Firms To Watch: Projects and energy: foreign firms

Led by Jay Ze, the Greater China energy team at Eversheds Sutherland regularly acts for Chinese SOEs and corporates in a range of transactional work.

Projects and energy: foreign firms in China

Allen & Overy LLP

With a full service energy sector approach, Allen & Overy LLP's specialization in the space is distinguishable by a 20-person team with combined expertise in a range of corporate, M&A, joint venture, and acquisition finance matters. The team also benefits from a network of international offices and a strong tie to China-based desks, allowing it to effectively guide clients in a range of cross-border investments. Among other highlights, the team recently advised State Grid Corporation of China with regard to its sale of a 19.9% interest in AusNet, a deal valued at approximately $1.79 billion. With a focus on transactional work in the energy sector, Yvonne Ho benefits from a strong reputation in outbound mandates, advising a variety of Chinese and international banks on investments in “Belt & Road” countries via projects, joint ventures, and developments. Adding to the firm’s transactional offering and leading the team alongside Ho is Ling Li, focused on advising Chinese companies with a presence in the energy and natural resources sector with regard to their international expansion and strategic investment goals outside of China. Also noted for outbound matters, Benjamin Crawford regularly acts for local clients aiming to invest in other parts of Asia, Europe and emerging markets, while Matthew Bisley, who is based in Shanghai, is considered a key contact for the financing of projects and infrastructure. Counsel Lucia He is further noted for cross-border energy transactions. All named lawyers are based in Beijing unless otherwise stated.

Practice head(s):

Yvonne Ho; Ling Li

 

Key clients

Asian Infrastructure Investment Bank

China Huaneng Group

China Machinery Engineering

China National Offshore Oil

China National Petroleum

China Three Gorges

Silk Road Fund

Standard Chartered Bank

State Grid Corporation of China

China Yangtze Power

Work highlights

  • Advised State Grid Corporation of China in relation to the sale of its 19.9% interest in AusNet.
  • Advised an arm of China Three Gorges on its acquisition of a 100% stake in Alcazar Energy Partners via a consortium with two other Chinese investors for $470 million.
  • Advised the Asian Development Bank in connection with a $50 million loan agreement with Henan Tian Lun Gas Group to provide gas supplies to about 630,000 residential and commercial consumers in Henan.

Ashurst

Ashurst’s project finance team focuses on advising a range of local and international sponsors, ECAs and large commercial banks with regard to cross-border infrastructure and energy projects with complex structures. With a further focus on outbound work, the firm is also active in syndicated facilities and multi-sourced financing mandates. Banking partner Chin Chuan Chen heads the firm’s practice from Singapore, with extensive experience handling energy and financing transactions throughout Asia, Latin America, Africa and Eastern Europe. Beijing-based counsels Emma Zhang and Zhibin Fan supplement the practice’s project finance work in the power, resources and infrastructure sectors.

Practice head(s):

Chin Chuan Chen

Other key lawyers:

Emma Zhang; Zhibin Fan

Key clients

China Development Bank

Bank of China

Industrial and Commercial Bank of China

China Construction Bank

Exim Bank of China

Deutsche Bank

DBS Bank

China Export & Credit Insurance

China Minsheng Bank

Malayan Banking Berhad

OCBC Bank

Work highlights

  • Advised Industrial and Commercial Bank of China and Exim Bank of China in relation to a term loan facility to Kafue Gorge Lower Power Development to finance the construction of the 750MW Kafue Gorge Lower Hydropower Project in Zambia.
  • Advised a syndicate of lenders to provide a term loan facility of more than $4 billion to the Republic of Angola to finance the construction of the Caculo Cabaca hydroelectric power project with a capacity of over 2,100MW.
  • Advised China Development Bank and Bank of China (London branch) on post-completion matters relating to a series of central Asia-China natural gas pipeline projects.

