Emerging markets in London

Allen & Overy LLP

At Allen & Overy LLP, 'the partners are fantastic, very knowledgeable about project finance, across diverse sectors and jurisdictions, and good at balancing the needs of large and diverse lending groups'. Debt financing specialist Greg Brown and banking and restructuring partner Kathleen Wong are the lead partners for emerging markets work. They lead a large group of talented partners, among them head of the ECA practice Lorraine Bayliss, upstream oil and gas specialist Andrew Castle , international capital markets partner Sachin Davé and head of the Africa group Tim Scales. Up-and-coming partners Catherine Lang-Anderson, who handles global trade and commodities finance mandates, and Oleg Khomenko, who advises lenders and borrowers on cross-border financing transactions in the CEE and the Middle East, also play pivotal roles in the practice. Bayliss, who is 'unflappable and commands respect in a negotiation', was part of a large team that supported Trans Adriatic Pipeline AG on the development of a new-build 10BCM gas pipeline, crossing Greece, Albania, the Adriatic Sea and ending in Italy. Scales advised lenders on the development of a 1,443km crude oil pipeline to export oil produced from the Lake Albert Basin across Uganda and Tanzania.

Practice head(s):

Greg Brown; Kathleen Wong

Other key lawyers:

Lorraine Bayliss; Andrew Castle; Sachin Davé; Tim Scales; Oleg Khomenko; Catherine Lang-Anderson; Mitchell Ikoghode

Testimonials

‘Mitch Ikoghode is a pragmatic and excellent team member.’

‘The partners here are fantastic. They are very knowledgeable about project finance, across diverse sectors and jurisdictions, managing complex transactions, and balancing the needs of large and diverse lending groups. Great export credit agency experience.’

‘Special mention to Lorraine Bayliss, who is an excellent partner and her team of senior associates, who are very capable, responsive and good to work with. Lorraine advises us on a number of transactions at the same time and always amazes me with her ability to know exactly what the issues are on each transaction, effortlessly moving between them, picking up where she left off each time. She is unflappable and commands respect in a negotiation.’

‘High level of experience and knowledge in the not so easy CEE financial markets, brilliantly understanding their specifics. Most attentive attitude and high degree of personal involvement and support. Nice people in everyday interaction and most pro-active process coordination.’

Key clients

Standard Chartered Bank

Société Générale

European Bank for Reconstruction and Development (EBRD)

Servizi Assicurativi del Commercio Estero (SACE)

International Finance Corporation (IFC)

The African Development Bank (AfDB)

Metinvest

Work highlights

  • Advising SCB on the development of its sustainable finance terms for use with its bilateral lending and trade finance products.
  • Advising TAPI Pipeline Company Limited (TPCL) on all aspects of the USD10bn development, construction and implementation of the new-build Turkmenistan, Pakistan, Afghanistan and India (TAPI) gas pipeline project, including the complex multi-contract procurement and construction arrangements.
  • Advising the Joint Bookrunners on the issue by Pakistan Water and Power Development Authority (“WAPDA”) of USD 500m 7.5% Notes due 2031. This was the first green eurobond issue out of Pakistan and the first bond issue by WAPDA.

Baker McKenzie

Baker McKenzie has a large, multidisciplinary emerging markets group in London that works with a vast network across the firm's international offices to provide legal and tax advice in Asia-Pacific, Europe, the CIS, the Middle East, Latin America and North America. The firm has a particularly strong track record in trade, export and commodity financings in the emerging markets, though its work encompasses a diverse mix of financings and capital markets transactions, predominantly for issuers. It is also a key adviser on project development mandates, one recent example being the development of the 200MW Kom Ombo solar PV project in Egypt. Partner Luka Lightfoot was the key London-based lawyer on that deal, working closely with the team in Cairo. Head of London banking and finance Nick Tostivin focuses on syndicated lending transactions, and counts Standard Chartered Bank and Bank of America Merrill Lynch among his key clients. He advised the former on the $1.3bn syndicated financing for Sonangol in Angola. Capital markets partner Megan Schellinger also plays a vital role in the practice and worked with Roy Pearce to assist the Ministry of Finance of Georgia with a $500m notes offering.

