Leading Individuals

Emerging markets in London

Allen & Overy LLP

Clients of Allen & Overy LLP praise the firm's 'precision, attention to detail and brilliant ability to protect lenders’ interests in every legal and commercial negotiation'. Emerging markets is a critical component in the firm's global strategy and, from London, the firm is heavily involved in many aspects of finance, corporate and projects work, notably in Africa, India and Central and Eastern Europe. Sanjeev Dhuna, who is chair of the India group, and Greg Brown, who handles commodities and asset financing matters, oversee the firm's emerging market work. The group calls upon the specific talents of partners from across the firm, including US-qualified international capital markets expert Sachin Davé, head of the export credit agency practice Lorraine Bayliss, co-head of the global projects group Tim Scales and upstream oil and gas expert Andrew Castle. Banking partner Kathleen Wong, debt specialist Jonathan Melton, Catherine Lang-Anderson, who handles trade and commodity finance work, and cross-border finance specialist Oleg Khomenko are also key to the practice.

Practice head(s):

Sanjeev Dhuna; Greg Brown

Other key lawyers:

Sachin Davé; Lorraine Bayliss; Tim Scales; Andrew Castle; Kathleen Wong; Jonathan Melton; Catherine Lang-Anderson; Oleg Khomenko


‘We were very happy with the services that they provided, their precision, attention to detail and a brilliant ability to protect lenders’ interests in every legal and commercial negotiation with our client. As an arranger and coordinator of syndicated transactions, one would look for certain key aspects in the lawyer’s services. Most importantly it is the ability to perform everything in accordance with the pre-defined timetable – irrespective of how voluminous the work may be. On the same page I should mention responsiveness, since the documentation process does not have clear working hours and (however wrong this may be) the ability of your lawyer to respond promptly and precisely is of high value.’

‘A key contact for our CIS transactions has been Oleg Khomenko, but the entire team has worked without any regard to the time of day and delivered every documentation unit in a timely manner. They were as responsive as one may expect on an urgent transaction and provided advice beyond what has been required of them. Often lawyers do not look beyond legal aspects of the documentation makeup, but A&O colleagues were quick to point out some gaps and irregularities in the commercial sphere too.’

‘Oleg Khomenko is always friendly and extremely knowledgeable, able to draw on from his experience working on other facilities of similar nature. His advice was highly regarded by all lenders in every discussion, where A&O took part. A&O’s trade mark comes with a sort of a guarantee of quality work, attention to every aspect of the deal and vast experience. Therefore it is fair to say that any person from this firm with whom we have worked always leaves a great impression.’

‘A strong practice with industry and geographical knowledge, particularly Andrew Castle and Kathleen Wong.’

Key clients

International Finance Corporation (IFC)

European Bank for Reconstruction and Development (EBRD)

State Bank of India

Servizi Assicurativi del Commercio Estero (SACE)

Standard Chartered Bank

Citibank N.A.

ING Bank N.V.


The African Development Bank

Sumitomo Mitsui Trust Bank (SMTB)

Baker McKenzie

Emerging markets work is a core element in Baker McKenzie's global offering, partly due to its extensive network of offices around the world, and partly due to its expertise in key practice areas, notably its focus on emerging markets capital markets issues and project finance work. Banking partner Nick Tostivin, who focuses on syndicated lending issues related to major acquisitions, leads the cross-practice emerging markets group. With key practitioner Luka Lightfoot, Tostivin advised lenders and export credit agencies on the largest railway infrastructure project in Africa for the Government of the United Republic of Tanzania, which represents the largest financing project of a sovereign state in East Africa. Megan Schellinger, who plays a central role in the firm's ECA practice, advises on Rule 144A and SEC-registered debt offerings and private placements, as well as equity-linked securities. Experienced project development and finance expert Philip Thomson frequently handles emerging markets transactions in the oil and gas sector.

Practice head(s):

Nick Tostivin

Other key lawyers:

Megan Schellinger; Luka Lightfoot; Philip Thomson

Key clients

Credit Agricole Corporate and Investment Bank

Standard Chartered Bank



Société Générale

UK Export Finance



ITOCHU Corporation

African Export-Import Bank

Bank of America Merrill Lynch


Office Nationale D’Electricité et de l’Eau Potable

Vitol BV

The Egyptian Electricity Transmission Company

Türk Telekom

Joint Stock Company Bank of Georgia

Société de Promotion et de Participation pour la Coopération Economique S.A.

Development Bank of the Republic of Belarus

Almarai Sukuk Ltd. and

Almarai Company

Arabian Centres Company

BinDawood Holding Company

Georgia Global Utilities JSC

Banque du Caire S.A.E.

ING Bank N.V.

AB Svensk Exportkredit

Work highlights

  • Advised Standard Chartered Bank and other lenders and export credit agencies on the largest railway infrastructure project in Africa for the Government of the United Republic of Tanzania. The deal represents the largest financing project to a sovereign state in East Africa.
  • Advised Société Générale, BNP Paribas and the Black Sea Trade and Development Bank (the lenders) on a SERV supported multi-facility waste to energy project financing in Istanbul, Turkey.
  • Advising international water and waste management company, Suez and Itochu Corporation as the successful sponsor on its bid for the €300m 25-year PPP to develop a new system to treat the municipal waste of the City of Belgrade. The project is the largest PPP ever signed in Serbia and will close one of the largest landfills still active in Europe.


Dentons has a presence in many emerging markets, which brings a broad palette of work into the London office. The firm has more than 50 years' experience in Africa, Russia and the CIS region, as well as having a substantial workflow from the Middle East and CEE. The practice is particularly strong in cross-border finance work, and recently assisted HSBC with its $1.2bn joint programme with the Asian Development Bank to support the supply chains of Covid-19-related products in Asia and the Pacific. Head of banking and finance Paul Holland co-ordinates the practice, which calls upon the expertise of consultant Howard Barrie, who splits his time between advising on structured trade and commodity finance work and project finance issues, and debt capital markets specialists David Cohen and Nick Hayday. 'Borrowers and banks love working with them', say clients of syndicated loans expert Isaac Felberbaum and senior associate James Ingham, while Yusuf Battiwala is 'a subject matter expert with the right mix of knowledge of Islamic finance principles'. Counsel Lee McLernon is a key adviser to export finance banks.

Practice head(s):

Paul Holland

Other key lawyers:

Isaac Felberbaum; Yusuf Battiwala; James Ingham; Howard Barrie; David Cohen; Nick Hayday; Lee McLernon


‘Good quality service throughout the different practices in the group. Regarding emerging markets, the network is generally good.’

‘It has a large number of local offices and the ability to work with a wide range of local counsel across different time zones.’

‘Yusuf Battiwala is a highly experienced subject matter expert with the right mix of knowledge of Islamic finance principles, as well as derivatives and conventional structured finance.’

‘An excellent team and incredibly well known.’

‘Isaac Felberbaum and James Ingham are fantastic lawyers and dedicated. Borrowers and banks love working with them.’

‘The team is very knowledgeable, professional and courteous.’

Key clients

The Standard Bank of South Africa

Standard Bank

FirstRand Bank

Emirates NBD PJSC

Mashreqbank psc

Abu Dhabi Commercial Bank PJSC

Arab Banking Corporation

Industrial and Commercial Bank of China (ICBC)

CPI Property Group

ING Bank N.V.

Ghana Cocoa Board

Coöperatieve Rabobank U.A

E D & F Man Group


Société Générale

Emirates Islamic Bank

Dubai Islamic Bank

First Abu Dhabi Bank

Avia Solutions Group plc


Lietuvos Energija, UAB

Commercial Bank of Dubai

The Republic of Lithuania

UAB Ignitis grupė

JP Morgan

Work highlights

  • Advising HSBC on its $1.2bn joint programme with the Asian Development Bank to support the supply chains of Covid-19-related products in Asia and the Pacific.
  • Advising CPI Property Group on its new five-year term €700m revolving credit facility with ten international banks.
  • Advising the Arrangers and Dealers on the establishment of Wizz Air Finance Company B.V.’s €3bn Euro Medium Term Note Programme and subsequent debut drawdown under the programme – a €500m 1.350% Fixed Rate Guaranteed Notes due 2024.

Herbert Smith Freehills LLP

The emerging markets practice at Herbert Smith Freehills LLP brings together dedicated partners and associates from key practices including the firm's banking and finance, corporate, competition, regulation and trade, corporate crime and investigations, and dispute resolution departments. The cross-practice group has a strong track record of involvement in Latin America, Central and Eastern Europe, the CIS states, the Middle East, Africa, and Asia-Pacific, with the London office a central hub for corporate, finance, arbitration and energy-related matters. Martin Kavanagh, global co-head of the Africa practice,  works closely with the firm's Johannesburg office and brings to bear more than 25 years' experience in energy, natural resources and infrastructure mandates. Global head of M&A Gavin Davies, global head of arbitration Paula Hodges QC and head of the UK arbitration and energy practices Craig Tevendale also have lead roles in the emerging markets group. William Breeze is a key partner for trade, project and upstream energy finance work; he recently advised lenders including African Export-Import Bank on the provision of secured term loan and revolving credit facilities to TNOG Oil & Gas Limited to finance the acquisition of a stake in OML 17.

Practice head(s):

Martin Kavanagh; Gavin Davies; Paula Hodges QC; Craig Tevendale

Other key lawyers:

William Breeze

Key clients

Airtel Africa

Anglo American

African Export-Import Bank (AfrexIm)

Bharti Enterprises

bp Plc

China National Oil and Gas Exploration and Development Company (CNODC)

China National Offshore Oil Corporation (CNOOC)

EDEN Renewables India


Goldman Sachs

Guaranty Trust Bank


HSBC Global Asset Management (HSBC GAM)

International Finance Corporation (IFC)

New Development Bank (NDB)

Standard Chartered Bank

The TATA Group

Trident Energy

Work highlights

  • Advised the senior lenders, including ABSA Bank Limited, African Export-Import Bank and Standard Chartered Bank, on the provision of secured term loan and revolving credit facilities to TNOG Oil & Gas Limited, a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc, to finance the acquisition of a 45% participating interest in OML 17.
  • Advising the Government of Malawi on the development and financing through a PPP model of the proposed 350MW Mpatamanga Hydropower Project, along Malawi’s Shire River.
  • Advised EDEN Renewables India, a 50/50 Joint Venture of EDF Renouvelables S.A and Total Eren S.A on a green limited recourse project term loan to finance a 450MWp (300 MWac) solar project in Rajasthan, India.

