Projects and energy: foreign firms in China

With a sizeable presence on the ground in mainland China and Hong Kong, and also able to leverage its vast international resources, Clifford Chance LLP is well-positioned to advise international, local and regional stakeholders on both inbound and outbound infrastructure and energy projects. Led by Jiahua Ni, the multi-disciplinary team has particular strength advising on project finance mandates, both from a commercial bank and ECA perspective, as well as on strategic JVs and M&A transactions. Ni excels in advising on PRC-related cross-border financings across a range of conventional power, renewables and infrastructure projects and is able to add particular value to clients requiring US financing, by virtue of his New York law qualifications. Shanghai-based partner Kelly Gregory is particularly adept at advising multinational and Chinese entities on corporate transations within the oil and gas, renewables and power sectors and is a key member of the team that also includes Terence Foo, whose transactional work in the energy and natural resources space includes outbound work for Chinese sovereign wealth funds and financial investors.

Led by banking partner Chin Chuan Chen, who splits his time between Beijing and Singapore, Ashurst’s Asia project finance offering excels in advising Chinese and international sponsors, commercial banks and ECAs on multijurisdictional infrastructure and energy projects. The team has ‘rich experience advising on complex finance structures’, including large syndicated facilities and mandates involving multi-sourced financings. Based out of Beijing, ‘very enthusiastic’ counsel Emma Zhang is noted for her aptitude at handling complex cross-border project financing transactions, including high-speed railway, power, and metal smelting projects in Asia. Beijing-based counsel Zhibin Fan is recognised for his ‘conscientious and proactive’ approach to lenders on the financing of a range of projects, including coal-fired and hydropower plants in Asia and Africa.

Led from Beijing by the ‘impressive’ Hallam Chow, Mayer Brown provides ‘efficient and effective‘ advice to lenders and equity investors in projects involving gas-fired, coal-fired, renewables, infrastructure and manufacturing facilities. Noted for his ‘solutions-oriented and creative approach’, Chow is particularly effective in advising on complex project finance mandates, often involving a diverse group of finance providers. Recent highlights include advising on outbound mandates across a spread of jurisdictions, including a considerable number of matters for Chinese commercial and development banks engaged in African projects. Boya Shen was promoted to partner in January 2021.

Led from Beijing by Shepard Liu and closely integrated with lawyers based in Hong Kong, as well as throughout the firm’s broader network of international offices, Milbank provides a ‘professional and responsive’ service to a range of local and international stakeholders on China-facing cross-border mandates. Liu has ‘commercial knowledge of the industry’, ensuring that he is a popular choice for lenders, including ECAs, on cross-border project financing mandates relating to a broad swathe of conventional energy, renewables and infrastructure projects. Hong Kong-based counsel Desiree Woo has a particularly strong reputation advising Chinese entities on the development and financing of energy projects in Southeast Asia, including recent work on numerous coal-fired power plants in the Philippines.

Led by fluent Mandarin speaking Beijing-based partner Tom Luckock , Norton Rose Fulbright‘s small team has strong ties with numerous Chinese and international financing entities, in particular, ensuring that it receives a steady pipeline of inbound and outbound energy and infrastructure-related work. Luckock’s versatility across financing, project development and corporate work allow the practice to provide a one-stop-shop service to stakeholders throughout the project lifecycle, with particular expertise on power, infrastructure and water, with a nexus to Southeast Asia.

‘Experienced in working with both SOEs and international financial institutions’, White & Case LLP is particularly effective advising on inbound and outbound infastructure and energy mandates, from a project finance perspective. Beijing-based team head David Li is ‘excellent at converting business/commercial points into legal language’, and excels in advising on syndicated project financing transactions involving many different lending entities. As well as his aptitude in relation to commercial/investment bank financings, Li is also well-versed in advising on single and multi-sourced infrastructure and project development financings in jurisdictions throughout Asia Pacific and Africa.

Led from Hong Kong by Xiao Yong and regularly aided by practitioners on the ground in Beijing, as well as across the firm’s wider international network, Dechert LLP  advises Chinese SOEs, funds and international companies on a range of multijurisdictional energy mandates. Corporate partner Yong has a particularly strong reputation advising on oil and gas-related matters, including a significant amount of work for state-owned Chinese company Sinopec. Drawing upon considerable experience gained in private practice, as well as in his former role at the Department of Foreign Investment Administration at the Ministry of Commerce, Beijing-based counsel Zhaohui Li has excellent credentials advising Chinese SOEs on their outbound energy and natural resources transactions.

Able to draw from ‘a diverse and experienced pool of talent’, both out of Greater China and across its international network, DLA Piper provides a ‘great international vision’ for regional and foreign stakeholders on inbound and outbound mandates. Hong Kong-based China energy head Carolyn Dong is well-versed at advising SOEs on outbound transactions as well as on Sino-foreign JVs, while Matthias Schemuth regularly handles energy and infrastructure financing matters. Shanghai-based senior associate Simin Yu has notable expertise advising on greenfield project development, construction, financing and M&A matters.

Regularly partnering up with practitioners throughout the firm’s global network, Latham & Watkins LLP’s Hong Kong-based China-facing practice is well-positioned to advise on large-scale multijurisdictional energy projects. Clients include a varied mix of state-owned and global energy companies, funds, and early-stage entities, and includes transactional work throughout the value chain, cutting across both conventional and renewables energy projects. Although his roots are in the oil and gas sector, team head David Blumental ’s practice has effectively moved in line with the market and now embraces corporate, finance and M&A work in the renewables space, as well as mandates involving emerging energy technologies, including waste-to-energy and hydrogen fuel cells.

Adept at advising clients throughout the project finance life cycle, Shearman & Sterling LLP is a compelling proposition to sponsors and lenders engaged in projects within the power, renewables and mining sectors. Fully in lockstep with their clients’ needs, the team has been particularly active advising Chinese investors and lenders on their activities throughout Asia, Africa and Latin America. China project development and finance team head Xiaogang (Sean) Wang has strong credentials among numerous Chinese SOEs and is well regarded for his ability to handle mandates in challenging jurisdictions, as evidenced by his recent work for China National Petroleum Corporation Exploration & Development Company on its acquisition from ExxonMobil of a participating interest in the West Qurna (Phase 1) Oil Field in Iraq.

Primarily centred from Beijing but also able to draw upon M&A expertise from Shanghai, Gide Loyrette Nouel A.A.R.P.I.’s multi-disciplinary offering in the projects and energy space has transactional expertise across a range of oil and gas, mining, power, nuclear and renewables mandates throughout the value chain. The team is particularly effective at advising French companies on their inbound China-based investments, as well as for Chinese stakeholders on their investments into Francophone African countries. Key practitioners include Guo Min, whose tax prowess ensures transactions are structured in the most tax-efficient manner, and counsel Xi Chen whose inbound and outbound work includes acquisitions and greenfield projects.

At Hogan Lovells International LLP, Jun Wei, who splits her time between the firm’s Shanghai and Beijing offices, handles a significant amount of M&A and finance-related projects and energy work in her role as chair of the firm’s Greater China practice.