Practice head(s):

Nick Tostivin

Other key lawyers:

Megan Schellinger; Luka Lightfoot; Roy Pearce

Key clients

Credit Agricole Corporate and Investment Bank

Standard Chartered Bank

MUFG Bank

Natixis

Société Générale

UK Export Finance

Proparco

SUEZ Groupe SAS

ITOCHU Corporation

African Export-Import Bank

Bank of America Merrill Lynch

Ma’aden

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

  • Advising Banque du Caire on its planned privatisation via an initial public offering, involving the sale of shares in Banque Misr, which is owned by the Egyptian government.
  • Advised EETC on the development of the 200MW Kom Ombo solar PV project, advising on and negotiating the various project documents during the tender process and following the selection of ACWA Power as preferred bidder.
  • Advised J.P. Morgan and Credit Suisse as Joint Global Coordinators and Joint Bookrunners and IPOPEMA as Joint Bookrunner on the IPO of Huuuge, Inc., the Polish gaming company. The transaction is part of the trend in gaming IPOs.

Clifford Chance LLP

Clifford Chance LLP has 'very solid experience in emerging markets, which has built and strengthened over the years'. Its work on financing, M&A and projects spans Africa, Latin America, India, Turkey, the CIS and the CEE. Leonard Cleland, who focuses predominantly on the CIS, Eastern Europe, the Middle East and Africa, and infrastructure financing specialist Simon Williams are the lead partners for emerging markets finance work. Energy and infrastructure partner Jeremy Connick is the firm's regional head for Southern Africa and a key member its global Africa group, which is led by newly promoted partner Kayode Oladipo. Capital markets partner Deborah Zandstra assisted Deutsche Bank, JP Morgan and Standard Chartered Bank with The Gabonese Republic's tender invitation to bond holders. Global head of energy and resources Russell Wells acted for lenders and investors in the financing of the acquisition of a major interest in Nigerian oil licence OML 17 and related assets, through TNOG Oil and Gas Limited. Senior associate Rebecca Shepherd  in the global financial markets group is 'very detailed-oriented but at the same time always has in mind the big picture of a deal'.

Practice head(s):

Leonard Cleland; Simon Williams

Other key lawyers:

Russell Wells; Jeremy Connick; Rebecca Shepherd; Kayode Oladipo; Deborah Zandstra

Testimonials

‘The CC team has very solid experience in emerging markets, which has built and strengthened over the years, in part by having high-calibre partners and associates move to emerging markets jurisdictions. As a result, they have a highly reliable network that can advise on English law matters while being very close, not only physically but also in terms of deep knowledge, to local jurisdictions.’

‘The team has a lot of familiarity with all types of players in emerging markets, from local banks to foreign investors to international financial institutions, which, combined with their role of LMA legal advisor, makes them uniquely placed to advise clients doing transactions in those countries.’

‘Simon Williams is a very experienced partner who, having lived and worked in emerging markets, is able to provide solid, reliable and robust advice to clients that operate in those jurisdictions. His style is very approachable and proactive, which makes working with him easier. He is excellent at monitoring legal costs on an ongoing basis thereby making the billing process smoother for the client. He also has excellent communication and negotiation skills.’

‘Rebecca Shepherd is an outstanding and incredibly hardworking lawyer. Her knowledge of emerging markets is deep and very valuable; she is very detailed-oriented but at the same time always has in mind the big picture of a deal. She monitors effectively and is able to convey to clients market trends and legal approaches in the emerging markets where she works.’

‘A very knowledgeable and proficient team that provides tonnes of added value. Very dedicated and helpful.’

‘We have been working with Kayode Oladipo, who has proven to be very helpful. He masters the documents and the legal environment while having good understanding of our business considerations. He is trustworthy and we are very happy with our collaboration.’

