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Kaushik Ray

Work 020 7997 7045
Trinity International LLP


Kaushik is a partner at Trinity International LLP. 

Kaushik spends most of his time advising lenders and borrowers on project and corporate finance transactions in emerging markets with a particular emphasis on projects within Africa.  Kaushik was part of the Trinity team advising the sponsors on the Amandi IPP in Ghana, the Azura IPP in Nigeria and advising the African Development Bank, EIB, DEG, Proparco, FMO, EKF, Standard Bank and Nedbank Capital in relation to the 310MW Lake Turkana wind project (Project Finance International African Renewables Deal of the Year 2014). Kaushik is currently advising on project finance transactions in over 20 African jurisdictions in both Anglophone and Francophone Africa. He co-heads the Trinity Francophone practice. He is also currently advising sponsors in relation to port project in West Africa; the lender in respect of a series of mini-hydros in the Democratic Republic of Congo; various European development banks on the financing of a hotel in Ethiopia as well as in the agricultural sector in various emerging markets. Kaushik also acts for sponsors of various conventional power plants in Ghana and for sponsors on renewable transactions in Mali and Benin.

In the past Kaushik has advised commercial banks including Standard Bank, Standard Chartered, Citibank, Absa/Barclays, Nedbank and Rand Merchant Bank and DFIs such as African Development Bank, IFC, EIB, DEG, FMO and Proparco on project, property and financial institutions transactions. Other recent transactions include: acting for a leading South African commercial bank in respect of a telecoms financing (Zambia); advising developers on the largest solar plant to date in country (Uganda); advising lenders to a retail office development (Ghana); representing lenders in relation to the expansion of the Olkaria III project (Kenya); representing the developers of various off-grid solar solutions (Nigeria and other West Africa) as well as advising lenders to corporates in Brazil, Bangladesh, Croatia, Turkmenistan and Azerbaijan.


Trained Allen & Overy LLP, qualified 2003; partner Trinity International LLP (2013- current); senior associate, Trinity International LLP (2009-2012); Allen & Overy LLP, London, Paris, Singapore trainee, associate (2001-2008).


English (mother tongue), French (business), Italian (conversational), German (conversational), Bengali (conversational).


Law Society of England & Wales; New York Bar Association.


Durham School, Durham (1996); King’s College, University of London (2000 LLB); University of Strasbourg (Diploma in European and French Law); College of Law, London (2001 LPC).


Writing, popular music, art, architecture.

London: Finance

Emerging markets

Within: Emerging markets

Trinity International LLP 'provides high-quality advice and quick response times'. 'It is among the top firms for work in Africa; it has genuine people with a lot of experience', remarks one client. Another comments that 'the firm is unique - its fee structure enables developers to develop projects in risky jurisdictions and the lawyers bring immense knowledge to the table'. The firm focuses exclusively on corporate and finance transactions in emerging markets, which last year included advising Africa Finance Corporation and other lenders on a $350m peat-fired IPP power plant in Africa, and acting for CDC Group in a $9m facility for Virunga Energy to provide hydro-electric power to homes in Eastern Congo. The firm has a deep bench of 'excellent specialists' including leading light Simon Norris and project finance expert Patrick Leece. For projects in Africa, Paul Biggs is 'certainly at the top of the market' and one client remarks that he is 'exceptionally knowledgeable about the power sector in Africa with a very pragmatic and commercial approach'. Kaushik Ray is 'a financing expert with a real wealth of experience dealing with lenders; his understanding of their needs is invaluable'. Jennifer Gladstone is 'a phenomenal lawyer and great project manager - smart, hardworking, prompt and always willing to go beyond the call of duty'. Project finance specialist Fiona Gulliford has 'good knowledge of EPC contracts and the nuclear field'. Conrad Marais is 'an excellent lawyer - his work ethic is unparalleled and he is a very creative problem solver'.

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London: Projects, energy and natural resources

Infrastructure (including PFI and PPP)

Within: Infrastructure (including PFI and PPP)

According to one client, 'it is very difficult to find another firm with such depth of knowledge when it comes to energy projects and financing in Anglophone Africa' as Trinity International LLP . The boutique offering is spearheaded by Paul Biggs who 'is exceptionally knowledgeable on the African power sector' and recently acted for sovereign fund Ghana Infrastructure Investment Fund in its proposed investment in a new docking facility with the help of client-recommended senior associate Jo Sykes . In other highlights, a team including 'phenomenal lawyer and great project manager' Fiona Gulliford and led by 'financing expert' Kaushik Ray is currently representing the sponsors of the development, construction and operation of a new multi-commodity, deep-sea dry and liquid bulk port in West Africa, and Simon Norris advised a group of lenders on the financing of the acquisition of locomotives for a rail line in sub-Saharan Africa. Other names to note include the 'extremely hardworking' corporate specialist Conrad Marais and Hugh Naylor .

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Power (including electricity and renewables)

Within: Power (including electricity and renewables)

Trinity International LLP specialises in energy transactions in emerging markets under the leadership of Paul Biggs who has substantial experience in the sub-Saharan sector. A team including Biggs, Kaushik Ray and senior associate Jo Sykes - among others - recently acted for the project company of the Amandi IPP in Ghana, and Simon Norris acted as lead counsel to the project company with regards to the development and financing of the Azura gas-to-power IPP in Nigeria. On the solar front, Fiona Gulliford teamed up with counsel Luke Muchamore and others to oversee the development and financing of the Bangweulu project in Zambia, and Jennifer Gladstone and Conrad Marais assisted the project company of the Corbetti geothermal project in Ethiopia with all issues arising from the development of the project since its inception.

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