Project finance in France
Allen & Overy LLP
Allen & Overy LLP advises on a varied range of greenfield and brownfield infrastructure projects thanks to a civil and common law-proficient team whose expertise encompasses project, M&A, finance and public law aspects. In France, the practice acted on most of the largest greenfield PPP projects, including several major broadband infrastructure projects. The group also advised on several large railway and road refinancing transactions and assisted clients with M&A infrastructure deals. Abroad, the team notably assists major French sponsors, as well as French and international banks and companies with a variety of airport, port, telecoms and energy projects. Globally, the practice is heavily involved in the energy sector where it recently worked on renewables projects in France, Sweden and Africa, as well as on several large-scale hydropower projects in Georgia. Christine Poyer-Rufenacht and Driss Bererhi co-chair the practice, alongside Adrian Mellor who also heads the office's banking and finance practice. Also involved is public law expert Romaric Lazerges. The Paris team also draws from the firm's global capabilities, with particularly close ties to its colleagues in the London office.
Other key lawyers:
Caisse des Dépôts et Consignations
Korea Water Resources Corporation
African Development Bank (AfDB)
La Banque Postale
Crédit Agricole Unifergie
The World Bank Group (IBRD)
Rwanda Development Board
Banque Marocaine de Commerce Extérieur (BMCE)
- Advised Caisse des depots et consignations and Direction des Fonds d’Epargne on the €2.1bn refinancing of the Tours-Bordeaux high-speed rail project.
- Advised the lenders of Aéroports de Paris, SNCF Réseau and Caisse des dépôts’ consortium on the CDG Airport Express project.
- Advised Korea Water Resources Corporation (Sponsor) and JSC Nenskra Hydro (Project Company) on ‘Nenskra’, the 280MW hydropower project in Georgia.
Clifford Chance combines leading domestic and international project expertise. The firm advises all types of stakeholders, including French and international banks, international development banking institutions, private operators and sponsors, as well as government entities. In France, the practice advises on the development and financing of the country's largest energy, transport and other public infrastructure projects. Abroad, the team has a very strong presence on landmark renewables and power projects in Africa, but is also involved in several renewables projects in Eastern Europe. The firm also acts on on several port infrastructure and highly strategic pipeline project. The practice unites 28 Paris-based lawyers led by project finance partners Anthony Giustini, Nikolaï Eatwell, Delphine Siino Courtin, Richard Tomlinson and Daniel Zerbib, as well as public law experts David Préat and Gauthier Martin. Also recommended are counsels Milica Zatezalo-Falatar and Peter Cuthbert.
‘The team provides high-quality advice to lenders. It has the depth of expertise and resources to effectively manage the expectations of large and diverse creditors and sponsors and complex inter-creditor discussions. It included a terrific set of lawyers who also happen to be an absolute pleasure to work with.’
‘A very experienced, solution-oriented and pragmatic team. Team members are always accessible, attentive, responsive, hard-working, and professional. They are always hands-on, fully involved in matters, and are with their clients every step of the way.’
‘Anthony Giustini is a real guru of international project finance. He is a great expert and also a person able to find a solution in every circumstance.’
‘Richard Tomlinson provides outstanding guidance to commercial lenders and has the ability to articulate complex concepts in terms that are readily understandable to his clients. He is solution-driven, creative and always displays strong commerciality in negotiations.’
‘Daniel Zerbib has unique expertise advising sponsors and lenders on project finance transactions.’
‘David Préat has remarkable expertise and an ability to come up with out-of-the-box solutions.’
‘Nikolai Eatwell and counsel Milica Zatezalo-Falatar provide remarkable and outstanding services. They are very commercially oriented and strong lawyers with good negotiation skills.’
‘Counsel Peter Cuthbert provides practical, focused and comprehensive advice. He displays highly effective communication skills, always listens to feedback and provides solid and well-balanced advice while always highlighting relevant risks to his clients.’
African Development Bank (ADB)
Asian Development Bank
Asian Infrastructure Investment Bank (AIIB)
Inter-American Development Bank
Inter-American Investment Corporation
The Emerging Africa Infrastructure Fund (EAIF)
The Korea Development Bank
Agence Française de Développement (AFD)
Africa Finance Corporation
Emerging Africa Infrastructure Fund
Ethiopian Electric Power
French Ministry of Ecology, Sustainable Development and Energy
Ministry of Water Irrigation and Energy, Government of the Federal Democratic Republic of Ethiopia
UK Export Finance
Standard Chartered bank
Türkiye Garanti Bankasi A.Ş.