Key clients

AFC

Luminar Capital

Actis Capital

EBRD

UBS

ICBC

Deutsche Bank

Goldman Sachs

KBC

Credit Suisse

Africell Holding Limited

Gemcorp Capital LLP

Citigroup

Standard Chartered Bank

JP Morgan

Rand Merchant Bank

Standard Bank

UniCredit Bank

Morgan Stanley

HSBC

Emirates NBD Capital

Samba Capital

Mashreqbank psc

Investec

AFC

Luminar Capital

Actis Capital

EBRD

UBS

ICBC

Deutsche Bank

Goldman Sachs

KBC

Credit Suisse

Africell Holding Limited

Gemcorp Capital LLP

Citigroup

Standard Chartered Bank

JP Morgan

Rand Merchant Bank

Standard Bank

UniCredit Bank

Morgan Stanley

HSBC

Emirates NBD Capital

Samba Capital

Mashreqbank psc

Investec

Work highlights

  • Advised Credit Suisse on a EUR 2.1bn UKEF-covered green financing for the Republic of Turkey in connection with the Ankara-İzmir High-Speed Electric Railway Project.
  • Advised lenders and investors in respect of the financing of the acquisition of a 45% participating interest in Nigerian oil licence OML 17 and related assets, through TNOG Oil and Gas Limited. The transaction is one of the largest oil and gas financings in Africa in the last decade.
  • Advised Deutsche Bank, J.P. Morgan and Standard Chartered Bank on The Gabonese Republic’s invitation to holders of its U.S.$1.5 billion 6.375% bonds due 2024 and its U.S.$700 million 6.950% bonds due 2025 to tender their bonds for purchase by the Gabonese Republic for cash.

Dentons

Dentons is praised by clients for 'timely deliverables and good visibility of the process', with one client remarking that the firm 'always comes up with the required solutions and is very professional in dealing with other parties, even when disagreements arise'. Head of banking and finance Paul Holland oversees the firm's emerging markets group, which has a strong presence in Africa, the Middle East, the CEE, CIS and Russia, as well as other developing markets. Debt capital markets partner Nick Hayday  is 'a wonderful lawyer who instils confidence in a client'. He assisted CPI Property Group, a major owner of income-generating real estate in the Czech Republic and the CEE region, on a €700m sustainability-linked bond issue. Debt capital markets specialists Cameron Half, who was part of a team that advised JSC Silknet in Georgia on a $300m bond issuance and who 'contributes from his vast expertise and pragmatic solutions', and David Cohen are key members of the emerging markets group. Trade and export finance specialist Ian Clements is 'very attentive and understands the issues'. Dominic Spacie  specialises in projects, particularly infrastructure transactions, in Africa and the Caribbean. New energy and infrastructure partner Colm Ó hUiginn, who joined from Shearman & Sterling LLP in 2022, and finance partner James Ingham are also key to the practice.

Practice head(s):

Paul Holland

Other key lawyers:

Nick Hayday; David Cohen; Cameron Half; Ian Clements; Dominic Spacie; Nick Hayday; Colm Ó hUiginn; James Ingham

Testimonials

‘Sound and knowledgeable.’

‘Ian Clements is very attentive and understands the issues.’

‘Very close and no-nonsense cooperation with clients. Availability of senior partners, together with the competence and expertise of associates. Timely deliverables and good visibility of the process. Always came up with required solutions and were very professional in dealing with other parties, even when disagreements arose. It is a joy to work with them.’

‘Nick Hayday is a wonderful lawyer who  instils confidence in a client. When you discuss an issue with him, a clear path  towards a solution is almost immediately charted. it is also very pleasant to work with Nick on a personal level. Cameron Half (partner) is highly competent and his involvement in an issue is always welcome, contributing from his vast expertise, driving towards pragmatic solutions.’

Key clients

The Standard Bank of South Africa

Ghana Cocoa Board

ING Bank N.V.

The African Development Bank

Trafigura

CIBC FirstCaribbean International Bank (Jamaica) Limited (FCIB)

Republic of Kenya

Republic of Uzbekistan

CPI Property Group

JSC Silknet

Société Générale

UniCredit Bank

Globe Trade Centre S.A.

Nigerian Ministry of Transport

SPP – distribúcia, a.s.

Hurricane Energy

Republic of Lithuania

Emirates NBD

Work highlights

  • Advising Ghana Cocoa Board in relation to the US$1.5 billion pre-export financing of Ghana’s 2021/22 cocoa crop.
  • Advising JSC Silknet on its debut Rule 144A/Reg S bond issue of US$300 million 8.375% bonds due in 2027, together with a concurrent consent solicitation and tender offer in relation to its senior unsecured notes maturing in 2024.
  • Advised in relation to a USD$88,000,000 syndicated loan for the refinancing of the construction of a portfolio of renewable projects (solar and onshore wind) owned by a segment of Sir Richard Branson’s Virgin Investments across the Caribbean in Jamaica, Cayman Islands and the Republic of Guatemala.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP marshals a broad range of expertise to handle work in Africa, Russia and the CIS, the CEE, the Middle East, India, Latin America and South East Asia from its London office. Its work spans finance, corporate transactions, disputes and capital markets issuance. Regional head of projects for the UK, US, Middle East & Africa, and global co-head of the Africa Group, Martin Kavanagh ,  acted for the Government of Malawi and International Finance Corporation (IFC) on the development and financing through a PPP model of the proposed 350MW Mpatamanga Hydropower Project along Malawi’s Shire River. Head of global M&A Gavin Davies advised IHS Towers on its acquisition of 5,709 telecommunication towers in South Africa from MTN Group, Africa's largest mobile network operator. Global head of arbitration Paula Hodges and UK head of arbitration Craig Tevendale, who also leads the energy practice, are key partners for contentious matters. Global head of debt capital markets Amy Geddes led a team that assisted African Local Currency Bond Fund with its €150m debt issuance programme. Newly promoted partner Dhananjaya Chak focuses on the infrastructure and energy sectors, and is head of the firm's India project finance practice.

