s representation of Constellation Energy Commodities in relation to the negotiation of several tolling agreements and wind energy purchases and sale agreements. This matter included a wind farming project which addressed issues relating to the scheduling and planning of intermittent wind energy.

Illustrating the firm’s international capabilities, which have been emphasised with the 2008 opening of the Abu Dhabi office, the Washington DC-based practice recently represented French client AREVA regarding a $3.2bn project to build four 1,600 MW of nuclear power plants in the US by UniStar Nuclear. The joint undertaking will work towards siting, licensing, and building over 6,000 MW of nuclear generating capacity based upon AREVA’s EPR nuclear reactor technology.

CLIENTS: Recent clients of the practice include Sithe Global Power, FPL Energy, AES and AREVA on the sponsor side, and China Export & Credit Insurance Corporation (Sinosure) on the lender side.

INDIVIDUALS: Practice group director Robert Pender offers legal counsel that ‘is second to none’ and focuses his practice on international power, energy, and infrastructure matters. Clients praise the Washington DC partner for being ‘consistently up to date with current market conditions regarding complex matters’.

Orrick, Herrington & Sutcliffe LLP

PRACTICE: Having welcomed four partners from the now dissolved law firm Thelen Reid into its San Francisco office, Orrick, Herrington & Sutcliffe LLP’s very strong East Coast project finance practice has seen a boost on the West Coast. The practice, which is singled out for its strength in ‘all aspects of power project development, ownership/leasing, financing, joint ventures’ by clients, has had a particular focus on expansion over the last year, adding two partners to the Paris office and merging with German law firm Hölters & Elsing, which enhanced the firm’s global foot print with three new offices in Dusseldorf, Frankfurt and Berlin. Now boasting 76 lawyers internationally, the project finance group has 37 US lawyers, including 12 partners, in six offices.

As well as having particular expertise in infrastructure matters, it is clear that clients rate the practice’s strength in the power arena, with one adding that ‘ Orrick, Herrington & Sutcliffe LLP has tremendous experience in working with electric generation and transmission cooperatives throughout the country’, while another notes that they ‘have the confidence to assist a business person in evaluating the risks to make decisions and reach closing’.

Illustrating the practice’s strength in the infrastructure arena, it has recently acted for sponsors Transurban and Fluor regarding the development, financing and construction of the $1.9bn Capital Bellway High Occupancy Toll Lane project. As well as being the largest ever greenfield toll road project to include a private equity component in the US, it is also the first project in the US to involve tax-exempt private activity bond financing for a transportation facility.

On the lender side, the practice acted for the mandated lead arrangers Banco Santander, Banco Espirito Santo, Fortis Bank, Caixa Geral de Depositos, and Caja de Ahorros y Monte de Piedad de Madrid regarding the financing to the project company for the $1.3bn SH 130 Toll Road project in Texas. The complex financing included a $430m TIFIA loan (a government programme).

CLIENTS: Sponsor clients of the firm include Calpine, InfrastruX Group, Delmarva Power & Light Company and Big Rovers. On the lender side, clients include Energy Investors Funds and Goldman Sachs.

INDIVIDUALS: Chair of the public power practice, Carl Lyon focuses his practice on energy finance matters and offers excellent representation to clients, who note that they ‘would not hesitate to recommend Orrick, Herrington & Sutcliffe LLP and the group of attorneys headed Carl Lyon to anyone who wanted to talk to me’.

San Francisco-based partner Mark Weitzel brings over 25 years of expertise in the project finance and development arena and is regarded by clients for his ‘ability to negotiate handle thorny issues appropriately and overall expertise’.

Simpson Thacher & Bartlett LLP

PRACTICE: Celebrating its 125th anniversary in 2008, Simpson Thacher & Bartlett LLP continues to field its ‘high quality’ project finance practice from the financial centre of New York, which supports the firm’s focus to the representation of lender clients.

Boasting a ‘long track record’ in the project finance arena, the practice is built on enviable roots with lawyers who are experts in the structured finance field, and is regarded as being ‘very strong in the energy sector’ with ‘some good power clients’. The expertise in the project finance practice is boosted by the availability of expertise from cross-border practices as well as having expertise from the tax, IP, ERISA, bankruptcy and bank regulatory practice.

The small New York-based practice has ten lawyers and continues to enjoy strong ties with Asia, and particularly with lender clients in Latin America. Excelling in large power project capital markets and bank financing matters, the practice recently acted for Chilean electric transmission company Transchile Charrúa Transmisión regarding a $51m financing of a 205 kilometer high-tension transmission line, based between the Charrúa and Nueva Temuco substations on Chile’s Central Interconnected System.