- Advised the lenders on the construction and operation of a 390MW natural gas-fired power plant developed by Eranove near Abidjan, Côte d’Ivoire.
- Advised AfDB and EAIF on the financing of a multi-purpose port terminal at Owendo, Gabon.
- Advised LISEA and the sponsors on the refinancing of the commercial debt of a high-speed railway project between Tours and Bordeaux.
Gide Loyrette Nouel A.A.R.P.I.’s 29-lawyer team runs a comprehensive practice. The firm is a key player for large PPP and infrastructure projects in France. The international practice is equally strong and advises on major infrastructure projects in Africa. The group stands out for advising leading financial institutions, sponsors and governmental entities on landmark renewables and power projects, but also acts on several projects in Asia, including one of the continent’s ground-breaking nuclear projects in India and strategic oil and gas projects. The practice is co-headed by Stéphane Vernay and Marie Bouvet-Guiramand, both key names for international projects. Other key members for international projects include the highly-experienced John Crother, Nicolas Jean and Victor Grandguillaume who became a partner in February 2020. Thomas Courtel and Laetitia Lemercier are top names for domestic work.
Other key lawyers:
Organisation de la Communauté Economique des Etats des Pays des Grands Lacs (CEPGL) pour l’Energie des Pays des Grands Lacs (EGL)
Mediterranean Shipping Company (MSC)
Meridiam and FGIS
Consortium composed of Eiffage, Mirova, Engie and Recrea
The Government of the Hashemite Kingdom of Jordan
International Finance Corporation (IFC) and the government of Barbados
International Finance Corporation (IFC) and the Government of Senegal
European Investment Bank (EIB), International Finance Corporation (IFC) and the Government of Botswana
International Finance Corporation (IFC) and the Government of Malawi
French Ministry of Transport
ARELIA and sponsors: Bouygues, DIF and Abeedeen
Société Ivoirienne de Raffinage
Ministry of Tourism and Leisure of Ivory Coast
- Advised Naval Group on the design, construction and maintenance of the future Australian submarine fleet.
- Assisted EDF with the engineering and procurement of six EPR nuclear reactors in Jaitapur, India.
- Advised Energie des Pays des Grands Lacs and the contracting states on the development of a 147MW hydropower plant on the Ruzizi river.
Linklaters offers a deep bench and a broad practice, making the team a leading name for French and international infrastructure and energy projects. The practice receives instructions from the world’s largest sponsors and lenders and acts on landmark French matters in France, especially on major transport and renewables projects. The group also has a strong presence in Africa where it assists with major hydroelectric and other renewable energy projects. Thanks to Stephen Le Vesconte, who relocated from Seoul to the Paris office in September 2018, the practice is also chosen to advise on several large-scale projects in Asia. Bertrand Andriani heads the impressive team which also includes François April, promising counsel Darko Adamovic and senior associate Marianna Frison-Roche. Public law expert Paul Lignières left the profession and former counsel Mark Barges joined Ashurst LLP as partner in March 2019, while the recruitment of public law expert Pierre Guillot from the French administration and Le Vesconte's relocation to Paris strengthened the team.
‘The firm has deep understanding of issues that may arise in executing complex structures involving multiple parties, and knows and how to address them.’
‘Counsel Darko Adamovic shows great commercial mindset and attitude, deep understanding of underlying business aspects and sound understanding of derivatives.’
Antin Infrastructure Partners
Ecobank Development Corporation
European Investment Bank
InfraVia Capital Partners
RP Global Holding SL
- Assisted Reden Solar with one of the largest solar asset refinancings to date on the French market.
- Assisted the European Investment Bank with the financing of the Sud-Europe-Atlantique high-speed railway line concession project.
- Assisted Philae with the development of solar-powered mini-grids in the Democratic Republic of Congo.
Willkie Farr & Gallagher LLP combines leading public law and finance expertise that earns the firm top instructions on France’s largest infrastructure projects. The practice recently advised on landmark domestic financing and refinancing project work in the transport sector. Other work includes advising on several greenfield and brownfield infrastructure and energy projects abroad, including in Eastern Europe and Africa. The practice also advised CMA CGM on the development of the Puerto Antioquia maritime terminal in Colombia. Amir Jahanguiri is in charge on the financing side, with Michaël Armandou as the other key member. Thierry Laloum chairs the public law practice.