Practice head(s):

Martin Kavanagh; Gavin Davies; Paula Hodges KC; Craig Tevendale; Amy Geddes

Other key lawyers:

Dhananjaya Chak

Key clients

African Export-Import Bank (AfrexIm)

African Local Currency Bond Fund (ALCB Fund)

Airtel Africa

Anglo American

ArcelorMittal

Bharti Enterprises

bp Plc

China National Offshore Oil Corporation (CNOOC)

EDEN Renewables India

EDF SA

GIC

Goldman Sachs

Guaranty Trust Bank

HSBC

Inchcape plc

IHS Tower

International Finance Corporation (IFC)

Mercuria Energy

OneWeb

Prime Oil & Gas Coöperatief U.A.

Standard Chartered Bank

TATA Group

Trident Energy

Work highlights

  • Advising the Government of Malawi and IFC on the development and structuring through a PPP model of the proposed 350MW Mpatamanga Hydropower Project, along Malawi’s Shire River.
  • Advised on a US$165 million green term loan to finance a 300 MW solar project in Rajasthan, India. The external commercial borrowing was provided by a club of three banks – Standard Chartered Bank, The Development Bank of Singapore and Sumitomo Mitsui Banking Corporation. Funding was provided to Eden Renewable Cite Private Limited, a joint venture between Total-Eren S.A and EDF Renouvelables S.A.
  • Advised the lenders on a groundbreaking reserve-based lending facility in connection with Brazilian E&P assets for Karoon Petróleo e Gás Ltda., a subsidiary of Australian listed oil and gas company Karoon Gas.

Linklaters LLP

Linklaters LLP co-ordinates a large emerging markets practice from London, where partners are active across Africa, the CEE, Southern Europe, China, India, Latin America, the Middle East, the CIS, Southeast Asia and Turkey. The firm's work spans banking and finance, corporate and M&A, capital markets, energy and infrastructure, and dispute resolution, with the team frequently acting for some of the world's largest corporates and financial institutions. Head of the Africa group Andrew Jones is a key partner in the energy and infrastructure practice. His group, which includes Ian Hunter and Michael Fanner, assisted Arise Côte d'Ivoire on the setting-up and development of three Economic Industrial Zones in Cote d'Ivoire in Abidjan, Ferkessédougou and San Pedro. Daniel Tyrer leads the global energy and infrastructure group, and he frequently advises on upstream oil and gas, LNG, pipeline and petrochemical plant projects across EMEA and the CIS. Capital markets partner Richard O’Callaghan acted for a multinational investment bank on the Republic of Serbia's issuance of €1bn in green notes due 2028 under its GMTN programme. Ian Andrews  left the firm in 2022.

Other key lawyers:

Andrew Jones; Ian Hunter; Michael Fanner; Daniel Tyrer; Richard O’Callaghan

Norton Rose Fulbright

Norton Rose Fulbright has ‘deep understanding of project finance in Africa, where acting both for borrowers and lenders lends itself to a more efficient negotiating process‘. A deep bench of partners in London works closely with a vast international network of offices to maintain the firm’s position as a key adviser to corporates, borrowers, sponsors, investment banks, government bodies, ECAs and multilaterals, and off-takers on major projects across the globe. Global head of business Martin McCann, who also leads the infrastructure and commodities practice, acted for Horizonte Minerals in the financing and construction of their Araguaia nickel project in the Carajas region of Brazil. Senior banking partners Daniel Metcalfe (who is ‘very strong technically, passionate about the industry and solution-oriented‘) and Charles Whitney have a strong focus on infrastructure, energy project finance and project development on behalf of developers, commercial banks and export credit agencies, particularly in the power, renewables, petrochemicals and oil and gas sectors. Head of banking and finance Madhavi Gosavi and head of mining Daniel Giemajner are also among the many partners who are pivotal to the firm’s major projects work.