Linklaters LLP

The London office of Linklaters LLP plays a key role in the firm's work across the globe and plays a key part in its activity in Africa, the CIS, CEE, India, Latin America, China, the Middle East, Turkey and Southeast Asia. The firm is predominantly focused on finance and capital markets transactions, though it also has a prominent role in cross-border arbitration and corporate matters. Ian Andrews is a key partner for infrastructure projects, notably in the CEE region. Energy and infrastructure expert Andrew Jones, who leads the Africa group, has more than 20 years' experience in projects in emerging markets, while the practice's global head Daniel Tyrer specialises in upstream oil and gas, LNG, pipeline, refinery and petrochemical plant-related project development, project finance and private equity transactions across EMEA and the CIS. Tyrer and Ilia Ditiatev, who works in both London and Moscow, recently acted for lenders in a multi-sourced $8-10bn financing for the construction of the Arctic 2 LNG Project in Russia. Matthew Middleditch, who is chair of the global corporate practice and based in London and Hong Kong, specialises in M&A transactions in the financial sector and has handled some of the largest transactions in Asia.

Other key lawyers:

Ian Andrews; Andrew Jones; Daniel Tyrer; Ilia Ditiatev; Matthew Middleditch

Norton Rose Fulbright

The London office of Norton Rose Fulbright works with a network of more than 60 offices worldwide, bringing together an impressive range of expertise to assist major corporates, borrowers, sponsors, investment banks, government bodies, ECAs, multilaterals, and off-takers on major projects around the globe. Acting for both lenders and borrowers on large financing transactions, the firm is known for its expertise in projects in Africa, and its in-depth knowledge of project finance, energy, mining and construction work. Global head of business Martin McCann leads the broad multi-disciplinary group. Mark Berry is a construction and projects expert who specialises in EPC and EPCM contracts in the mining, energy and infrastructure sectors, while Daniel Metcalfe specialises in complex finance transactions in the energy and natural resources sectors. Madhavi Gosavi handles the development and financing of energy and infrastructure projects, both in Europe and Africa; and Charles Whitney handles complex project financings involving export credit agencies, particularly in Africa, Central Asia and the Middle East. Corporate specialist Raj Karia focuses on deals in the mining and minerals sector; up-and-coming partner Daniel Giemajner leads the mining group for EMEA.

Practice head(s):

Martin McCann

Other key lawyers:

Mark Berry; Daniel Metcalfe; Madhavi Gosavi; Charles Whitney; Raj Karia; Daniel Giemajner


‘A diverse range of specialist disciplines, so you can access the correct person for the job. Immediate and timely responses to work requests and deadlines. Great continuity of people. You can revisit a topic many years later and know the same people will respond and they immediately have all the background to the issue.’

‘Pragmatic solutions, not dogmatic with respect to a position or certain forms of wording. Accessible, easy to engage with associates who you can easily make a connection with.’

Key clients

Africa Finance Corporation


Al Rayan Bank


Bank of America

Bank of China

Bankmed, Sal

Bank of Tokyo Mitsubishi

Balfour Beatty

Barrick Gold






Cell C


Crédit Agricole


DBS Bank

Deutsche Bank

Ministry of Finance of Angola

Domino’s Pizza






IMI Group

International Finance Corporation


JP Morgan


Mercuria Energy



Rio Tinto

Rosneft Oil

Royal Bank of Canada



SNC Lavalin




Turk Telekomünikasyon

Wells Fargo

United Overseas Bank

Work highlights

  • Advising lenders (including Société Générale, Export Development Canada, Nedbank KfW and SEK) in relation to the $1bn financing of Ivanhoe Mines’ greenfield Platreef platinum mine in South Africa.
  • Advised Appian Capital Advisory as sponsor on the project financing of the Serrote copper and gold mine in Brazil, owned by Mineração Vale Verde do Brasil Ltda.
  • Advising RK Mine Finance (part of the Red Kite investment group) on the financing of AIM-listed Bacanora Lithium’s Sonora lithium project in Mexico.

White & Case LLP

White & Case LLP fields ‘a strong practice with a Magic Circle work ethic‘, according to one client. Advising financial institutions, corporates, governments and supranational organisations on capital markets, project development and finance mandates across the globe, the firm has one of the largest and most active emerging markets practices in London. Capital markets expert Stuart Matty frequently handles bond issuances and restructurings for sovereign issuers, while global head of project development and finance Mark Castillo-Bernaus ‘knows how to find balance between borrower and lender interests in the most efficient manner‘; he recently worked with capital markets specialist Jason Kerr on advising commercial lenders and ECAs on the $20bn project financing of Mozambique’s first onshore LNG development. Banking partner Christopher Czarnocki  is an expert in trade and pre-export finance work; head of the Africa group Mukund Dhar is highly active in oil and gas and power projects across the continent; and Philip Stopford is a key partner in project and international finance, while Melissa Butler and Ian Clark are prominent in capital markets deals.

Practice head(s):

Stuart Matty; Mark Castillo-Bernaus; Christopher Czarnocki; Mukund Dhar

Other key lawyers:

Melissa Butler; Jason Kerr; Philip Stopford; Ian Clark


‘Mukund Dhar has great knowledge and understanding of the emerging markets, the energy sector and interactions with the banks, and has an overall market view.’

‘Stuart Matty and Mellissa Butler are very hands-on partners and always find a workable solution that satisfies all stakeholders.’

‘During the past year I’ve been working with Mark Castillo-Bernaus. Mark has very wide experience in different markets, knows project and corporate finance market practices and always provides very pragmatic and practical solutions. Mark knows how to find balance between borrower and lender interests in the most efficient manner. I noted that he tends to avoid confrontations during the negotiations, even though he is always involved in the process. I can say that Mark is one of the most professional people I met in the market.’

‘We work with Mukund Dhar and Chris Czarnocki as two main partners on the assignment. Mukund is leading the team and is a person you can always rely on for all commercial matters. He is someone that can always step in and close a matter the team has been struggling with. Whenever in doubt, we always tend to resort to Mukund for advice. On the other hand, Chris is someone that is very knowledgeable on financing matters and we have used his knowledge and experience in quickly drafting and executing some of the most complex financing agreements on the project.’

‘Good bench strength with significant experience of emerging markets in the energy sector.’

‘A strong practice with a Magic Circle work ethic.’

‘The team is highly professional and experienced whose advice and solutions are always valuable and viable from the perspective of business practice. The team always provides the instant opinions and support especially when clients underwent the intensive negotiations. The team takes a higher standard of care to the matters being consulted  on even than the clients, not only from a legal and professional perspective, but also a commercial and practical perspective. The team actively trace any feedback and further issues, if there are, after the consultancy.’


Key clients


Africa Finance Corporation

African Development Bank


Credit Suisse


Deutsche Bank

European Bank for Reconstruction and Development (EBRD)

Gemcorp Capital

Ghana National Gas Company

Ghana National Petroleum Corporation

Global Palladium Fund

Goldman Sachs

Helios Investment Partners

International Finance Corporation (IFC)

Ipoteka Bank

J.P. Morgan


Mauritius Commercial Bank

Ministry of Energy of the Republic of Azerbaijan

Ministry of Finance and Ministry of Energy Ghana

Ministry of Finance Equatorial Guinea

Morgan Stanley

Nigerian National Petroleum Corporation

Oi S.A.


Puma Energy International

Republic of Ghana

Republic of Serbia

Republic of Uzbekistan

Republic of Zambia

Saudi Aramco

Standard Chartered Bank

State of Qatar

The Ministry of Finance Ukraine



Work highlights

  • Advised the Ad Hoc Argentine Bondholder Group, the largest group of the Republic of Argentina bondholders, on the successful restructuring of the country’s $64bn of external debt.
  • Advising the financiers on a landmark $20bn project financing of Mozambique’s first onshore LNG development, Mozambique LNG. This is the largest ever foreign direct investment into Africa.
  • Advised Afreximbank and Credit Suisse as co-ordinators on a €1bn and a $1bn term loan facility for Bank of Industry Limited, Nigeria.


Ashurst has a long track record in advising major corporates, financial institutions and governments on projects, financings, capital markets work, corporate transactions and disputes in emerging markets. Project finance matters have been the mainstay of its work for more than 30 years, and the firm has expanded its infrastructure development and finance practice in recent years. Its work spans Africa, Central and Eastern Europe, the CIS, the Middle East and Asia, with its recent work pushing further into China, India, Russia and Indonesia, as well as the broader regions of Africa. Global head of corporate Jason Radford, global co-head of projects Joss Dare, international arbitration lead Matthew Saunders, leader of the firm's Africa group Yann Alix, head of Africa project finance Matthew Wood, leader of the India group Richard Gubbins and lead partner for Russia and the CIS Sergei Ostrovsky form the core of the London emerging markets practice.

Practice head(s):

Jason Radford; Joss Dare; Matthew Saunders; Yann Alix; Matthew Wood; Richard Gubbins; Sergei Ostrovsky

Key clients

China Development Bank



J P Morgan Securities


ONE Dyas

Petra Diamonds


Schlemmer Group


Work highlights

  • Advised Abu Dhabi National Oil Company (ADNOC) on one of the largest global energy infrastructure transactions which saw a consortium of investors comprising Global Infrastructure Partners, Brookfield Asset Management, Singaporean sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities and Snam invest in select ADNOC gas pipeline assets.
  • Advised Petra Diamonds Limited on its long-term balance sheet restructuring, which involved a debt for equity conversion of approximately $409.9m of Noteholder Debt into new Ordinary Shares.
  • Advised Macquarie and Covanta Energy on their successful bid in consortium with Metro Pacific Investments Corporation to develop the Quezon City Waste to Energy Project in the Philippines.