Clifford Chance LLP

Clifford Chance LLP’s presence across mainland China and Hong Kong catalyses the firm’s ability to handle matters in a China-facing and outbound context. With a ‘very experienced’ team of over 40 lawyers in the region, the practice places particular focus on project finance mandates and high-profile joint venture and M&A transactions, acting for the likes of China Harbour Engineering Company and Total Eren in a project development and equity stake acquisition, respectively. Jiahua Ni, who divides his time between Beijing and Shanghai leads the team with experience in PRC-related cross-border financings, with most of his time taken up by his advising of Chinese banks in export credit, project, structured, and general corporate finance within the scope of Asia, Middle East, South America and Africa. In Shanghai, Kelly Gregory is another key member, specialising in M&A and joint ventures involving multinational and Chinese corporations, with a further emphasis on disposals and reorganizations. Deepening the firm’s expertise in M&A is Beijing-based Terence Foo, noted for his advice on outbound investments, while Vicky Ma, who has a footing in the firm’s Hong Kong and Beijing offices, has particular ‘knowledge and experience in project finance’.

Practice head(s):

Jiahua Ni

Testimonials

‘Many of the lawyers in the firm are very experienced, they can handle all sorts of structures and problems very well.’

Vicky Ma has good knowledge and experience in project finance, and she also has a passion for her job.

Key clients

China Harbour Engineering

China Three Gorges

Total Eren

Bank of China

Shanghai Legoland

Industrial and Commercial Bank of China

Sinochem Group

China Development Bank

China Construction Bank

SABIC China Holding

Work highlights

  • Advising China Harbour Engineering on the development of a non-integrated liquefied natural gas receiving terminal project in Sri Lanka.
  • Advised China Three Gorges on the 100% equity stake acquisition of a 181 MW operating wind portfolio from EDP Renováveis, amounting to approximately $351.4 million.
  • Advised Total Eren on its joint ventures with Aden for the joint ownership, development and operation of projects in renewable energy and other energy-related business in China.

Herbert Smith Freehills LLP

Leveraging a network of international offices and practitioners, Herbert Smith Freehills‘s Greater China offering distinguishes itself by being a one-stop-shop for investors, sponsors, contractors and lenders, representing these throughout the value chain with regard to inbound and outbound transactions. Beijing-based Calvin Ho, who ‘stands out as a star‘ and is regarded as ‘one of the most experienced lawyers in Asia in respect of upstream oil & gas activities‘, heads the practice alongside Hong Kong-based Hilary Lau and Beijing-based Monica Sun. Ho, who is an expert in cross-border projects, frequently acts on development, financing, procurement and construction matters, having recently advised Sinochem Energy on a long-term 1.8 mpta LNG purchase with Cheniere Energy. As a joint head, Sun is also heavily involved in cross-border matters relating to energy, LNG, and gas, acting for a variety of Chinese companies on overseas investments. Other notable figures include senior associate James Zhang, noted for his work on high-profile transactions, and Jie Li, who was promoted to of counsel in May 2022 and regularly represents Chinese SOEs on overseas acquisitions. Changes to the team include Ellen Zhang‘s departure from the firm in 2022.

Practice head(s):

Monica SunCalvin Ho; Hilary Lau

Other key lawyers:

Jie Li; James Zhang

Testimonials

‘The team has the right depth and breadth of practice. They are commercially savvy and extremely responsive.’

‘Calvin Ho stands out as a star. He is smart, clued-on and commercially aware.’

‘The projects and energy team at HSF are exceptional in terms of advisory work, particularly in dealing with novel and complex issues pertaining to upstream oil and gas operations. The team is also very efficient and is able to respond to queries in a timely fashion to support operations without compromising on quality. Advice is easy to understand and practical to implement.’

‘Calvin Ho is a very experienced counsel who is able to share his experience. He also makes himself readily available to assist with critical issues which may require immediate action and attention. Calvin is probably one of the most experienced lawyers in Asia in respect of upstream oil & gas activities.’

Key clients

GIC

Sinopec

Foran Energy

BP

ENN

China Huadian Engineering

Sinochem

Shenzhen Energy

UK Department of Industry and Trade

PowerChina Hydropower Development Group

Work highlights

  • Advised GIC on its $1 billion investment in Envision Energy International.
  • Advised Sinochem Energy on its 18 year, 1.8 mpta liquefied natural gas purchase with Cheniere Energy.
  • Advised Sinopec on its 20-year long-term liquefied natural gas sales and purchase agreement with Venture Global.