Practice head(s):

Martin McCann

Other key lawyers:

Daniel Metcalfe; Charles Whitney; Madhavi Gosavi; Daniel Giemanjer; Chris Down; Jessica Melville

Testimonials

‘NRF has the deepest knowledge of the industry and the specifics of the Uzbek jurisdiction. It is involved in almost all of the largest energy projects in Uzbekistan, either from the sponsors or lenders side. This give NRF an unconditional advantage over other international firms and allows it to give the best possible advice to the clients. It is always a pleasure working with the NRF team.’

‘I have mainly worked with Charles Whitney and Chris Down. Both are exceptional lawyers. Charles is great in banking and finance matters, whereas Chris’s engineering background is certainly an advantage to clients. Both are highly professional, easy to work with. They clearly understand local law peculiarities, cultural specifics and readily provide their advice and solutions that take these into consideration . Great team to work with’

‘Deep understanding of project finance in Africa. Acting both for borrowers and lenders lends itself to a more efficient (time & cost) negotiating process as they understand what will and will not be acceptable, particularly to lenders.’

‘Daniel Metcalfe and Jessica Melville. Very strong technically, passionate about the industry and the area of practice (emerging markets), solutions-oriented, client-focused.’

Key clients

Africa Finance Corporation

AIG

Al Rayan Bank

AT&T

Bank of America

Bank of China

Bankmed, Sal

Bank of Tokyo Mitsubishi

Balfour Beatty

Barrick Gold

BHP

BMW

Bombardier

BP

Brookfield

Cell C

Citi

Crédit Agricole

Danaos

DBS Bank

Deutsche Bank

Ministry of Finance of Angola

Domino’s Pizza

ExxonMobil

GSK

Guarantco

HSBC

ICBC

IMI Group

International Finance Corporation

ING

JP Morgan

Marubeni

Mercuria Energy

Macquarie

McLaren

Rio Tinto

Rosneft Oil

Royal Bank of Canada

Proparco

Shell

SNC Lavalin

TowerShare

Trafigura

Tullow

Turk Telekomünikasyon

Wells Fargo

United Overseas Bank

Work highlights

  • Advised the Ministry of Finance of the Republic of Angola in relation to the c. $1billion financing for the development of the Bita water production, transmission and distribution facilities and system in South Luanda. The project is being implemented by EPAL on behalf of the Ministry of Energy and Water of the Republic of Angola.
  • Advising Horizonte Minerals in relation to all aspects of the financing and construction of their Araguaia nickel project in the Carajas region of Brazil.
  • Since November 2019, the firm has been advising IFC and EBRD who have been the lead lenders for the proposed acquisition refinancing and expansion of Almaty International Airport. They were joined as co-lenders by Eurasian Development Bank and DEG later in the process.

White & Case LLP

At White & Case LLP, 'the team is well experienced, diverse and highly professional, and it has a clear understanding of the requirements in handling clients' needs'. The London office is a key hub in the firm's vast international network, and is highly regarded for its long track record in pioneering work across the Americas, Africa, CEE, CIS and the Middle East. The office has extensive English and US-law capabilities, and frequently handles complex and innovative cross-border transactions, including many inaugural bond offerings for issuers in developing and growth markets. Capital markets partner Stuart Matty, global head of project development and finance Mark Castillo-Bernaus, banking partner Christopher Czarnocki and head of the Africa group Mukund Dhar oversee the firm's emerging markets work, which draws on a vast bench of experienced partners. Among them are co-head of the global energy group Philip Stopford, US-qualified debt specialists Melissa Butler and Ian Clark, and international finance partner Jason Kerr. Dhar, who is 'extremely hardworking and always willing to walk the extra mile', advised the Ministry of Energy of the Republic of Azerbaijan on a $300m 240MW wind power project and a 230MW utility-scale solar photovoltaic project. Senior associate Judith Olloh is described by one client as 'proactive, knowledgeable and committed to the success of clients' projects - a rising star'.

Practice head(s):

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

Other key lawyers:

Joshua Siaw; Judith Olloh; Philip Stopford; Melissa Butler; Ian Clark; Jason Kerr

Testimonials

‘The team is well experienced, diverse and highly professional with the business. They have a clear understanding of the requirements in handling business needs in our market.’