Baker Botts (UK) LLP

At Baker Botts (UK) LLP, the core focus of emerging markets work is often linked to the financing of major projects in the energy and natural resources sector. Among its recent highlights are projects in Russia, notably for Baltic Chemical Plant, as well as Ukraine, China, Uganda and Tanzania. Stuart McIntyre leads the corporate and global projects practice, which specialises in emerging markets finance work. He recently acted for IFC on a number of pre-privatisation loans to state-owned banks in Ukraine and Uzbekistan, including a $35m loan to Ipoteka-bank. Corporate partner Stuart Blythe, who joined from CMS in 2020, and finance expert Nick Collins advised West Indian Ocean Cable Company on $120m in new loans to finance the expansion of its business, including a $60m loan from Proparco. Senior associate Nicholas Jones handles a broad palette of work in emerging markets, including syndicated and bilateral lending work, acquisition financings, real estate finance matters, export credit financings and project finance mandates.

Practice head(s):

Stuart McIntyre

Other key lawyers:

Nick Collins; Stuart Blythe; Nicholas Jones; Shashank Krishna

Key clients

West Indian Ocean Cable Company

Baltic Chemical Plant LLC



International Finance Corporation (IFC)


VTB Bank

European Bank for Reconstruction and Development

Galp Energia


Formula One

Quantum Power


Bristow Group

Steelhead LNG


Unicredit Bank Russia

High Power Petroleum LLC

Carbon Holdings Limited

Oriental Petrochemicals Corporation S.A.E.

Egyptian Hydrocarbon Corporation S.A.E.

Uganda National Oil Corporation

Work highlights

  • Advising Baltic Chemical Plant LLC and its sponsors on the project financing of the construction and development of one of the largest ethylene integration projects in the world to be built near Ust-Luga in the Russian Federation.
  • Advising IFC on the following pre-privatisation loans to state owned banks in Ukraine and Uzbekistan: (i) its pre-privatisation loan of up to $35m equivalent in Uzbek Soum to Ipoteka-bank and (ii) its €30m loan to Ukrgasbank enhanced by IFC’s option to convert the loan into equity shares.
  • Representing WIOCC, one of Africa’s leading connectivity providers, in connection with circa $120m of new loans to finance the expansion of its business.

Bracewell (UK) LLP

Bracewell (UK) LLP ‘punches above its weight on the energy side’ and is unique in being the only international firm in London that is focused purely on the energy industry. Much of the firm's work derives from emerging economies in Africa and the Middle East, and it counts Premier Oil, Savannah Energy and Petrogas E&P among its clients for major projects. The majority of its work relates to oil and gas projects, though it is increasingly involved in renewable energy projects. It recently advised a Marubeni and Total Solar consortium on the development and financing of the 800MW Al Kharsaah Solar IPP in Qatar. Jason Fox leads the practice, which has recently recruited heavily to round out its offering. In early 2021, Ronen Lazarovitch, who advises on energy and infrastructure projects in EMEA, joined from  Freshfields Bruckhaus Deringer LLP. Furthermore, Tom Jamieson, Jo En Low and Gordon Stewart joined from Clifford Chance LLP to build on the firm's expertise in renewable energy and power matters, while Alistair Calvert from Pinsent Masons LLP added to the firm's energy disputes team. Emerging talent Eimear Murphy is now a partner.

Practice head(s):

Jason Fox

Other key lawyers:

Ronen Lazarovitch; Tom Jamieson; Jo En Low; Gordon Stewart; Alistair Calvert; Eimear Murphy


‘The team is proactive in dealing with the needs of clients both in terms of ongoing advice but also new opportunities.’

‘The new additions to the team, Tom Jamieson, Jo En Low and Gordon Stewart, bring a wealth of experience and expertise. They proactively engage with their clients and deliver advice which is clear, commercial and on point.’

‘Extensive experience and knowledge about industry and off-takers. Team members are contactable and responses are very quick and therefore communication was very smooth and efficient despite the long term difficult and remote situation.’

‘A diversified team with broad experience and best-class service delivery.’

‘Competent, available and proactive.’

Key clients

SierraCol Energy Limited, a member of The Carlyle Group

ING Bank N.V.

Neptune Energy Group Holdings Limited

Tè Power Company S.A.S.U. (majority owned by Endeavor Energy)

Alcazar Energy Partners

Eni S.p.A.

Savannah Energy plc (SAVE)

Premier Oil plc

Marubeni Corporation

Total Solar

Al Jomaih Energy and Water Company

Fotowatio Renewable Ventures (FRV)

New Age

Petrogas E&P LLC

SDX Energy plc

Etablissements Maurel & Prom

The Mauritius Commercial Bank Ltd.

Jinko Solar


Kyushu Electric

Work highlights

  • Advised SierraCol Energy Limited, a member of global investment firm the Carlyle Group, on the debt financing to part fund the acquisition of Occidental’s entire onshore portfolio in Colombia for a total consideration of approximately $825m, with $700m payable upfront.
  • Advised the Marubeni and Total Solar consortium on the development and financing of the 800MW Al Kharsaah Solar IPP in Qatar, the first solar plant of its size in Qatar.
  • Advising FRV in connection with the project financing of a 55MW Solar PV project in Armenia. The so-called Masrik-1 scheme will be the first development of its kind in Armenia.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton has a long history of involvement with emerging markets, notably Africa, China and Hong Kong, Eastern Europe and Russia, India and Pakistan, Latin America and the Middle East. The firm has one of the world’s leading sovereign wealth fund practices, which sees it act for many state entities on new debt issuances. Banking partner Jim Ho recently assisted long-standing client The Republic of Argentina with its restructuring of $63.4bn in outstanding foreign-law governed debt. Its strong borrower-side practice acts for many corporates based in emerging markets, particularly Eastern Europe. Further afield, capital markets partner Sebastian Sperber acted for GlaxoSmithKline plc on the sale of its 5.7% stake in Hindustan Unilever Limited. Among the firm's other key practitioners are M&A and private equity specialist Tihir Sarkar, debt and equity partner David Gottlieb, private equity expert Mike Preston and experienced M&A adviser Sam Bagot.

Other key lawyers:

Jim Ho; Sebastian Sperber; Tihir Sarkar; Mike Preston; Sam Bagot; David Gottlieb

Key clients

TPG Asia

Silk Road Fund Co. Ltd

América Móvil

The Republic of Argentina

KBBO Group



Work highlights

  • Counsel to TPG in connection with a $300m follow-on investment in a portfolio company, PropertyGuru, Asia’s largest online property listing group with a presence across Singapore, Malaysia, Indonesia, Thailand and Vietnam.
  • Advised Codere on the offering of €165m of fixed-rate super senior secured notes issued in connection with its cross-border restructuring transaction.
  • Acted as international counsel to Sovcomflot on its approximately $550m initial public offering of ordinary shares and listing on Level 1 of the Moscow Exchange.

Clifford Chance LLP

Clifford Chance LLP has offices across the globe, giving it a foothold in many emerging markets. The multi-disciplinary practice in London leverages expertise in banking, project finance, commodity and trade finance, structured finance, securitisation, derivates and both debt and equity capital markets mandates. Its recent work includes advising the mandated lead arrangers on a €250m financing for the Ministry of Finance of the Republic of Montenegro, covered by a €80m guarantee by the International Bank for Reconstruction and Development, which was the first loan to be concluded under the World Bank's Policy Based Guarantee Covid-19 cover arrangements. Further afield, its growing portfolio of work in Latin America includes assisting Goldman Sachs with Ecuador's issuance of a $400m social bond. The lead partners are Leonard Cleland, who is known for his financing work in the CIS, Eastern Europe, the Middle East and Africa; capital markets specialist David Dunnigan, who frequently acts for governments, municipalities, corporations and supranationals; and energy and infrastructure expert Jeremy Connick, who is also regional head for Southern Africa.

Practice head(s):

Leonard Cleland; David Dunnigan; Jeremy Connick

Other key lawyers:

Eric Green


‘As a global organisation it is reassuring to work with Clifford Chance who can tap into local expertise in many of the jurisdictions in which we have projects. Deals are often resourced with an experienced international and local partner as well as senior associates – so a client feels well supported.’

‘The individuals with whom I typically work are David Dunnigan (who has a wealth of experience in the international capital markets); and Eric Green (a very experienced and capable senior associate particularly in the emerging markets). Both individuals work well with other organisations, and make an effort with clients to understand the requirements, which takes a lot off pressure off the table for their clients.’

Key clients

Deutsche Bank

Amsterdam Trade Bank

BNP Paribas Fortis

Goldman Sachs


Credit Suisse

Africell Holding Limited

Gemcorp Capital LLP


Standard Chartered Bank

JP Morgan

Rand Merchant Bank

Standard Bank

UniCredit Bank

Morgan Stanley


Emirates NBD Capital

Samba Capital

Warba Bank

Mashreqbank psc

PJSC Phosagro


CI Capital

Early Power Limited

Genser Energy Ghana Limited

CDC Group plc

Work highlights

  • Advising Credit Suisse AG, London Branch, OTP Group And Société Générale as mandated lead arrangers on a €250m financing for the Ministry of Finance of the Republic of Montenegro, covered by a €80m guarantee by the International Bank for Reconstruction and Development. This was the first loan to be concluded under the World Bank’s Policy Based Guarantee Covid-19 cover arrangements, and was the first partial guarantee used by the World Bank regarding the financial impact of the Covid-19 pandemic.
  • Advised the Argentina Creditor Committee on the successful restructuring of approximately $65bn of eligible bonds by the Republic of Argentina.
  • Advised Goldman Sachs & Co. LLC as Global Coordinator, Bookrunner and Social Bond Structuring Agent in connection with Ecuador’s issuance of a $400m social bond and as Placement Agent and Initial Purchaser in connection with its repackaging.

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP 'provides a unique perspective on activity on the African continent' where it is particularly active; it also handles corporate transactions and disputes in Asia, India and Russia. The firm acts for local and international organisations, major financial institutions, private equity houses, international strategic investors, governments, energy and natural resources companies, and corporates. Key M&A partner Geoffrey Burgess assisted Helios Investment Partners on the launch of Africa Speciality Risk Group, which specialises in placing African and other emerging risks. The firm also handles finance transactions in Russia; James Scoville advised Ozon on its $1.15bn IPO and listing on Nasdaq, which was the largest ever IPO of primary securities by a Russian company on a US exchange, and on a $750m offering of senior bonds. Lord Peter Goldsmith QC chairs the European and Asian litigation group, and Patrick Taylor leads the international dispute resolution practice, which handles commercial and investment treaty arbitrations, particularly in the upstream oil and gas, energy and telecoms sectors. Vera Losonci is active in emerging market equity and debt offerings.