Linklaters

Linklaters' efforts in the energy and infrastructure sectors are supported by a wide network of international offices featuring an array of local and international counsel, enabling strong Chinese client facing capabilities with regard to a multitude of projects, with the firm acting for banks and export credit agencies in relation to project finance. Beijing-based Xiaohui Ji, who ‘focuses on real impact‘ for clients, heads the firm’s practice, with particular expertise in complex Belt and Road transactions, having recently acted for CDB and other Asia and European ECAs and commercial banks with respect to the Artic 2 LNG project in Russia, eventually expected to reach its full capacity of 20 million tonnes per year. Also active on this deal, counsel Jianbin Wang is another key contact at the practice for matters relating to the energy, natural resources, and infrastructure sectors.

Practice head(s):

Xiaohui Ji

Other key lawyers:

Jianbin Wang

Testimonials

‘The Linklaters team is the best model of trusted advisors who constantly offer one-stop-shop, and top quality legal services in respect of banking and projects.’

‘The team cares about its client – other than providing quality advice which is often creative and reflects market-leading trends, it is very willing to dig deeper into its client’s needs and the relevant sector, and thus grow together with the client while providing practical advice along the way.’

‘The team is extremely responsive, and its strong delivery ensures that its client can enjoy legal certainty.’

‘Xiaohui Ji leads an incredible team. Clients commonly expect their legal counsel from a top tier firm to provide high-quality advice, but what has surpassed expectations is that Xiaohui always stays grounded and focuses on real impact – impact that would really matter after in-depth consideration of the specific situation of a company and its industry. Xiaohui’s genuine kindness positions her on a completely different level.’

Key clients

China Development Bank

Exim Bank of China

Bank of China

Industrial and Commercial Bank of China

China Construction Bank

Sinosure

Agricultural Bank of China

Bank of Communications

Power

China Light and Power

China Southern Grid

Hong Kong Electric

Huadian

State Grid Corporation of China

China Machinery Engineering

Oil and Gas

Sinochem

Sinopec

BP

CNOOC

Rosneft

Sakhalin Energy

Total

IBS

BAML

BNP Paribas

Citigroup

Credit Suisse

Deutsche Bank

HSBC

ING Bank

JP Morgan

Morgan Stanley

Royal Bank Scotland

Societe Generale

Standard Chartered

UBS

New Development Bank

IFC

Mining and Metals

Jingye Group

China MinMetals

MMG

GDF Suez

Glencore

Noble Group

Rio Tinto

Shandong Iron & Steel

WISCO

Infrastructure

China Harbour

China Machinery Engineerin

DP World

Hutchison

Jardine Matheson

ECAs

China Eximbank

Sinosure

Bpifrance

Hermes

JBIC

NEXI

Work highlights

  • Advising CDB and senior lenders on the project financing of the Pattan 700.7MW hydropower station in Pakistan developed by Gezhouba and Laraib Group.
  • Advising CDB and other Asia and Europeans ECAs and commercial banks on the Arctic 2 LNG in Russia.
  • Advising China Development Bank on the Amur Gas Processing Plant project financing in Russia.

Norton Rose Fulbright

With notable ties to a variety of Chinese and international financing entities, Norton Rose Fulbright advises MNCs, corporates and banks on recurring cross-border projects and energy transactions. The firm’s offering is co-headed by Jerry Li, who joined the firm from Hunton Andrews Kurth LLP in October 2021, and Tom Luckock. With energy and infrastructure sector expertise, Li is active when it comes to outbound projects and related transactions in the space, but is also capable in relation to a range of corporate, M&A, E&P concessions, and project financing matters. Expanding the firm’s power, infrastructure and waste sector experience is Luckock, noted for providing transactional, project development and project finance advice in both an inbound and outbound context. Yaxun Wang is another key figure, regarded for advising Chinese state-owned entities, commercial banks, and corporations on project finance and acquisition finance matters. All named lawyers are based in Beijing.