‘Chris Czarnocki – the go-to partner for banking and finance needs. Very experienced with a strong team of associates.’

‘Judith Olloh is an outstanding senior associate who is proactive, knowledgeable, provides feedback in a timely manner, committed to the success of our projects and great to work with –  a rising star.’

‘Joshua Siaw has exceptional connectivity across Africa; Ken Barry – Go to partner for corporate M&A needs. Exceptional availability. Commercial thinking.

‘Jason Kerr is an excellent lawyer to work with, particularly around simplifying complicated issues for everyone to understand. Jason’s ability to put himself in the client’s shoes was also very evident in our financing transaction. I particularly valued his empathetic skills in managing sometimes very hard and tough negotiations, where things did not go our way. Jason is a delight to work with and very professional in all dealings we had with him and his team.’

‘They have a team which has got excellent solicitors with deep knowledge of the domain as well as the geography. Since they have several clients in the emerging markets, their understanding of the nature of transactions taking place, commercial aspects of those transactions and the market landscape is excellent.’

‘ Mukund Dhar is the main partner in W&C London office we work with. He is an exceptionally brilliant lawyer. He not only has deep understanding of the legal and regulatory aspects as well as legal and contractual risks associated with contracts, but his commercial knowledge and deep domain knowledge is of extraordinary level. He is extremely hardworking and is always willing to walk the extra mile and burn midnight oil to meet the deadlines requested by the client. It is always a pleasure and a thoroughly enriching experience to work with him.’

‘A pioneering practice that brings international standards and policy papers for use by the Government.’

Key clients

Afreximbank

Africa Finance Corporation

African Development Bank

Citi

Credit Suisse

CTP

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

Jefferies

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.

Petrobras

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

Trafigura

Ukraine

Work highlights

  • Ongoing representation of the Ministries of Finance and Energy of Ghana in connection with the monetisation of royalties payable to the state by companies operating in the gold commodity sector.
  • Advised Ukrenergo in connection with its offering of US$ 825 million Guaranteed Sustainability-Linked Green notes issue.
  • Advised the Ministry of Energy of the Republic of Azerbaijan on a US$300 million 240 MW wind power project and on a 230-megawatt utility-scale solar photovoltaic (PV) project, which will be developed by ACWA Power and Masdar respectively. The projects are Azerbaijan’s first foreign-investment-based independent power projects.

Ashurst

At Ashurst 'the team is incredibly good and very solution-focused'. The firm's emerging markets work is extremely varied, with many different practices heavily involved in high-value matters in China, India, Indonesia, Africa and Latin America. Global co-head of international projects Joss Dare and head of Africa project finance Matthew Wood (who is 'very detail-oriented and also very innovative in structuring and drafting the documentation') advised Mota-Engil on the Kano–Maradi Rail Project, a 284km cross-border design, procurement, construction and finance project connecting Nigeria and Niger. Head of the Africa group Yann Alix also played a key role in that project. Head of international arbitration Matthew Saunders frequently handles matters in emerging markets, particularly in the gas and renewables sectors. International equity capital markets partner Stuart Rubin oversees both the US securities practice and the firm's India desk. Head of the CIS group Sergei Ostrovsky and global head of corporate Jason Radford also play key roles in emerging markets transactions.

Practice head(s):

Joss Dare; Matthew Saunders; Yann Alix; Matthew Wood; Jason Radford; Stuart Rubin; Sergei Ostrovsky

Testimonials

‘Very broad energy practice covering all aspects of the energy transition.’

‘I have been working with Mathew Wood and his team and they are incredibly good. The team is very solution focused so that minimum time is spent in iterations.’

‘Mathew Wood is very detail-oriented and also very innovative in structuring and drafting the documentation.’

Key clients

China Development Bank

Facebook

JBIC

JP Morgan Securities

Managem

ONE Dyas

Petra Diamonds

Rockhopper

Schlemmer Group

SMFG

Work highlights

  • Advising Mota-Engil in relation to the Kano – Maradi Rail Project. This is currently one of the largest infrastructure projects in Africa.
  • Advised India Clean Energy Holdings, a wholly-owned subsidiary of ReNew Global Energy plc, in its high yield green bond issuance of US$400 million 4.5% senior secured notes due 2027.
  • Advised Abu Dhabi Catalyst Partners on its strategic partnership with Alphastream Partners to provide finance worth US$500 million to mining projects in the next three to five years.