Practice head(s):

Geoffrey Burgess; James Scoville; Lord Peter Goldsmith QC; Patrick Taylor

Other key lawyers:

Vera Losonci; Mark McCloskey; Merryl Lawry-White


‘The firm is very inclusive in its relationships with clients; they keep us informed of all aspects of a transaction, not restricting contact to only the aspect that concerns counsel located in the emerging market.’

‘Geoff Burgess has been invaluable in navigating the complexities of emerging markets in Africa and the Middle East.’

‘The firm has wide experience of M&A in Africa, especially in sub-Saharan Africa.’

‘The Debevoise & Plimpton team provides a unique perspective on activity on the African continent both in terms of fundraising and potential litigation support. Their closeness and understanding of the needs of the Developmental Finance Institutions is useful in terms of understanding approach for Africa fundraising. They also bring seasoned senior team members to engagements which is different from what I have seen from other law firms.’

‘I worked a lot with Geoffrey Burgess. Geoff is responsible, thoughtful and commercial. When approached with a question, he takes his time to understand the issues and knows when to bring in the right colleagues for in depth discussions.’

‘I have worked with the team in their pro bono capacities. They are extraordinary. Their legal skills are of a high level quality and their commitment to the work they do is impressive. Comparing to other firms I can firmly say that no other firm has shown this level of commitment to pro bono work.’

‘Patrick Taylor has been extraordinary in the pro bono work of the firm. I have also mention the work of Merryl Lawry-White and Mark McCloskey. Beyond their excellent legal skills I wanted to highlight their commitment with human rights. We really value our partnership.’

Key clients

Royal Dutch Shell


Center for Reproductive Rights

Government of Grenada

Shell Int’l Trading & Shell Nigeria Exploration Production

Shell Petroleum Development Company of Nigeria

Ozon Holdings plc

Leapfrog Investments Group


Development Partners International

United Nations Working Group on Business and Human Rights

Helios Investment Partners

Barrick (Niugini) Limited and Barrick (PD) Australia Pty Limited

Gramercy Funds Management

Government of Qatar

Work highlights

  • Acting for Royal Dutch Shell plc and several of its subsidiaries as global counsel in respect of multiple disputes in emerging markets such as Nigeria and the Philippines. These currently include: (1) a dispute with the Nigerian government relating to OPL 245; (2) an ICSID arbitration launched by Shell subsidiaries in December 2020 against the Federal Republic of Nigeria, under the Netherlands-Nigeria BIT; (3) A dispute relating to an oil spill which occurred in December 2011, approximately 120 kilometres off the Nigerian coastline; and (4) A dispute in the English court between members of the Nigerian Bile and Ogale communities against RDS and its subsidiaries.
  • Advised Ozon on its $1.15bn IPO and listing on Nasdaq in November 2020 and subsequently acted for Ozon on its February 2021 $750m offering of 1.875% senior bonds due 2026 convertible into American depositary shares representing ordinary shares of Ozon.
  • Advised LeapFrog Investments on its $500m strategic partnership with Temasek, including Temasek buying a minority stake in LeapFrog, and a multi-fund investment by Temasek to anchor LeapFrog’s future funds.

Hogan Lovells International LLP

Hogan Lovells International LLP brings together expertise in banking work, infrastructure and energy projects, litigation, capital markets issues, restructurings and corporate transactions to support clients in its emerging markets work. The firm frequently advises commercial banks, project companies and sponsors on ECA-backed projects, as well as advising on commodities financing transactions and cross-border arbitrations. Trade finance partner Andrew Taylor co-ordinates the emerging markets group, of which infrastructure and energy specialist Adrian Walker is a key member. In 2021, the firm hired litigator Kevin Lloyd and his team from Debevoise & Plimpton LLP, which added expertise in emerging markets work for oil traders. Senior counsel Andrew Carey is known for his work on impact financings, and global corporate practice head Andrew Skipper leads the dedicated Africa group, which includes more than 150 lawyers across the firm.

Practice head(s):

Andrew Taylor

Other key lawyers:

Adrian Walker; Kevin Lloyd; Andrew Carey; Andrew Skipper

Key clients


Shah Deniz

United States Development Finance Corporation (DFC)

Norwegian Investment Fund for Developing Countries (Norfund)

European Bank for Reconstruction and Development

European Commission

Africa Finance Corporation

Bank of Ghana


Qatar Petroleum

Work highlights

  • Acted for International Finance Corporation (IFC) and the Government of the Republic of Uzbekistan in connection with a pathfinder PPP project involving the design, financing, construction, operation and maintenance of a 1200 – 1500MW combined cycle gas turbine power plant in Syrdarya, Uzbekistan.
  • Advised United States Development Finance Corporation (DFC) and the Norwegian Investment Fund for Developing Countries (Norfund) on the financing of receivables generated from the supply by d.light of off-grid domestic solar kits to households in Kenya.
  • Advising Dargamo Holdings Limited on allegations of fraudulent misrepresentation, dishonest assistance, knowing receipt and conspiracy in connection with a shareholder dispute between four Ukrainian oligarchs who were longstanding partners in one of Europe’s largest metals producers, Industrial Union of Donbass (ISD).

Mayer Brown International LLP

Mayer Brown International LLP 'really goes the extra mile to deliver high-quality work' in emerging markets transactions, particularly in Africa. The firm recently advised Eastern and Southern African Trade and Development Bank on a $285m secured commodity financing made available to Alliance One borrowing entities based in Kenya, Malawi, Tanzania, Uganda and Zambia. Ian Coles, who leads the Africa and mining practices; natural resources and infrastructure specialist Rachel Speight, and Ashley McDermott, who has a strong track record in handling financings in Russia and across the CEE and CIS region, are the lead partners. Counsel Danuta De Vries and senior associate Emma Sturt are known for project and export finance work, while arbitration specialist Luiz Aboim, who joined from White & Case LLP in 2020, adds specialist expertise in matters concerning Mozambique. Robert Hamill frequently works with Coles and Speight on mining and metals transactions, and Kirsti Massie plays a key role in power projects. Meredith Campanale frequently handles multi-sourced financings in the energy and infrastructure sectors.

Practice head(s):

Ian Coles; Rachel Speight; Ashley McDermott

Other key lawyers:

Danuta de Vries; Emma Sturt; Luiz Aboim; Robert Hamill; Kirsti Massie; Meredith Campanale


‘A very professional, proactive team that goes the extra mile to deliver.’

‘Really go the extra mile to deliver high quality work.’

Key clients

The Eastern and Southern African Trade Development Bank (TDB)



ING Bank

Investec Bank

Macquarie Bank

Bank of Montreal

Barclays Bank

Société Générale

BNP Paribas


Sumitomo Metals & Mining

Sumitomo Corporation


First Rand Bank

Karoon Energy




Islamic Republic of Pakistan

Work highlights

  • Advised Eastern and Southern African Trade and Development Bank on the amendment and restatement of a $285m transaction, comprised of five standalone facilities made available to Alliance One borrowing entities based in Kenya, Malawi, Tanzania, Uganda and Zambia.
  • Acted for Vakifbank on its issuance of €750m of Sustainability Notes, the first-ever offering of a sustainability bond by a Turkish commercial bank.
  • Representing Pakistan in ICSID annulment proceedings in Tethyan Copper Company v. Islamic Republic of Pakistan, and advising on resisting enforcement of the ICSID award in Washington DC courts.


Milbank has 'exceptional technical and market and jurisdictional knowledge and great depth amongst the partners and associates'. The firm's London office has a long history of involvement in emerging markets finance transactions, notably in Africa, the Middle East, Asia and Latin America. Energy and infrastructure projects feature strongly in its work. Practice head John Dewar advises sponsors, project companies, export credit agencies, multilateral development banks and development finance institutions in the power, oil and gas, mining, telecoms and infrastructure sectors, on cross-border matters involving emerging markets. Newly promoted partner Chris Taufatofua has a strong track record in international project financings, with a core focus on the power and renewables sectors, and, together with emerging talent Şeyda Duman, advised the Republic of Turkey and Ziraat Bank on the restructuring of shareholder arrangements and debt facilities and also TWF’s acquisition of control over shares in Turkcell.

Practice head(s):

John Dewar

Other key lawyers:

Chris Taufatofua; Şeyda Duman; Suzanne Szczetnikowicz


‘Exceptional technical and market and jurisdictional knowledge and great depth amongst the partners and associates we have used on a very high profile matter for the company. Able to co-ordinate instructions and advise coherently and project manage at all levels within our organisation.’

‘The team dealing with our matter has been superb. John Dewar has detailed knowledge of the regional marketplace and is supported by the responsive Suzanne Szczetnikowicz. All were responsive to our challenging requirements of timescale and never compromised on quality.’

Key clients


Apollo Global Management


European Bank for Reconstruction and Development

U.S. Development Finance Corporation

International Finance Corporation

Gas Natural Açu

Total S.A.

New Fortress Energy

Japan Bank for International Cooperation

Nippon Export and Investment Insurance


KfW IPEX-Bank GmbH

Standard Chartered Bank

Export Finance Australia

African Development Bank




Akbank T.A.S.


Nebras Power

UK Export Finance



Euler Hermes

Work highlights

  • Advised New Fortress Energy in connection with the $5bn combined acquisition of Hygo Energy Transition Ltd and Golar LNG Partners, LP.
  • Acted for TWF and Ziraat Bank in relation to the restructuring of the holding company shareholder arrangements, the related debt facilities provided by Ziraat Bank and TWF’s acquisition of control over, and 26.2% of the shares of, Turkcell İletişim Hizmetleri A.Ş. through its entrance into a series of transaction agreements with, among others, Telia Company, LetterOne, Çukurova Holding and Ziraat Bank.
  • Advising the Senior Creditors on the $11bn restructuring and debt reprofiling of the Sadara Chemical Company – the first-ever rescheduling of a project financing involving export credit agencies, Islamic banks and sukuk (bond) holders and the largest sharia-compliant restructuring in Saudi history and the wider Middle East.