Practice head(s):

Jerry Li; Tom Luckock

Other key lawyers:

Yaxun Wang

Key clients

Bank of China

China Development Bank

SDIC Power

Sumitomo

Work highlights

  • Advised Sumitomo on the establishment of an onshore holding company joint venture with Beijing Capital and subsequent purchase of 16 project companies holding 29 projects in the waste water treatment sector.
  • Advised SDIC Power on the set up of a joint venture with Genting for the purpose of an acquisition of a hydropower plant in Indonesia.
  • Advised Bank of China Limited as mandated lead arranger and a group of international and Chinese lenders in respect of the project financing for the construction by China Gezhouba of a 1,500MW gas-fired power plant in Uzbekistan.

Baker McKenzie FenXun

With a focus on the energy, mining, and infrastructure sectors, Baker McKenzie FenXun‘s offering extends to a range of development, joint venture, M&A and finance-related work. Co-heading the team are Hong Kong-based Simon Leung and Beijing-based Stanley Jia, with combined areas of expertise including representing lenders and borrowers on acquisition finance, property financing and foreign indirect investment projects. Bolstering the practice’s project development and financing expertise is Beijing-based special counsel Li Zhang, joining from Covington & Burling LLP in August 2021, noted for her work on projects relating to nuclear, renewable, hydro and thermal power.

Practice head(s):

Stanley Jia; Simon Leung

Other key lawyers:

Li Zhang

Key clients

Exim Bank of China

Hengxing Gold Holding

Work highlights

  • Acted for a syndicate of lenders on a Sinosure-supported loan facility to PT Huayue Nickel Cobalt for the development of a nickel ores processing plant in Indonesia.
  • Advised Hengxing Gold Holding in a take private proposal by Shandong Gold Mining, through a scheme of arrangement.
  • Advised ICBC Hanoi as agent on USD/VND term loan facilities provided by Chinese, Vietnamese and HK banks to a Vietnamese subsidiary of Zhejiang Yongjin Metal Technology, to finance the construction and development of a steel strip factory in Vietnam.

Mayer Brown

The projects team at Mayer Brown regularly acts for lenders and equity investors in gas-fired, coal-fired, and renewable energy projects, with a further emphasis on work relating to infrastructure and manufacturing facilities. Leading the team is Beijing-based Hallam Chow, with over 27 years of experience handling project, structured and asset-based finance. Chow showcases further expertise in joint ventures, particularly in relation to the energy and infrastructure as well as oil and gas sectors. Working alongside him in Beijing is Boya Shen, noted for project development and finance, representing lenders, sponsors, and investment funds on a variety of power, energy and manufacturing facilities.

Practice head(s):

Hallam Chow

Other key lawyers:

Boya Shen

Key clients

Asian Development Bank

Work highlights

  • Advised Asian Development Bank in a $200 million (and its RMB equivalent) financing to help China Water Affairs Group improve waste water management.

Milbank

As a firm with ‘tremendous experience in global projects and energy‘, Milbank leverages its network of international offices to provide an offering tailored towards local and international stakeholders with cross-border mandates. With further expertise standing on the lender and sponsor side, the firm specializes in projects financed via Chinese banks across Asia, Eastern Europe, Africa and Latin America. Beijing-based Shepard Liu, who is considered an ‘expert in global projects and project financing‘ heads the team, with a prominent presence acting for lenders and export credit agencies in large projects with a Chinese financing element. Another key figure is Hong Kong-based counsel Desiree Woo, regarded by Chinese sponsors and financial institutions with an Asia presence for project finance and development matters.

Practice head(s):

Shepard Liu

Other key lawyers:

Desiree Woo; Jenny Zhang

Testimonials

‘Milbank’s team is very experienced, diligent, creative and helpful in overcoming commercial and legal challenges. The firm’s business is focused on providing the highest quality advice on high-end, complex matters and they are good for complex and challenging projects.’

‘Milbank’s team understands project structures very well and offers creative solutions to difficult problems. Shepard Liu is an expert in global projects and project financing. He is also very familiar with the Chinese banks’ internal requirements and commercial needs.’