Baker Botts (UK) LLP

Baker Botts (UK) LLP has a deep bench of experienced projects partners who are active in many of the world's key emerging markets. They focus on financings for large projects in the energy sector, recent examples including the $7bn NEOM Green Hydrogen Project in Saudi Arabia for Air Products, and the $30bn development of a new LNG facility for Tanzania Petroleum Development Corporation. Stuart McIntyre leads the practice, with other key partners including Nick Collins, who acts for borrowers, sponsors, export credit agencies, banks, multilateral lending agencies and Islamic finance institutions on complex, large-scale energy and natural resources; TMT and digital infrastructure specialist Stuart Blythe; Mark Rowley; and energy and technology partner Shashank Krishna who joined from McDermott Will & Emery UK LLP in 2021. Senior associate Nicholas Jones handles a diverse range of work that includes syndicated and bilateral lending, acquisition finance, real estate finance, export credit financing and project finance.

Practice head(s):

Stuart McIntyre

Other key lawyers:

Nick Collins; Nicholas Jones; Stuart Blythe; Mark Rowley; Shashank Krishna

Key clients

Air Products & Chemicals, Inc.

Tanzania Petroleum Development Corporation

West Indian Ocean Cable Company

Gulfsands Petroleum

International Finance Corporation (IFC)

European Bank for Reconstruction and Development

Formula One

Quantum Power

McDermott

Bristow Group

Steelhead LNG

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

  • Advised Air Products, in relation to all aspects of the development and financing of the USD 7 billion NEOM Green Hydrogen Project in Saudi Arabia.
  • Advised Tanzania Petroleum Development Corporation, Tanzania’s state oil company, in relation to the development of a new USD 30 billion LNG facility.
  • Advised IFC on some pre-privatisation convertible and non-convertible loans to state owned banks in Uzbekistan.

Bracewell (UK) LLP

Bracewell (UK) LLP 'has a unique combination of deep knowledge of the main legal challenges of emerging markets, negotiation skills and the ability to implement solutions that address exactly the client's concern'. Since opening its London office in 2013, the firm has attracted more than 100 clients from the energy sector, on which it is exclusively focused. It is a leading adviser on financings, acquisitions and project developments in the oil and gas industry, though it is increasingly prominent in deals concerning wind, solar, battery storage and carbon capture projects. Jason Fox leads the practice and acted for Africa Oil Corp. on the refinancing of its existing $160m term facility with BTG Pactual to finance the acquisition of an interest in Prime Oil & Gas from Petrobras. Up-and-coming partners Oliver Irwin and Eimear Murphy are recommended for cross-border financings and upstream oil and gas transactions respectively. Olivia Caddy and Tom Jamieson also has extensive project development and finance experience in the energy sector. Energy partner Adam Blythe is 'extremely knowledgeable and can identify the best legal instrument to address the challenges of the transactions'.

Practice head(s):

Jason Fox

Other key lawyers:

Oliver Irwin; Eimear Murphy; Tom Jamieson; Olivia Caddy; Adam Blythe

Testimonials

‘The Bracewell team has a unique combination of deep knowledge of the main legal challenges of emerging markets, negotiation skills and ability to implement solutions that address exactly the client’s concern. Their contribution has been key to close complex transactions efficiently but also achieving our objectives.’

‘Adam Blythe is extremely knowledgeable and can identify the best legal instrument to address the challenges of the transactions.’

‘Outstanding knowledge of West African countries.’

‘Tom Jamieson is always on hand to provide sound advice and to get the deal done.’

Key clients

Savannah Energy Plc

Marubeni Corporation and Kyushu Electric

Egyptian Refining Company

Fotowatio Renewable Ventures

Africa Oil Corp. and certain of its affiliates

Lenders to a bidding consortium

New Age

BP Exploration Operating Company Limited and Eni S.p.A.

Seplat Energy PLC

Lenders to a consortium led by Utico

European Bank for Reconstruction and Development

Citibank N.A., London Branch, and Standard Bank

Alcazar Energy Partners

Marubeni Corporation and Al Jomaih Energy and Water Company

Lenders to the Jinko Power consortium

Total Solar and Tamasuk

Work highlights

  • Representing Savannah Energy Plc in its acquisition of Exxon and Petronas’ entire interests in the Doba oil field in Chad and their shareholding in the Chad-Cameroon Pipeline and Floating, Storage and Offloading vessel for a total consideration of up to $676 million.
  • Representing the Marubeni and Kyushu Electric consortium in connection with its bid for an integrated 100 MIGD water and 2,600 MW Facility E power plant in Qatar.
  • Advising Fotowatio Renewable Ventures (FRV) in connection with the project financing of a 55 MW Solar PV project in Armenia.