Morgan, Lewis & Bockius UK LLP

Morgan, Lewis & Bockius UK LLP is known for its ‘promptness with high-quality, and is always ahead of the question needing to be answered or resolved‘. The firm handles a broad spectrum of complex transactions and disputes across emerging markets and the London office is the central hub for this work. It is highly involved in cross-border financings, acting for major financial services clients, including EBRD, as well as governments and large corporates. US and English-qualified Carter Brod has advised on capital markets transactions in the London market for more than 20 years, including debut bond offerings in many emerging markets, while Bruce Johnston recently advised Turkey’s Calik Holding on an $85m offering of floating rate notes. Paul Denham handles leveraged finance, banking, insolvency and restructuring matters in the emerging markets, and Ayesha Waheed is a projects expert who has worked on numerous billion-dollar energy and infrastructure transactions.

Other key lawyers:

Carter Brod; Bruce Johnston; Paul Denham; Ayesha Waheed; Jonathan Hines;  Seyfi Can Kandemir


‘The firm and its staff have been working with us for a long time. They are already our “family legal office” being aware of our business specific, vital needs, advisory scope. Promptness with high-quality, always ahead of the question you need to be answered or resolved.’

‘Great staff on all levels.’

‘The team is highly knowledgeable about Turkmenistan and other Caspian countries. It is the only firm that represented the largest investors on various PSA matters in Turkmenistan, such as advising on cost-recovery matters, serious tax challenges, introducing amendments to the PSAs.’

‘We worked closely with Jonathan Hines over the last year and prior to that, my predecessors, over the last 5-7 years. He is distinguished by his deep knowledge of the oil and gas industry and the PSA regime in the CIS countries, as well as the understanding of intricacies of the logic of regulators. Expertise and readiness to understand the grey areas of legislation.’

‘Seyfi Can Kandemir is an individual who is always available for providing swift responses to any queries his client would have. He is incredibly knowledgeable and has phenomenal social skills which enables him to manage complicated situations very well. His responses to client queries are always to the point and clear which saves a lot of time and effort for everyone.’

Key clients


Lao People’s Democratic Republic

Telecommunications Services of Trinidad and Tobago (TSTT)

Republic of Suriname


PT Well Harvest Winning Alumina Refinery

Euro-Asian Oil SA

Abu Dhabi Fund for Development (ADFD)

Avocet Mining plc

Frigorífico Concepción


Patriotic Energies and Technologies Limited

WE Soda plc

Shuaa Capital

Axis Strategic Partners (Dubai)

Calik Holding

Aktif Bank

EPH European Property Holdings

Yildirim Holding

Kalyon Group

Work highlights

  • Represented Yandex N.V., the leading internet search engine in Russia/CIS and one of Europe’s largest internet companies, in an offering of $1.25bn in aggregate principal amount of convertible senior notes due 2025.
  • Advised longstanding client EBRD on the first project under its new Vital Infrastructure Support Programme, providing new financing worth $125m to Enerjisa Enerji, the leading electricity distribution and retail company in Turkey.
  • Advised Paraguayan beef processing company Frigorífico Concepción on an offering of $161m in aggregate principal amount of senior secured bonds, which were issued in three separate tranches.

Reed Smith LLP

Clients of Reed Smith LLP  state that 'it knows the relevant markets well and has vast contacts with local law firms'. The firm has a multi-disciplinary, cross-office emerging markets practice that handles capital markets, corporate and M&A, banking and finance, commodities and derivatives transactions. It also has great depth in construction, infrastructure, and energy projects, and handles disputes, sanctions and international arbitrations. Gautam Bhattacharyya, who is co-head of the India group, has extensive experience in international arbitrations, frequently acting on behalf of local and international banks. Newly promoted counsel Patrick Sutton is a key practitioner in the firm's energy and natural resources group, specialising in trade and commodity finance work, receivables discounting issues and structured inventory finance matters in Africa, the Americas, the Middle East, Europe, Asia and the CIS.

Practice head(s):

Gautam Bhattacharyya

Other key lawyers:

Patrick Sutton; Kevin-Paul Deveau; Catherine Lewis; Corina Lefter


‘This team has been working on deals in emerging markets for a long time and lawyers are very experienced. They know the relevant markets well and facilitate the deals using this knowledge. They also have vast contacts with local law firms.’

‘Banking partner Kevin-Paul Deveau is excellent.’

‘We worked with Gautam Bhattacharyya, Catherine Lewis and Corina Lefter in an international commercial arbitration. The team was technically excellent and a real pleasure to work with. Gautam is a great senior leader and mentor and is able to take the team along. Gautam is very easy to collaborate with and understands the needs of the client and is happy to adjust work styles accordingly.’

‘Gautam Bhattacharyya’s tremendous experience was apparent in the practical advice he gave. As a junior partner, I found Gautam to be extremely approachable and it was a comfort to have Gautam’s experience on the team. Catherine Lewis and Corina Lefter are great lawyers in their own right. They were diligent, thorough and the teams were easily able to collaborate together to delivery top quality service to the client.’

Shearman & Sterling LLP

Shearman & Sterling LLP is 'an exceptional law firm, highly committed, knowledgeable, creative and solution-driven'. The London office has a track record of involvement in jurisdictions as diverse as Kenya, Cameroon, Mozambique, Nigeria, Kazakhstan, Azerbaijan, Brazil and Argentina. In the projects space, it has frequently been involved in high-profile emerging markets projects, transactions and disputes, regularly advising on first-in-country and first-in-kind matters. Iain Elder has extensive experience in the development and financing of energy and infrastructure projects, a practice he leads in EMEA, as well as being head of the Africa strategy group. In that practice, Nicholas Buckworth is also highly recommended. Sanja Udovicic is 'an outstanding lawyer with a commercial and collaborative approach' to advising development banks, ECAs, Islamic financiers and sponsors on energy and natural resources projects. Of counsel John Inglis also handles power generation projects, while senior associate Colm Ó hUiginn has experience in solar projects in Azerbaijan.

Practice head(s):

Iain Elder

Other key lawyers:

Nicholas Buckworth; Sanja Udovicic; John Inglis; Colm Ó hUiginn


‘Shearman & Sterling have robust network with top-tier local legal firms on the ground, which enables them to provide reliable and outstanding legal service to clients. Moreover, the partners in the firm has strong leadership to lead such local firms hence client always enjoy excellent service.’

‘John Inglis has long listed track records, working for big-scale projects in most of the emerging markets in the globe. This makes him not only appreciated by every stakeholder in the markets, but also provides cutting-edge solutions for clients, which we cannot observe in other instances. Shearman & Sterling is an exceptional law firm. We very much appreciate working with them and can highly recommend their services.’

‘The legal advisors of Shearman & Sterling are highly committed, knowledgeable, creative, solution-driven – just what you need to close a deal.’

‘A great emerging markets practice for project finance. Very focused on solving problems, not afraid to give a frank assessment of risks and exercise their judgment to develop a recommended course of action.’

‘Sanja Udovicic is particularly noteworthy. She is advising us on a power project financing in Jordan. I’ve worked with her for a number of years and think she is an outstanding lawyer with a commercial and collaborative approach. She doesn’t just highlight issues, she comes up with solutions. She gives an honest assessment of the risks and exercises her judgment to propose a recommended course of action. She also does an excellent job of herding the cats on complex transactions to move the deal forward.’

‘Very good at getting the high-value, highly complex projects structured and done – a creative problem solving firm. Key attributes for the emerging markets.’

‘Nick Buckworth – one of the market leaders. Iain Elder – excellent on sponsor side.’

Key clients

Abu Dhabi Future Energy Company (Masdar)

Golar LNG Limited


Notore Chemical Industries Plc

Emirates Global Alumina


Work highlights

  • Advised Abu Dhabi Future Energy Company (Masdar) on the development and financing of the Sharjah Multi-fuel Waste-to-Energy project in the Emirate of Sharjah, United Arab Emirates.
  • Advised Golar LNG in connection with all aspects of the provision of a floating liquefaction facility offshore Mauritania and Senegal.
  • Advising SACE and the SACE Lenders on the financing for the modernisation and expansion of the Middle East Oil Refinery in Egypt.

Simmons & Simmons

The London office of Simmons & Simmons is a central hub co-ordinating emerging markets work from 21 international offices, creating an integrated practice acting for banks, multilaterals, funds, corporates and governments on project finance matters, banking capital markets work, regulatory matters, competition issues and crime mandates. Mining, metals and power transaction specialist Iain Duncan and trade and commodity finance expert John Sayers lead the emerging markets group; Duncan recently advised Mantos Copper S.A. on the financing of its Mantos Blancos copper mine located in Chile. In the infrastructure and natural resources group, Alex Blomfield and managing associate Simon Kenolty are adept in the development, construction and financing of major projects. The recent recruitment of Camilla de Silva, former head of bribery and corruption at the SFO, and of counsels Corinne Noel from Skadden, Arps, Slate, Meagher & Flom (UK) LLP and Tina Blazquez-Lopez from Bryan Cave Leighton Paisner LLP, also boost the firm's emerging markets capabilities. Marc Fèvre also joined in 2021 from Baker McKenzie.

Practice head(s):

Iain Duncan; John Sayers

Other key lawyers:

Alex Blomfield; Camilla De Silva; Corinne Noel; Tina Blazquez-Lopez; Simon Kenolty; Marc Fèvre

Key clients

Mantoverde SA (a subsidiary of Orion Resource Partners)

Mantos Copper S.A

Mainstream Renewable Power

Orion Resource Partners

Umm Al Houl Power Q.P.S.C.

Eternis Fine Chemicals Limited

Bulgarian Energy Holding EAD

Commercial International Bank S.A.E.