‘Amir Jahanguiri is highly thoughtful and also commercial; he is very client-focused, yet frank and transaction-oriented.’
Atlantia (Autostrade per l’Italia)
Agence Spéciale Tanger Méditerranée
Government of Djibouti
European Investment Bank
Crédit Agricole Corporate and Investment Bank
- Assisted the lenders with the high-profile refinancing of the Tours-Bordeaux high-speed rail line project.
- Assisted the lenders to RATP Dev and Keolis’ consortium with the CDG Express airport shuttle project.
- Advised CMA CGM on the development of the Puerto Antioquia maritime terminal in Colombia.
Ashurst LLP's international project finance and energy practice bolstered its bench with two new key hires in 2019 when it welcomed Tom Longmuir from Allen & Overy LLP and Mark Barges from Linklaters. The pair now head the practice together with Michel Lequien, Jacques Dabreteau and Yann Alix, who also chairs the Africa group. The team now offers project, public law, corporate and finance capabilities and offers equal strength in civil and common law. In addition to its strong position in the French market, as attested by the group's regular work for government entities and sponsors regarding large transport infrastructure projects, the practice also demonstrates particular strength in African energy and infrastructure projects and is involved in high-profile renewable energy projects in the region. Projects in Latin America also account for in important part of the team's very international caseload. Lately, the practice has won a series of new key mandates on international airport infrastructure projects.
‘The overall service is excellent. Response times are fast.’
‘Mark Barges will always find a way to get a deal done and gives companies and in-house lawyers full confidence in his handling of matters.’
‘Tom Longmuir has impressive industry knowledge in export finance and infrastructure finance transactions, especially those involving African sovereigns. He provides commercial legal advice that is well thought-through, often coming up with creative solutions to complex cross-border legal questions.’
Sumitomo Electric Industries, Ltd.
Enel/Enel Green Power
The French Ministry
- Advised the Fayat-led consortium as bidder to France’s RCEA motorway concession contract tender offer.
- Advised Nareva Holding and Engie’s consortium on Noor Midelt 800MW hybrid phase I project in Morocco.
- Advised Enel Green Power as bidder on a 100MW wind farm concession project in Tunisia.
Headed by Jean-Renaud Cazali, the team at De Pardieu Brocas Maffei regularly receives instructions from banks to advise on large and mid-size infrastructure and energy projects in France. The practice shoulders a high volume of work, primarily for banks, but also for energy companies. Recent work includes several significant refinancings, for example assisting EIB with Lisea’s €2bn debt in the context of the new high-speed railway line 'SEA', and advising Puy du Fou on the financing of a new leisure park in Spain. Financing and refinancing deals in the cogeneration and renewals sector is another busy line of work, with recent examples including assisting CIC and Auxifip with the financing of the acquisition of a majority stake in a Dalkia-held cogeneration facilities portfolio by Amundi Transition Energétique, and advising the lenders on the financing of the conversion of a 33.5MW coal-fired power plant into a thermal biomass plant. Senior associate Antoine Payen is also recommended.
‘Jean-Renaud Cazali is a very experienced and highly technical lawyer who has a strong knowledge of the market and a commercial approach. He is an excellent negotiator, very pragmatic and business-friendly. He perfectly defends his clients’ interests and has the ability to find solutions, to reconcile positions and to conclude a deal.’
‘Senior associate Antoine Payen is very efficient, reactive and has a good knowledge of the market. His understanding of legal and business issues make him a very competent and reliable adviser, able to fully defend his clients’ interests while being very pragmatic and a deal maker.’
CREDIT FONCIER DE FRANCE
DEUTSCHE PFANDBRIEFBANK (PBB)
LA BANQUE POSTALE
BANK OF TOKYO / MITSUBISHI UFJ / SUMITOMO MITSUI BANKING CORPORATION GROUP
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
- Assisted EIB with Lisea’s €2bn debt in the context of the new SEA high-speed railway line.
- Assisted Puy du Fou with the financing of a new leisure park in Spain.