‘Milbank has tremendous experience in global projects and energy. They are highly skillful and commercially wise. They will get things done smoothly, successfully and timely. You can count on them.’

‘Shepard Liu has a strong passion for his job and for his clients. Creative and culturally sensitive, Shepard can quickly resolve difficult problems in difficult transactions.’

‘Milbank is very professional in project development and finance in the power, oil & gas, energy, transportation, communication and infrastructure sectors.’

‘Shepard Liu has extensive experience advising Chinese financial institutions.’

Key clients

CEXIM

Industrial and Commercial Bank of China

China Development Bank

Shandong Electric Power 3

BOC

Sinosure

PT Supreme Energy Rantau Dedap

GNPower

Amman Mineral Industri

HTG Development Group

S. Alam Group

Nebras Power

Work highlights

  • Advised CEXIM in connection with the €190 million financing of the Dabar hydropower project in the Republic of Srpska, Bosnia and Herzegovina.
  • Advising CEXIM as lender’s counsel in connection with the proposed €610 million financing of a 450MW thermal power project in Tuzla, Bosnia and Herzegovina.
  • Representing two Chinese state-owned policy banks in a large-scale infrastructure project, and the project financing of the $4.74 billion Quebrada Blanca 2 Copper Project in Chile.

White & Case LLP

White & Case LLP‘s offering targets the full spectrum of work for the development and financing of energy, oil and gas, mining and infrastructure projects, acting for domestic and foreign entities in a range of inbound and outbound investments. Beijing-based David Li heads the team and is particularly regarded for his expertise in equity and debt financings in the Asian, African and Latin American regions, covering the energy, utilities and natural resources industries. In addition, Li often advises multilateral lenders and development banks with regard to a range of transactions in a local and overseas context.

Practice head(s):

David Li

Key clients

Asian Development Bank

CMOC

International Finance Corporation

Saudi Aramco

Sempra Energy

Sibur

Exim Bank of China

United Energy Group

Work highlights

  • Advised CMOC on a $600 million bridge and five year pre-export financing arranged by China Construction Bank.
  • Advised Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, and Industrial and Commercial Bank of China Limited on a project financing for a Zhanatas wind farm in Kazakhstan.
  • Representing a number of lenders on the ongoing $20 billion project financing Mozambique LNG, the largest-ever foreign direct investment into Africa.

DLA Piper

Benefiting from a ‘highly knowledgeable‘ team, DLA Piper draws from its combined international and Greater China presence, handling outbound investments for major Chinese clients with respect to South East Asia. Matthias Schemuth heads the team with over 16 years of experience handling infrastructure financing matters in relation to the energy, mining, and metal sectors, regularly acting for sponsors, developers and multilateral lending agencies. Also a key contact, Carolyn Dong acts as the firm’s China energy head, specializing in major project mandates as well as acquisition financing and Sino-foreign joint ventures. Acting out of the Shanghai office, senior associate Simin Yu is noted for his greenfield project development, construction, financing and M&A experience. Key changes to the team include the arrival of Crystal Chen from Linklaters in May 2022. All named lawyers are based in Hong Kong unless otherwise stated.

Practice head(s):

Matthias Schemuth

Other key lawyers:

Carolyn Dong; Simin Yu; Crystal Chen

Testimonials

‘Very knowledgeable team covering our needs.’

‘Constant good performance and advice’

‘Highly knowledgeable and with diverse specialities.’

‘Simin Yu is excellent.’

Key clients

Asian Development Bank

ACO Investments

ANZ

Arctic Green Energy Corporation

Barito Pacific

BBVA

China Energy Investment

China Huadian

DBS Bank Ltd

Ditrolic Solar

DZ Bank

HSBC

Hutchison

ICBC Asia

Indonesia Power

KEPCO

Natixis

PAG Assets (Real Estate) Ltd.