Gemfields Limited

Growthpoint Properties Limited

Black & Veatch

Resource Capital Fund

De Beers UK Limited


Work highlights

  • Advised Mantoverde SA (a subsidiary of Orion Fund JV Limited and Audley Mining Advisors Limited), a mining and minerals alternative investment firm, on the equity and project financing of the Mantoverde copper mine in Chile.
  • Advised Eternis Fine Chemicals Limited, one of the world’s leading aroma chemical manufacturers headquartered in Mumbai, India, on the acquisition of the entire share capital of Tennants Fine Chemicals Ltd, the largest primary manufacturer of specialty aroma chemicals in the UK.
  • Advising longstanding client Mainstream (the leading emerging markets power developer) on matters related to its syndicated €200m committed, secured, syndicated bond issuance facility with DNB Bank, ABN AMRO and various international insurance companies acting as sureties, which is used to support bid bonds, performance bonds, and equity commitments throughout the Group.

Akin Gump LLP

The London finance group at Akin Gump LLP works closely with colleagues in Frankfurt, Moscow, the Middle East, Southeast Asia and the US on cross-border finance transactions; the firm is particularly noted for its work in Russia, the Middle East and Central Asia. Over the last 20 years, has raised more than $50bn for clients, including a $1.5bn Eurobond, a $1bn project financing and $500m revolving credit facility for longstanding client LUKOIL in 2020. Robert Aulsebrook focuses on international debt finance, project finance, capital markets and derivatives mandates, while Weyinmi Popo is a key adviser to Africa-focused private equity sponsors. Shaun Lascelles handles cross-border M&A and private equity transactions.

Practice head(s):

Robert Aulsebrook

Other key lawyers:

Weyinmi Popo; Shaun Lascelles


‘Akin Gump has shown a strong knowledge about the project finance documents and related legal matters. For the past five years of our project Akin Gump has a significant contribution in progressing the business either for the day-to-day operations or for the infrequent matters, linking the contracts terms to provide the best advice for the project management and leading to a secure position with the lenders and stakeholders.’

Key clients

New Urban Communities Authority of the Government of Egypt


Palestine Power Generating Company (PPGC)

Shams Ma’an Power Company

Lukinter Finance BV

CEVA Group plc

PAL 4 Solar Energy LLC

Work highlights

  • Advised PJSC LUKOIL on the successful completion of its issuance of $1.5bn Eurobonds listed on the Main Market of the London Stock Exchange.
  • Acting as sole English counsel to the Government of Egypt on the New Urban Communities Authority’s financing for the historic construction of Egypt’s new administrative capital city located east of Cairo. The financing exceeds $2bn of English law syndicated bank debt.
  • Advising PAL 4 Solar Energy LLC on the development and financing of a solar power project in Burkina Faso. The work involves drafting and negotiating all development and financing documents, including the Power Purchase Agreement and the PPP Agreement with the government of Burkina Faso.

Bird & Bird LLP

Bird & Bird LLP frequently advises conventional commercial banks, alternative lenders, special opportunity lenders and development banks on a wide variety of financings in emerging markets. The firm draws on its expertise in aviation and asset finance issues, energy work and Islamic financings to act for lenders and, increasingly, borrowers across the CEE, CIS, Southeast Europe, North Africa and Asia. Group head Andrew Hallgarth is 'very responsive and knowledgeable, and finds creative solutions'; Samrad Nazer, who frequently acts for major development banks, and senior associate Jennifer Bird work closely with Hallgarth on major transactions in a range of countries including Belarus, Bulgaria, Romania and Ukraine. Though cross-border finance is still the firm's main focus, it increasingly handles corporate transactions in Africa and India, notably in the mining and natural resources sector.

Practice head(s):

Andrew Hallgarth

Other key lawyers:

Samrad Nazer; Jennifer Bird


‘Great value for money, and they really know what they are doing and can handle complicated transactions/issues.’

‘Andrew Hallgarth is great. He is very responsive and knowledgeable, and finds creative solutions to issues that arise.’

Work highlights

  • Advised a major development bank on the admission of a key strategic investor, a partial exit and arrangements to restructure shareholder rights facilitating its IPO.

Charles Russell Speechlys LLP

Charles Russell Speechlys LLP has decades of experience in Africa, and it has also represented a number of the island governments in the Caribbean as well as handling deals in the Middle East. The practice also has a dedicated India group comprising English and Indian-qualified lawyers in London and Dubai. Team head Adrian Mayer advises on investments and corporate finance work, primarily in Africa, while John Sykes handles cross-border commercial litigation, mediation and arbitration proceedings. In 2020, James Broadhurst, who advises companies, private investors and family offices on transactions in Latin America, joined from Hierons LLP, and in 2021, Robert Reymond joined from Stikeman Elliott (London) LLP to lead the Latin America practice.

Practice head(s):

Adrian Mayer

Other key lawyers:

John Sykes; James Broadhurst; Robert Reymond

Key clients

Harborough Limited

Actis LLP

Growthpoint Investec Africa Properties

fastjet plc

GHL Bank plc

AgDevCo Limited

Predator Oil & Gas plc

Government of Trinidad & Tobago

Daystar Power plc

Work highlights

  • Advised Harborough Limited (the holding company of GHL Bank plc) and the management team of GHL Bank plc on the sale of the entire issued share capital of GHL Bank plc to First National Bank Ghana Limited (a subsidiary of FirstRand Group).
  • Acting for Daystar Power in connection with its latest $38m fundraising round.
  • Successfully represented a former employee of a subsidiary of Royal Dutch Shell in the largest corruption trial in Italian legal history, which concerned alleged international bribery and corruption in respect of a 2011 settlement of various disputes concerning the rights to a lucrative deepwater oil block off the coast of Nigeria.

Dechert LLP

Dechert LLP focuses on debt capital markets transactions in emerging markets, with its recent work covering bond issuances and restructurings in the former Soviet Union, MENA, sub-Saharan Africa, the ASEAN region and Latin America. Among its standout transactions was the first green bond from the MENA region, and a US dollar-denominated green bond in Africa. Patrick Lyons, who is head of the international capital markets practice, co-ordinates the emerging markets group, which calls on the skills of bond restructuring expert Giles Belsey, up-and-coming capital markets specialist Jennifer Rees and associate Amy Rees, who an expert in US-style disclosure. Lyons recently acted for the Arab Republic of Egypt in connection with its $3.75bn triple-tranche Eurobond issuance, and advised the Kingdom of Bahrain on the update of its GMTN programme and $2bn triple-tranche note issuance.

Practice head(s):

Patrick Lyons

Other key lawyers:

Giles Belsey; Jennifer Rees; Amy Rees

Key clients

Arab Republic of Egypt

Kingdom of Bahrain

West African Development Bank

Manila Water Company

Ukrainian Railway

Sultanate of Oman

Bank Audi


Blom Bank


BNP Paribas


J.P Morgan

Hashemite Kingdom of Jordan

Byblos Bank



The dispute resolution practice at Fieldfisher is a key part of the firm's emerging markets offering and litigator Daniel Hayward provides 'robust, commercially-focused and tactically astute advice'. Key partner Matt Hinxman is a project finance and asset finance specialist, representing lenders and sponsors on major financings in developing and emerging markets. Nodir Sidikov frequently advises CIS-based clients on corporate deals in the energy sector, and Cecily Davis focuses on energy and infrastructure projects in Africa. Davis recently acted for Winch Energy on off-grid solar developments in Sierra Leone.

Practice head(s):

Matt Hinxman; Nodir Sidikov; Cecily Davis

Other key lawyers:

Natalia Schuster; Daniel Hayward


‘The team is very knowledgeable and efficient. It is aware of key recent cases to our specific deals and able to choose appropriate solutions. Its team is frequently involved in deals with Russian nexus, hence it is able to adjust legal analysis to the applicable market pattern.’

‘Natalia Schuster is standout for Russia-related deals. Her perfect English law academic background and bilingual capabilities are extremely helpful. Natalia is wise and constructive in advising and reviewing quite complex matters. Daniel Hayward is remarkable for his dispute resolution capabilities. He is also well-aware of Russia-specific cases and is always on the same path without a need to spend much time on explanations.’

‘They have tremendous strength in depth and can easily marshal the resources to cope with the largest and most complex cases. There is a particularly heavy concentration of Russian and Ukrainian speaking lawyers, hence their prominent position in Russia/CIS-related disputes. Within the team there are some especially impressive individuals with a rare ability to devise winning strategies throughout the life of a case.’

‘Dan Hayward is an impressive Russian-speaking partner who knows exactly how to navigate fraud cases from start to finish.’

‘Matt Hinxman has been very supportive, very creative, and very experienced in handling such multi-jurisdictional disputes.’

‘Their reputation for Russia and CIS-related work is second to none.’

‘Dan Hayward is a stand-out performer, who delivers robust, commercially-focused and tactically astute advice in a client-friendly format.’

Key clients

Africa Finance Corporation

African Lion Gold plc


Amalgamated Metal Corporation plc

Amur Minerals Corporation

Atalaya Mining plc

Beowulf Mining plc

Brick Court

Central Asia Metals plc

Cooke Young & Keidan

Cooperative KMG EP UA

Cornish Metals Inc.


Dalradian Gold Limited

European Bank for Reconstruction and Development (EBRD)

Essex Court

Everest Alliance Limited


Fountain Court Chambers

Fusion Capital AG


Gazprom UK Limited

Golden Arrow Resources Corp.

Grant Thornton

Ibex Metals AG


ISON Mining Pte Ltd

Joh. Berenberg, Gossler & Co.

JSC National Company “KazMunayGas”

Kalahari Metals Ltd

Kodal Minerals plc

Liberum Capital

Mirabaud Securities

Orion Minerals Ltd

Osisko Gold Royalties

Pittas Legal

Quadrant Chambers

RCB Bank Ltd

Savannah Resources plc

SigmaRoc plc

SP Angel Corporate Finance LLP

Tamesis Partners

Tembo Capital Mining GP Limited


Work highlights

  • Advised CQUR Bank LLC on setting up the bank and providing regulatory and operational advice.
  • Acting as primary external counsel for RCB Bank Ltd including capital markets, banking transactional, litigation, arbitration, regulatory and employment.
  • Acting for one of four defendants in a claim brought by Russian state-owned oil giant PJSC Tatneft in respect of the alleged misappropriation of approximately $300m of oil payments.