CLIENTS: Clients that the firm has acted for include JPMorgan Chase, WestLB and Barclays Capital on the lender side, and Empresa Eléctrica Guacolda, Sociedad Concessionaria Autopistas los Libertadores (Allsa) and First Reserve on the sponsor side.

INDIVIDUALS: New York-based partner David Lieberman is regarded as one of the ‘best people’ in the practice. A partner of the firm’s corporate department, Lieberman has a particular expertise in matters involving infrastructure and energy.

Davis Polk & Wardwell

PRACTICE: Praised for its ‘expertise, resources and commitment to excellent client service’ by clients, Davis Polk & Wardwell has one of the smallest groups in this section, with three partners and one associate counting project finance among their expertise. While the firm does not boast a client base that quite competes with firms in the upper tiers, it has seen activity in the Middle East, Caribbean, Latin American and Canada, taking advantage of the firm’s six global offices and international reputation.

The telecommunications field has been a source of particular success, and the practice has been involved in a number of public and private project finance areas from power generation facilities, transportation infrastructure to gold, copper, nickel and coal mines. The main notable absence is a lack of renewable energy expertise.

While the firm has a strong lender client base, sponsor related matters have produced the firm’s leading work. The mobile phone network provider Digicel, a leader in the Caribbean region, hired the firm on three separate matters based in Honduras, the Pacific and Panama.

On the lender side, the practice acted for the Japan Bank for International Cooperation (JBIC) regarding the $334m project financing for the expansion of Metanol de Oriebte, Metor’s expansion of a methanol plant in Venezuela. JBIC financed the project along with the International Corporation and a number of other banks.

CLIENTS: Clients of the firm includes Credit Suisse, Morgan Stanley and Overseas Private Investment Corporation (OPIC) on the lender side, and Endesa and Digicel on the sponsor side.

INDIVIDUALS: New York-based partner Joseph Hadley is a member of the corporate practice and has a focus on structured and leveraged finance in the syndicated loan and debt capital markets. Hadley is singled out by clients for his ‘incredible understanding of all the various commercial and legal issues that we face raising finance in these markets’.

Hunton & Williams

PRACTICE: Hunton & Williams’s energy & project finance team is a go-to team for the representation of emerging market governments, particularly in East Africa having seen a number of successful matters in this area. Praised for representing entities who are new to project financing ‘exceptionally well’, the practice continues to illustrate particular strength in the infrastructure and power arenas.

Praised for its ‘client orientation’, the practice has 13 partners in the Dallas, New York, Richmond and Washington DC offices. The lawyers do not focus solely on project finance matters but have a project finance component in their practices.

Illustrating the firm’s strength in East Africa, the firm advised SEACOM regarding the construction, development and operations of a subsea $650m fiber optic network, including contractual negotiations and debt and equity financing. The project will link major cities located in East Africa with Europe and India via the 15,000 KM cable. The deal closed in November 2007, while the projects restructuring closed in February 2008.

The firm also advised the Government of Tanzania regarding the Songo Songo Gas-to-Electricity project, in all areas of the project. The Tanzania Electric Supply Company Limited (TANESCO) is being represented by the firm regarding a gas processing and transportation tariff that has been filed by Songas, regarding the expansion of the gas processing plant in connection with the Songo Songo project.

CLIENTS: The practice has recently added new client the Government of Kosovo to its client roster, and also includes the Government of Uganda on the sponsor side. On the lender side, it has acted for the World Bank and the Ligante Power Technical Assistance Project (LPTAP) Project Office of the Mining of Energy and Mining in Kosovo.

INDIVIDUALS: Partner John Beardsworth is head of the firm’s emerging markets practice and is praised by clients as being ‘a master at guiding his clients through complex legal matters while never being patronising’. Beardsworth is a member of both the Richmond and Washington DC offices and focuses his practice on project finance and energy and infrastructure transactions.

Jones Day

PRACTICE: Jones Day’s project finance team is based in the firm’s banking and finance practice, and has a strong reputation for its energy expertise.

The firm’s 11 partners are praised by clients for their ‘relentless follow-up, creative ideas, persistence’ as well as ‘excellent oral and written communications’. Despite continuing to have a strong sponsor side practice, the firm has not seen the same level of large, complex matters as a number of its competitors. The firm’s renewable energy expertise is reflected here, as in the representation of Developers Diversified Realty Corporation regarding an income-producing solar energy program for SunEdison. The program will give the client the option to develop solar energy systems in its shopping centers in the US and Puerto Rico.

In the power arena, the practice advised International Power America regarding its $439.2m acquisition and related $500m secured financing of a 1,857MW portfolio of peaking generation facilities and Midwest Independent System Operator power pools. The acquisition is being made from a subsidiary of Tenaska Power Fund and an affiliate of Warburg Pincus.