- Assisted CIC and Auxifip with the financing of the acquisition of a Dalkia-held majority stake in a cogeneration facilities’ portfolio by Amundi Transition Energétique.
Dentons is involved in several of the French state’s largest infrastructure projects. The firm is especially well versed in advising public sector entities on landmark rail and transport projects. In addition, the ten-lawyer practice also advises on smaller projects in France, particulary in the education sector, and is active in one of France’s landmark renewable energy projects. Finally, the team also assists with infrastructure and energy projects abroad, such as assisting Inframed with a solar and wind power plants project in Jordan. Public law expert Marc Fornacciari and project finance specialist Jean-Marc Allix co-head the practice. Of counsel Dorothée Griveaux, a public law expert, is also noted. Nicholas George joined the team in June 2020 from Orrick Rambaud Martel while Leïla Hubeaut joined August Debouzy in January 2021.
‘The firm provides very relevant analysis.’
‘Marc Fornacciari is a true team leader who is also very committed to his clients. He provides very fine analyses that are instrumental in helping to reach the best decision on a project.’
‘Of counsel Dorothée Griveaux has a deep understanding of the specifics and constraints of the public sector. She is hard-working and shows great analysis capabilities.’
African Infrastructure Investment Managers (AIIM)
French foundation “Campus Condorcet”
- Assisted winning consortium RATP Dev/Keolis with the Charles de Gaulle Express train shuttle airport project.
- Advised the Ministry of Transportation on the awarding of the RCEA road concession project.
- Assisted Inframed with a solar and wind power plants project in Jordan.
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP combines civil and common law expertise and offers experts in energy, mining, infrastructure and project finance law. The practice has a leading presence in power and renewables projects in France and Africa, with recent highlights including advising on Nachtigal's 420MW hydroelectric power plant in Cameroon and assisting Aquind with a 2GW UK-France interconnector project. Major domestic telecoms and transport infrastructure projects and real estate infrastructure projects in Africa are also part of the group's portfolio of work. Régis Oréal leads the project finance practice. Other key names include: Eric Fiszelson, Louis de Longeaux and Rachel Campbell on the financing aspects, and public law experts Christophe Lefort and Mathias Dantin, an of counsel. Associates Soraya Salem and Thomas Herman are also noted.
Other key lawyers:
‘Christophe Lefort shows perfect legal mastering. He has strong analysis and persuasion skills.’
‘Eric Fiszelson is smart, eloquent and determined.’
‘Associate Soraya Salem is available, committed and thorough.’
‘Thomas Herman is available and responsive.’
Agence Française de Développement
Bank of Tokyo-Mitsubishi
BNP Paribas Group
Caisse des Dépôts et Consignations
Crédit Agricole Group
Indonesia Eximbank (Indonesia Export and Import Bank)
International Finance Corporation (IFC)
La Banque Postale
Meridiam Infrastructure Partners
Norddeutsche Landesbank Girozentrale (Nord/LB)
Proparco (French DFI)
Samsung Life Insurance
Société Générale Group
- Advised Proparco, IFC and EIB on the financing of two solar generation units in Senegal as part of the World Bank’s Scaling Solar initiative.
- Assisted EDF, International Finance Corporation and the Government of Cameroon with the development of Nachtigal’s 420MW hydroelectric power plant in Cameroon.
- Advised Aquind on a 2GW UK-France interconnector project.
Hogan Lovells (Paris) LLP is a strong name for large transport infrastructure projects, spanning road, rail and airport sector work. The ten-lawyer team also advises on several large-scale renewables projects. Domestic projects account for the bulk of the caseload, but the team also fields a busy practice in Africa, especially in francophone countries, for example in Mali and Senegal. Public law experts Bruno Cantier and Ludovic Babin co-head the practice together with finance specialist Olivier Fille-Lambie.
- Advised a client on the financing of a second 30MW solar power plant project in Senegal.
- Advised a group of lenders on Mali’s first independent power project.
- Assisting ADP with the CDG airport express shuttle project in France.