Rabobank

Shenhua Guohua Lion Power Indonesia

Societe Generale

Sojitz Corporation

Medco

Supreme Trading

TTCL Public Company

UniCredit

Veolia

Zhefu Holdings

Work highlights

  • Advised BBVA on a $150 million CLP synthetic and $150 million USD term loan facility to the Chilean subsidiary of State Grid Corporation of China in respect of its acquisition of a large power distribution network in Chile.
  • Advised Natixis regarding a payable finance facility to Yanggu Xiangguang Copper as borrower, in respect of a copper production with Minera Escondida Limitada (BHP’s Chilean subsidiary).
  • Advised ICBC Asia with respect to the financing of a 2 x 350 MW coal fired power plant project in Cambodia’s Preah Sihanouk (Sihanoukville) Province.

Latham & Watkins LLP

With a grasp of multi-jurisdictional energy projects in both a conventional and renewable context, Latham & Watkins LLP‘s Hong-Kong based practice draws from its international network, handling work that spans across the entire energy value chain, with a clientele featuring a variety of global energy companies and funds. Heading the practice is David Blumental, with over 20 years of experience acting for Chinese and Asia-based clients on cross-border energy, natural resource and infrastructure transactions surrounding renewables and emerging technologies, including upstream oil and gas, liquified natural gas and independent water and power water projects.

Practice head(s):

David Blumental

Pinsent Masons

Pinsent Masons does a notable job of sourcing its construction expertise, acting for local contractors and project sponsors on outbound projects surrounding infrastructure, while also placing a focus on increased sophistication and geographical scope of BRI projects in targeted markets such as Africa. Acting as joint heads, John Yeap leads the practice from Hong Kong, while qualified chartered surveyor Mark Hu and Kanyi Lui lead the team from Beijing. Hu is particularly active in the infrastructure sector, benefiting from strong relationships with Chinese SOEs as he advises these with regard to a range of sizeable outbound projects.

Practice head(s):

Mark Hu; Kanyi Lui; John Yeap

Clyde & Co LLP

With experience advising state-owned entities and corporations investing abroad, Clyde & Co LLP‘s projects and energy team often acts on oil & gas as well as liquified natural gas infrastructure projects. Led by Hong Kong-based Fei Kwok, with expertise in corporate commercial contracts and complex finance transactions, the firm’s offering also extends to dispute resolution and project support in the space.

Practice head(s):

Fei Kwok

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

Gide Loyrette Nouel A.A.R.P.I. features a team noted for its value chain coverage, acting primarily for French companies and Chinese stakeholders on inbound China-based investments and investments relating to Francophone African countries, respectively. Leadership of the team is divided between David Boitout and Fan Jiannian, both based in Shanghai, and Guo Min, who works out of the Beijing office and has her roots in tax law, a practice focus which presently manifests into her advising clients on tax issues arising from transactions in the sector. Beijing-based counsel Xi Chen is another key figure at the firm, noted for inbound and outbound work focused on acquisitions and greenfield projects.

Other key lawyers:

Xi Chen

Key clients

Air Liquide

Aluminum Corporation of China

China Cosco Shipping

China Standard Inspection

Engie

Framatome

International Finance Corporation

Total

Vallourec

Work highlights

  • Advised Air Liquide Advanced Technology on the establishment of a joint venture with Hefei Institutes of Physical Science of the Chinese Academy of Science.
  • Advised Chalco Hong Kong on the development of the Boffa Nord and Boffa Sud bauxite mining blocks in the Republic of Guinea.

Reed Smith

Noted as ‘invaluable‘ when it comes to complex transactions, the team at Reed Smith LLP represents clients in regulatory, transactional and financing matters, with a focus on the mining and oil and gas sectors. Leading the team are London-based Prajakt Samant and Beijing-based Eric Lin. Lin’s practice focuses on the oversight of outbound and inbound investment projects in the wider energy and natural resources sector, with further emphasis on advising large scale state-owned enterprises and listed corporations.

Practice head(s):

Prajakt Samant; Eric Lin

Testimonials

‘Reed Smith has demonstrated strong mining industry knowledge and experience.’

‘Eric Lin offers strong leadership in complex transactions.

‘Reed Smith is invaluable. They foresee potential issues, proactively brainstorm resolutions, and come up with solutions before you even know what the problems are.’

‘They are terrific and are the key to a successful transaction.’

‘They are engaged in negotiations and are quick to point out whether something is typical for the market.’