CLIENTS: Other sponsor clients of the firm include E.On and Entergy Operating Companies while on the lender side, Standard Bank is a staple client for the firm.

INDIVIDUALS: ‘Top-notch talent’ James Salerno has a lender focus in his practice and has expertise in areas such as energy, restructurings, financing and infrastructure finance in his personal practice.

Morrison & Foerster

PRACTICE: Full-service firm Morrison & Foerster’s project finance and development practice has a particular leaning towards the representation of lenders with the representation of agency lenders being a particular niche for the firm, while the Washington DC office is strong in the representation of government agencies.

With access to expertise from other practice areas such as the energy law, financial transactions and tax practices, the firm offers clients a full range of expertise in large practices, from power, infrastructure, and mining projects to those involving energy, telecommunications and bankruptcy and insolvency issues.

The true hallmark of the firm is its international scope and its ability to reach clients in Asia, Latin America, Africa and the Middle East.

An example of the firm’s international and lender expertise is its representation of the Overseas Private Investment Corporation (OPIC) regarding the expansion of a power plant project in Indonesia. The Paiton 3 project is an extension of the first project, for which the practice assisted the client in the $2.5bn limited-recourse project financing and subsequent restructuring.

The Washington DC office has particular expertise in representing government agencies and has done a lot of work for the US Department of Energy, a staple client of the firm, in terms of US clean energy projects.

CLIENTS: Clients of the firm include JBIC, CH Energy, the US Department of Energy, GO Global Energy.

INDIVIDUALS: Washington DC partner Frederick Jenney focuses his practice on project finance matters as well as cross-border investment and political risk matters. Jenney’s strength is in acting on international matters in Asia, Latin America and Europe.

Sidley Austin LLP

PRACTICE: Sidley Austin LLP boasts a large project finance and infrastructure practice of 31 lawyers, including 18 partners, and is led by the New York office. The practice, which has particular expertise in the infrastructure, power and energy fields, has seen a boost in its lender client list with clients such as WestLB and HSH Nordbank coming to the firm for assistance in project financing matters.

Over the last year, however, the firm has represented both sponsors and lenders in a number of sales and acquisitions that are not as complex as matters being handled by competitors. Client’s observation that ‘ Sidley Austin LLP ’s ability to provide advice for most facets of project finance was a major factor in their selection’, suggests that the practice is not strong in all areas of project finance, while others observe that other practices within the firm could be strengthened, noting that ‘some additional resources in other areas were weak’.

Illustrating the practice’s aptitude for M&A related financings, the practice represented lender AIG Highstar Capital II regarding its sale of 50% ownership interest in InterGen to GMR Infrastructure for $1.3bn.

On the sponsor side, the firm acted for DT Solar (Turner Renewable Energy) regarding its sale to First Solar. In the infrastructure space, the practice acted for Alaska Communications regarding the development of a 1,750 miles of an underwater fibreoptic telecommunications system from Alaska to Oregon.

CLIENTS: The practice has acted for CMS Energy, Nidera and Alaska Communications. Lender clients include GE Energy Financial Services, AIG Highstar and CIT.

INDIVIDUALS: Partner Irving Rotter is singled out by clients for the ‘responsive and knowledgeable’ service that he provides clients. Rotter represents lenders, developers and equity participants in project finance transactions.

‘Tremendously responsive’ partner Alan Epstein is praised for his ‘extensive experience’ and his ability to offer ‘thorough legal guidance and advice, but also commercial insight’. Epstein focuses his practice on both national and international project financing matters.

Both partners are based in New York.

Squire, Sanders & Dempsey L.L.P.

PRACTICE: With project finance expertise based in offices in the Midwest to the South East, Ohio-based law firm Squire, Sanders & Dempsey L.L.P. is placed geographically where other firms find it hard to penetrate. Given the project & infrastructure finance practice’s individual placing, the firm also has a unique practice concentration of working with bond and underwriter counsel, as well as a range of bank and export credit agencies on the lender side, and governmental bodies and private entities on the sponsor side.

The ‘traditional public finance firm’ boasts 11 partners based in the US and 18 lawyers overall who either focus on project finance or count it as part of their practice. With an impressive array of international offices, it is no surprise that the firm has particular strength in Europe, Middle East and Latin America.

CLIENTS: Clients that the firm have acted for include Goldman Sachs on the lender side, and Puerto Rico Electric Power Authority on the sponsor side.

INDIVIDUALS: Luis Reiter is singled out as a leader in the practice. The Miami-based partner has a particular niche in the representation of sponsor clients, and focuses his practice on governmental and private financings.