Norton Rose Fulbright is recommended for its leading work in strategic energy projects in France and especially in Africa, including in Cameroon, Mali, Benin, Senegal and Morocco. The 18-lawyer team has attracted a large client base made up of leading energy producers and infrastructure providers, banks, sponsors, investment funds and governments, whom the group assists with landmark solar, offshore wind, cogeneration, hydropower and oil and gas projects. The team also has experience in advising on large-scale projects in Asia. Increasingly, the practice acts on innovative electricity projects, including interconnection projects and M&A transactions. Global practice head Anne Lapierre is a leading figure in the energy sector. Her team includes very experienced M&A and projects practitioner Christophe Asselineau, Arnaud Bélisaire, Alain Malek and Simon Cudennec, who made partner in 2019.
International Finance Corporation
Moroccan Agency for Sustainable Energy
- Advised Cho Power on the financing of a gasification cogeneration plant in France.
- Advised the lenders on the financing of Akuo Energy’s first solar project in Africa.
- Advised the lenders, led by Africa Finance corporation, on the refinancing of Société Ivoirienne de Raffinage (SIR) for an amount of €600m.
Orrick Rambaud Martel stands out for its large sector spectrum and geographical reach. The practice fields a very impressive caseload of top-level project work, both in France and in Africa. In France, the practice plays a key part in most of the country’s few high-profile infrastructure projects, including railway, motorway, high-speed internet and airport infrastructure projects. Abroad, the firm recently advised on several airport and road projects, including the new JSC Nikola Tesla Airport project in Serbia. In Africa, the team is highly involved in road and energy projects, for example as advisor on one of the first road concessions in the Republic of Congo and on the Nachtigal 420MW hydropower plant project in Cameroon. Yves Lepage chairs the practice which includes leading public law expert Noël Chahid-Nouraï, a senior counsel, as well as key members Geoffroy Berthon, who was made partner in 2020, and of counsel Foucaud Jaulin. Pascal Agboyibor and Simon Ratledge left the firm to set up Asafo & Co., while other key member and public law partner Jean-Luc Champy left to join White & Case LLP in February 2020. Nicholas George moved to Dentons in June 2020.
‘The team is dedicated to achieve the goals and milestones set by its clients. It shows great communicative abilities and skills.’
‘The firm boasts one of the market’s most experienced teams which shows a very high level of professionalism. The team always finds practical solutions to issues and provides high-level legal analysis. The firm also stands out for its ability to mix both a French and US approach to infrastructure projects.’
‘The team’s PPP expertise is very robust. Negotiations skills are also very high-level.’
‘Yves Lepage is highly experienced, handling the most complex negotiations and deal closings. He is totally involved in matters.’
‘Geoffroy Berthon and Amaury de Feydeau are both excellent lawyers, reliable and very proficient. They provide great support in helping clients find the best solutions.’
The French State
Tunnel Euralpin Lyon-Turin
Caisse des dépôts
China State Construction Engineering Corporation
Egis Road Operation
Republic of Serbia
CDC Group Plc
Off Grid Electric
- Advised the French State on the €2.2bn refinancing of the Sud-Europe-Atlantique high-speed rail line.
- Assisted the Tunnel Euralpin Lyon-Turin regarding the €8bn construction of the Lyon-Turin railway.
- Assisted the Serbian government with its €1.5bn JSC Nikola Tesla Airport project.
White & Case LLP assists lenders, sponsors and state entities. The ten-lawyer team advises on some major domestic road projects, but is mostly active in African projects, with matters including several large-scale hydropower, cogeneration and renewables projects. Another highlight matters was assisting the Georgian State with a landmark hydropower project. The practice is chaired by project finance expert Paule Biensan, with public law expert François-Guilhem Vaissier as the other key member. Jacques Bouillon left the practice and counsel Marianna Sedefian joined Trinity International LLP in June 2019. In February 2020, the firm hired highly recognised public law partner Jean-Luc Champy from Orrick Rambaud Martel, which is a very promising addition.
Other key lawyers:
‘The firm has unique knowledge of the energy sector across various countries and a sound understanding of the risks associated with developing PPPs in Africa. The team understands its clients’ concerns with only a few words.’
‘The firm has real expertise in infrastructure projects. Lawyers do not shy away and stand for their clients’ with conviction. They tell clients what they need to hear.’
‘The tenacious Paule Biensan has great listening skills.’
Nippon Life Insurance Company
Standard Chartered Bank
The Iyo Bank
Dai-ichi Life Insurance Company,
European Bank for Reconstruction and Development
Black Sea Development Bank
- Advised Eranove and Fonds Gabonais d’Investissements Stratégiques on a 73 MW hydropower project located in Ngoulmendjim and a 15 MW hydropower project located in Dibwangui in the Gabonese Republic.