Gowling WLG

Gowling WLG has a large multi-disciplinary team across its office network that has expertise in the energy, infrastructure and natural resources sectors. Its work includes acting for governments, regulators and clients in the private sector on market transformation programmes, as well as advising on energy regulations, M&A and joint venture transactions, structured financings, insolvencies, dispute resolution and project finance work. Clients claim 'the team has good access to local participants and proper knowledge of the inner workings of emerging markets'. Jonathan Brufal leads the international energy team and is also head of the Africa group; he recently assisted Kansai Electric with a new $2.5bn electricity transmission project in Abu Dhabi. Also key to the practice are corporate energy expert Gareth Baker, project finance specialist Andrew Newbery, natural resources expert Charles Bond, and Alasdair McKenzie, who focuses on development and impact financings.

Practice head(s):

Jonathan Brufal; Gareth Baker; Andrew Newbery; Charles Bond; Alasdair McKenzie

Other key lawyers:

Dhruv Chhatralia


‘Charles Bond is our key partner to the relationship. He is always available 24/7/365. When a matter is truly urgent, we always get a reply. Plus, he understands that sometimes a client needs one-hour advice and sometimes a one-week opinion. He is also great in bringing in additional resources within Gowling when his own expertise is limited, whether due to industry, litigation or geography. He is also excellent in process management (as are their associates). As a client, we have limited capacity to organise and project manage, and Charles and the team at Gowling have saved us many times in transactions by taking the lead on process management.’

‘The team has good access to local participants and proper knowledge of the inner workings of emerging markets. Adequate fees are also a plus.’

‘Proactive and always ready to help.’

‘Gowling has demonstrated unparalleled diligence and determination to not only advise this company on legal matters, but to intimately understand our plethora of agreements, so much so that they have long been considered an integral part of the company’s strategic planning group. The range of advice and guidance offered by Gowlings is done so in a timely, patient and – most importantly – digestible manner that allows the group to make decisions with maximum confidence.’

‘Gowling inspires confidence and little is decided in the company without referring to them for guidance or assurance. It is testament to their understanding of the company, our operating environment and political challenges that they are often found guiding local (Tanzania) counsel on matters of Tanzanian law.’

‘GWLG provide prompt and comprehensive advice on a range of matters relating to cross-border equity investments. They work well with local counsel and it is very helpful to be able to draw on expertise from across the team (e.g. dispute resolution) to resolve the issues and questions that inevitably arise over the course of a transaction. They respect deadlines and are available to answer ad hoc questions as they come up.’

‘Over several recent transactions, we have been pleased with Gareth Baker’s practical, commercially-minded advice and solution-orientated approach. On our Nigerian equity investment, Dhruv Chhatralia really pulled out all the stops to help us meet our deadlines and provided clear and comprehensive answers to our questions. Both are friendly, collegial and a pleasure to work with (not to be taken for granted)!’

Key clients

Kansai Electric Power Corporation

AGES Energy Ltd

eThkwini Municipality

International Finance Corporation

Bacanora Lithium plc

Bushveld Minerals Ltd

InfraCo Africa Limited

Almar Water

GuarantCo Ltd

Hummingbird Resources Plc

Poti New Terminal Corporation

AfriTin Mining Limited

Pan African Energy Tanzania Limited (PAET)

Bi Partecipacoes E Investimentos Ltda

Deme Concessions Wind NV

CPCS Transcom Ltd

Work highlights

  • Acted for Kansai Electric Corporation, a major Japanese utility based in Osaka, on Project Lightning, a new electricity transmission project in Abu Dhabi with an estimated value of $2.5bn.
  • Advised Bushveld on a $65m secondary financing which included a $35m loan note convertible into Bushveld ordinary shares and a $30m production financing agreement (PFA), each with Orion Mine Finance, a mining-focused investment business.
  • Successfully completed a multimillion-dollar joint venture deal for CPCS Transcom Ltd. and InfraCo Africa to deliver significant infrastructure development in Liberia.

McDermott Will & Emery UK LLP

The team is affable and approachable at all levels, and proficient in its legal advice‘, says a client of McDermott Will & Emery UK LLP, adding that ‘the commercial insight of the team coupled with its negotiation and drafting expertise makes the firm a pleasure to deal with‘. Ranajoy Basu and counsel Priya Taneja joined from Reed Smith LLP to form the firm’s India group, bringing extensive experience in high yield and other capital markets transactions. Andrew Savage‘s practice covers commercial and finance disputes and international arbitration proceedings, frequently in emerging markets. Hamid Yunis handles cross-border M&A, investment issues and private equity transactions, predominantly within the health and infrastructure sectors. Nick Azis is also a key adviser on M&A deals.

Practice head(s):

Ranajoy Basu; Hamid Yunis; Andrew Savage; Nick Azis

Other key lawyers:

Priya Taneja


‘Ranajoy Basu’s induction has been a very good positive factor.’

‘The team has deep understanding and experience of Indian markets. They have been working on several mandates of value and importance.’

‘Ranajoy Basu has been working on India deals for many years and has a fantastic understanding of the laws of India. He brings his business and commercial sense to every transaction and that helps clients and co-counsels to find effective and workable solutions. He is great to work with and has a solution-driven attitude.’

‘The emerging markets practice of McDermott is known for advising on a broad range of capital markets and complex structured finance transactions including FCCBs and QIPs relating to India. With the recent announcement of their Singapore office they will broaden their capabilities in the Asia Pacific region and further complement their offerings for clients in India.’

‘Ranajoy Basu is our key contact and known name from their firm in this area. Ranajoy joined the firm as head of their India practice and expanded the firm’s emerging markets practice. He understands the requirements of the clients well and helps in delivering strategic approach.’

‘The firm has a great understanding of our business context and issues, giving accurate counselling, very quick reactivity to turn documents and, overall, is great value for the cost.’

‘The practice is constantly evolving, and remained steadfast in keeping pace with the changing times. The team is technologically adept and their quick turnaround whether it relates to minor queries or documentation is praiseworthy.’

‘The team is affable and approachable at all levels, and proficient in their legal advice. The commercial insight of the team coupled with their negotiation and drafting expertise makes the firm a pleasure to deal with.’

Key clients


AIC Limited

Legal Action Worldwide (LAW)

ConaproDena-BMS SAL

Petrochemical Holdings GmbH

Work highlights

  • Representing Petrochemical Holdings GmbH in ICSID arbitration proceedings against Romania, brought under the Energy Charter Treaty.
  • Representing AIC Limited, a Nigerian construction company,  in proceedings in the Court of Appeal relating to the enforcement of a $160m arbitration award secured by AIC Limited against the Federal Airports Authority of Nigeria (FAAN).
  • Represented Conapro in relation to its Commercial Court claim against The Ministry of Petroleum, The Republic of The Gambia, for loss of profit under an oil sales contract.

Pillsbury Winthrop Shaw Pittman LLP

Pillsbury Winthrop Shaw Pittman LLP has a busy practice handling corporate and finance transactions in jurisdictions including the CEE, the Middle East, Russia and Africa. A large proportion of the London office’s work involves emerging markets, especially in M&A and equity capital markets, though it increasing advises on sanctions, as well as projects for energy and mining companies. Head of the London corporate practice James Campbell also leads the firm-wide Africa Practice, advising all kinds of clients from start-ups to international governments. Osama Abu-Dehays is known throughout the Middle East and North Africa for work in the commercial, technology, media and telecoms markets, while head of the international public policy practice Matthew Oresman is 'world-class, very accessible and very knowledgeable'; he principally advises governments, political leaders, businesses and NGOs. Gavin Watson handles cross-border corporate and commercial transactions, particularly in the energy and sustainable finance sectors, and Graham Tyler leads the asset finance group, which handles aviation finance work, ECA-backed deals, Islamic financings and capital markets issues.

Practice head(s):

James Campbell

Other key lawyers:

Matthew Oresman; Gavin Watson; Graham Tyler; Osama Abu-Dehays


‘Pillsbury’s white-collar crime team is very strong.’

‘Matt Oresman is world class, very accessible and very knowledgeable.’

Key clients

Association of Cyprus Banks

Bank of America

Bank of New York Mellon


BNNP, Bk West, First Hawaiian, Fortis


Deutsche Bank


EBRD – European Bank for Reconstruction and Development

Fannie Mae


Government of Kosovo


Japan Bank for International Cooperation (JBIC)

JP Morgan Chase & Co.

Natixis Wholesale Banking Americas

Pacific Continental Bank

TD Bank

Wells Fargo

Trinity International LLP

Trinity International LLP is a niche law firm that specialises in advising on corporate and finance transactions in emerging markets. Founded in 2006, it has developed a strong practice advising European, African and North American banks and DFI’s on project finance, acquisition finance, corporate finance and financial institution lending mandates. Its work focuses primarily on Africa, though it has also handled transactions in Latin America, Central Asia, Southern Asia and Eastern Europe. Founding partners Paul Biggs and Simon Norris are highly respected project partners, while Kaushik Ray is active in the infrastructure space. Head of corporate Conrad Marais focuses on M&A and joint ventures, while senior associate Jo Sykes is an emerging talent in the energy and infrastructure sector.

Practice head(s):

Paul Biggs; Simon Norris; Kaushik Ray; Conrad Marais

Other key lawyers:

Jo Sykes; Hugh Naylor; Lucy Johnson


‘The Trinity team are incredibly responsive, always willing to go the extra mile and provide a high quality, well considered work product. Their market knowledge, particularly in the sub-Saharan African market, is truly excellent. They will always ensure that senior and experienced team members are front and centre of any deal team.’

‘Simon Norris is an excellent lawyer with a wealth of experience, both commercial and technically excellent and, despite his seniority, always willing to roll his sleeves up and assist where help is needed. Hugh Naylor is perhaps the easiest lawyer to work with in the city- any task is dealt with effortlessly and Hugh’s patented practical but sound advice is always very well received.’

‘Trinity is unique. Given the amount of risk they take as a firm, they tend to be more involved in the development stage of the transaction and actually act as co-developers, where they bring immense knowledge to the table. I see them as the go-to firm in Africa. They have fantastic response times, they have never let us down when we have requested anything of them. Their knowledge of the industry and the continent are unparalleled. We would never look to work with any other firm.’

‘Simon Norris is a phenomenal lawyer and a great problem solver. He is smart, hardworking, prompt and always goes beyond the call of duty. Simon’s cool has helped us constantly negotiate better terms. Lucy Johnson is an excellent lawyer that has helped us negotiate most of the project agreements. Her work ethic is unparalleled and is a very creative problem-solver.’

‘Good, relevant experience, quick responses, good negotiation, depth of knowledge and understanding of the market.’

‘Simon Norris is pragmatic, insightful, reasoned arguments. Jo Sykes is thorough, quick, thoughtful and detailed.’

‘Trinity Team has a very good understanding, knowledge and experience of power projects in Africa as well as an exceptional track record in M&A and financing in the power sector.’

‘Thorough, and they advise the lenders very well. Good response times.’

Key clients

Africa Finance Corporation

AFD (French Development Agency)

AfDB (African Development Bank)

Africa 50

Africa Infrastructure Fund I K/S

Africa Ren Invest Ltd

Africa Synergy


Aggreko International Projects




Africa Merchant Capital

AMEA Power

AP Moller

ATI (African Trade Insurance Agency)

Azura Power (West Africa) Ltd

Azura Power Limited

Burmeister & Wain Scandinavian Contractor

Cambridge Energy Partners

Candi solar AG

CDC Group Plc

Copperbelt Energy Corporation PLC


Coöperatief Climate Fund Managers U.A.

CPCS Transcom Limited

Cross Boundary Energy Management

Daystar Power Group Limited

DEG (Deutsche Investitions- und Entwicklungsgesellschaft)

DIPF Themis

EAIF (Emerging Africa Infrastructure Fund)

Eastern and Southern African Trade and Development Bank (TDB)


EDFI Management N.V

Endeavor Energy

ERAMET and Grande Côte Opérations

Evolution II ESCO Mauritius

FBN Bank (UK) Ltd


Fortis Gree

Work highlights

  • Acting for project company Tulu Moye Geothermal Limited on a $1bn geothermal IPP in Ethiopia.
  • Advised a project company (owned by Gigawatt Global, a founding member of the White House Power Africa initiative) on a 7.5MW solar PV project in Mubuga in Burundi.
  • Acting as International legal adviser to a consortium which is headed by KPMG Kazakhstan to advise EBRD and the Ministry of Health in Kazakhstan in respect of the tendering, development, construction and financing of the Almaty Training Hospital in Kazakhstan on a PPP basis.

Druces LLP

Druces LLP has a long history of involvement in the mining and banking sectors across Africa, Turkey, India, China and Latin America. It acts for a diverse range of clients in the natural resources sector, including Kibo Energy, Savannah Resources and Katoro Gold, as well as financial clients including the Bank of London and the Middle East, and Bank of China. Dominic Traynor leads the practice, which leverages Christopher Axford's broad-ranging finance expertise, which includes advising on shariah-compliant structures. New head of banking and finance, senior associate Antony Cotton, is a frequent adviser to investment funds.

Practice head(s):

Dominic Traynor

Other key lawyers:

Christopher Axford; Antony Cotton


‘Very efficient and delicate to meet our deadline.’

‘The team has an excellent technical grasp of the legal issues. It provides concise and tailored advice. It shows flexibility on costs and good client management.’

Key clients

Caerus Mineral Resources plc

Credit Europe Bank

Denizbank, Turkey

ICICI Bank, India

Bank of London and The Middle East

Kavango Resources plc

Kibo Energy PLC

Savannah Resources PLC

Katoro Gold PLC


Bank of China

Panthera Resources plc

SI Capital Limited

Goldplat plc

Work highlights

  • Advised Kavango Resources plc, a mining exploration company targeting the discovery of world-class mineral deposits in Botswana, in respect of a simplified disclosure prospectus for a placing and subscription of new ordinary shares, and admission of the enlarged share capital to the Official List and additional new ordinary shares and to trading on the London Stock Exchange’s main market for listed securities to raise gross proceeds of £2m.
  • Advised Caerus Mineral Resources plc on its placing, subscription and admission of the enlarged share capital to the Official List and to trading on the London Stock Exchange’s main market for listed securities to raise gross proceeds of approximately £2.2m.
  • Advised Savannah Resources in connection with an accelerated bookbuild placing to complete a raise of gross placing proceeds of £2.34m.

Latham & Watkins

Latham & Watkins is frequently involved in emerging markets finance transactions, particularly in the area of debt capital markets, bringing together extensive expertise in 144A issuances and liability management transactions. Its work sees it involved in a broad range of jurisdictions, including Russia, the CIS, the Middle East, Southern Europe and the Far East.

Michelmores LLP

Michelmores LLP advises financial institutions, private equity funds, impact investors, project sponsors, developers and leading foundations on equity and debt investments, exits and portfolio management issues, with a particular focus on mid-market transactions. Its recent work includes deals in Africa, Asia-Pacific, the Middle East, South America, Romania and Turkey; practice head Joe Whitfield acted for Zebu Investment Partners on its equity investment in UK specialist trade finance institution AMC Trade Finance Limited. Sara Chisholm-Batten handles international enforcement and private wealth disputes, while senior associate Harry Trick frequently advises on debt and equity investments, private M&A, private equity issues and venture capital investments in emerging markets.

Practice head(s):

Joe Whitfield

Other key lawyers:

Sara Chisholm-Batten; Harry Trick


‘Joe Whitfield and his team are leaders in their field, and very approachable.’

‘They are practical, and adept at dealing with challenging emerging market jurisdictions.’

‘A great team and super responsive, especially Joe Whitfield.’

Key clients

African Battery Metals PLC


AHL Growth Fund LP / The Adolf H Lundin Charitable Foundation

Arbaro Fund

Astana International Financial Centre

Berry Properties


Cantor Fitzgerald Europe

Corporate Finance House Group (subsidiary of First National Bank)

DOB Equity

DSM Venturing



Global Medical Investments GMI AB

Intelsat SA



Pakistan GasPort Limited


Soros Economic Development Fund


United Bank Limited

Zebu Investment Partners

Work highlights

  • Advised TechMet on its $25m equity investment from the United States International Development Finance Corporation, an agency of the US Government, and on a $25m investment into Brazilian Nickel plc.
  • Acting for Intelsat, one of the world’s largest satellite service providers based in Luxembourg and Washington DC, in international contractual disputes, negotiation of settlement terms, the enforcement of English High Court Judgments overseas (including in many emerging and frontier markets) and local enforcement measures using our valuable network of overseas firms.
  • Advised Zebu Investment Partners GP Limited on its equity investment in AMC Trade Finance Limited, a UK specialist trade finance institution providing bespoke, secured and structured trade finance solutions for Africa-focused trade.


TLT works with a network of strategic partner law firms across Europe, the US, India, the Middle East and Australasia to facilitate its international work, which includes a significant amount of emerging markets transactions. It focuses heavily on finance transactions and disputes, and has continued to expand its work for Indian banks, including Bank of India, Punjab National Bank and State Bank of India. The team has also started to develop a presence in the Middle East. Peter Carney has extensive experience in handling corporate banking and restructuring work, while Paul Gair leads on financial services disputes. Kanika Kitchlu-Connolly focuses on contentious insolvencies, often involving aspects of fraud and cross-border asset recovery issues.

Practice head(s):

Peter Carney; Paul Gair; Kanika Kitchlu-Connolly

Other key lawyers:

Nick Curling


‘The team has unparalleled connections with the Indian banking community. They understand the subtleties of the Indian banking sector. Good strength in depth and a well diversified team. Strong D&I. The team is very responsive and provides good analysis of the options.’

‘Paul Gair has deep connections with the Indian banking community. He is very quick to grasp the issues. Nick Curling is a good team player and a good technical lawyer. Kanika Kitchlu-Connolly is one to watch and she provides holistic advice which is sensitive to client needs as well as legal issues.’

‘We get absolute honesty. If one individual doesn’t know the answer conclusively, there is referral to another member of the team who can add more colour. Every individual we have worked with displays the same ethos of punctual and desirable customer service.’

‘Peter Carney and Paul Gair have an excellent grasp of both commercial issues and legal principles. They keep the client informed of material developments constantly.’

Key clients

State Bank of India

Bank of India

Punjab National Bank (International) Limited


Work highlights

  • Acting for a consortium of 13 Indian banks on the registration and enforcement of an Indian Judgment in England & Wales against a doctor and obtaining a freezing injunction against him.
  • Acting for an overseas payment services provider looking to expand from the Middle East and African markets into the UK and European market, which sought to acquire a UK-based regulated e-money business.
  • Handled a recovery action for Punjab National Bank (International) Limited relating to loan and overdraft facilities provided to two connected entities for the purpose of purchasing a Bahamian registered cruise liner and consolidating existing debt, supported by several linked (personal and corporate) guarantees.

Vedder Price

Vedder Price‘s finance and transactions practice handles asset acquisitions, financings and restructurings in emerging markets across Europe. Its recent work has seen it involved in deals in Bulgaria, Turkey and Ukraine. Andrew Harris leads the private equity and corporate groups, in which Trevor Wood  (who joined from Pillsbury Winthrop Shaw Pittman LLP in 2020) is highly respected for finance transactions in emerging markets, particularly in the CEE region. He recently acted for EBRD and other lenders in the restructuring of Ukrainian drinks manufacturer Obolon.

Practice head(s):

Andrew Harris

Other key lawyers:

Trevor Wood

Key clients

European Bank for Reconstruction and Development

Blantyre Capital Limited

Zenith Bank

Work highlights

  • Advised EBRD, ING Bank, Alfa Bank and Raiffesisen Bank on the financial restructuring of the Obolon Group (a Ukrainian drinks manufacturer).
  • Advised Blantyre Capital on the sale of debt in respect of the Bulsatcom Group (a media group in Bulgaria) to Integral Venture Partners.
  • Advised EBRD on the restructuring of a number of loan facilities (circa €75m) made to Alternative Taşimacilik A.Ş., including the provision of new stand-alone third party guarantees and the sale of certain ro-ro vessels.