- Advised Eranove on a PPP agreement to develop a €110m 42MW hydroelectric dam project in Kénié, Mali.
- Advised the State of Georgia on the 434MW Namakhvani hydropower plant BOO project.
Other key lawyers:
AZITO Energie S.A. / Globeleq
IPS (West Africa)
National Agency of the Universal Service of Telecommunication (ANSUT, Côte d’Ivoire)
Limak Africa S.A.
Société Générale de Banques en Côte d’Ivoire
Nouvelle Société Interafricaine d’Assurance
African Development Bank (AfDB)
La Générale des Carrières et des Mines S.A. (Gécamines)
Deutsche Bank AG
- Advised project company Azito Energie S.A. and the sponsors in respect to the 250MW expansion of the gas-fired Azito independent power plant in Ivory Coast.
- Advising Turkish industrial Limak Cement as sponsor and its subsidiary, Limak Africa S.A as borrower in connection with the financing of the construction and operation of a major cement production facility near Abidjan in Ivory Coast.
Cleary Gottlieb Steen & Hamilton
‘The team is particularly alert and recommended.’
‘Counsel Geoffrey Levesque is an excellent professional. He is very clear and strong on the negotiating table to defend his clients’ interests. He is efficient and courageous.’
Chambre de commerce et d’industrie (CCIR) Hauts-de-France
- Assisting SNCF Mobilités with the awarding of the Gare du Nord refurbishment tender project.
- Advising Meridiam and Européenne de Biomasse regarding the development of a biomass project.
Other key lawyers:
Name of Client
Chambre de commerce et d’industrie (CCIR) Hauts-de-France/Egis Airport
Agence Française de Développement (AFD)
Alcatel Submarine Networks – Groupe Nokia
Caisse des dépôts et consignations / Banque des Territoires
Deutsche Pfandbriefbank AG
La Banque Postale
Opalia (subsidiary of Suez)
Total SA, including subsidiary Quadran – Groupe Direct Energie
- Representing the pool of lenders, in connection with the €200m refinancing of two portfolios of solar and wind assets sponsored by Quadran (Groupe Direct Energie).
- Representing a consortium led by Engie Axima as bidder to Nice Metropole ‘s new national wholesale market (MIN) for the Côte d’Azur region.
- Representing Fluence Corporation on the development and financing of a €165m water treatment plant in Abidjan.
- Representing CDC in connection with in a series of major BOT telecom projects in France.
Presidency of the Republic of Benin
Millennium Challenge Corporation/Government of Benin
Générale du Solaire
Maurel & Prom
- Assisting the Republic of Benin with several ambitious projects including on the development of a liquefied natural gas (LNG) import floating terminal and a 144 MW dual fuel/HFO and gas-fired power plant project.
Pinsent Masons LLP
Since publication of the ranking Stéphane Gasne joined DS Avocats.
European Investment Bank
Weihai International Economic & Technical Cooperative CO., Ltd
Goverment of Uganda
Yunnan Provincial Investment
CHEC (China Harbour Engineering Company)
- Assisting Yunnan Provincial Overseas Investment YOIC regarding the Glo-Djigbé International airport in Benin.
- Advising China Harbour Engineering Company on Conakry’s port development project.
- Assisting the country of Uganda with its first PPP project in relation to the Kampala-Jinja Expressway project.
African Legal Support Facility (ALSF)
Djibouti Ports & Free Zone Authority
De Run International
Proparco and DEG
TBEA Co. Ltd.
Great Horn Investment Holdings SAS
- Advising Djibouti Ports and Free Zone Authority on the negotiation of a major joint-venture with Chinese state-owned entities for the development of Africa’s largest free trade zone.
- Advising Air Djibouti in respect of a joint-venture agreement for the development and operation of a new freight terminal in Djibouti.
- Advising TBEA in relation to a hydropower project in Gabon.
‘Sophie Pignon offers strong support, especially when dealing with complex and peculiar matters.’
- Advising Altitude Infrastructure on five high-speed broadband infrastructure projects in France.
- Advising Voies Navigables de France on the refinancing of a public-private partnership project relating to the construction and maintenance of 29 dams in Aisne and Meuse.