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP has 'a strong practice with industry and geographical knowledge, attention to detail, and commercial awareness'. The London office works closely with teams in New York, Frankfurt, Hong Kong and other global centres to handle transactions in Africa, Asia, the Middle East, India, Russia and the CIS, and Latin America. It focuses predominantly on investments, M&A, projects, disputes and joint ventures. Geoffrey Burgess, who maintains a highly international M&A practice, with a focus on Africa, India and Russia/CIS, leads the practice alongside capital markets partner James Scoville, chair of European and Asian litigation Lord Peter Goldsmith KC and co-chair of the Africa practice Patrick Taylor. International counsel Vera Losonci, who focuses on equity and debt offerings, is also a key adviser on emerging markets issues, notably in Russia and the CIS. Burgess is described by one client as  'a strong advocate who brings a commercial reasonableness to the table to get deals done'.

Practice head(s):

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

Other key lawyers:

Vera Losonci

Testimonials

‘Strong international presence that assists with complex transactions in emerging markets, such as in Africa.’

‘Geoff Burgess is a strong advocate who has worked extensively in emerging markets, including in Africa, and brings a commercial reasonableness to the table to get deals done.’

‘A strong practice with industry and geographical knowledge, attention to detail, and commercial awareness, especially Patrick Taylor and Geoff Burgess.’

‘I have worked with Patrick Taylor and he is technically capable, knowledgeable and proactive.’

‘Many law firms who practice in emerging markets seek to engage on the ground from a position of superiority. Debevoise on the contrary engaged with my firm as equal partners when we worked together on some arbitration matters. I found their team to be engage in actively seeking the input of local counsel, in order to present the best position to the joint client.

Key clients

Helios Investment Partners

Leapfrog Investments

Ozon Holdings

SPB Exchange

Prudential Financial

Evercare Group

Tethyan Copper Company

Center for Reproductive Rights

Shell Petroleum

Work highlights

  • Advised funds advised by Helios Investment Partners (“Helios”), the leading Africa-focused private investment firm, in the completion of the sale of its 49% stake in GBfoods Africa (“GBFA”) to its partner and co-shareholder, The GBfoods SA (“GBfoods”).
  • Advised Leapfrog Investments (“LeapFrog”) in its investment in MedGenome, a leading genetic diagnostic testing and genomics research company with operations in the US, India, Canada and Singapore.
  • Advised Ozon Holdings PLC (“Ozon”) in the issuance of its US$750,000,000 1.875% senior unsecured convertible bonds due 2026. The bonds are convertible into American depositary shares (“ADSs”) representing Ozon’s ordinary shares.

Hogan Lovells International LLP

Hogan Lovells International LLP brings together lawyers from its banking, infrastructure, energy, resources, projects, litigation, capital markets, restructuring and corporate teams to provide a wealth of experience in emerging markets. Banking partner Andrew Taylor oversees the firm’s emerging markets work, and he frequently acts for banks, national and multilateral DFIs, governments and corporates. Andrew Carey has extensive experience in international debt offerings, including securities programmes, corporate, and sovereign bonds. Adrian Walker, who leads the firm’s ESG group, is a key partner in the infrastructure, energy, resources and projects practice, and is a regular adviser on projects in Africa. Mining and power projects specialist Arun Velusami and global head of oil, gas and LNG Ben Sulaiman also play key roles in emerging markets work.

Practice head(s):

Andrew Taylor

Other key lawyers:

Andrew Carey; Adrian Walker; Arun Velusami; Ben Sulaiman

Key clients

IFC

Shah Deniz

United States Development Finance Corporation (DFC)

Norwegian Investment Fund for Developing Countries (Norfund)

African Export-Import Bank

European Commission

Africa Finance Corporation

Bank of Ghana

BP

Qatar Petroleum

Work highlights

  • Successfully represented the Bank of Ghana to achieve the dismissal of an LCIA arbitration brought against it by a West African company, Sibton Switch Systems Limited (Sibton Switch), in relation to a US$1.1 billion contract for services to facilitate interoperability of mobile payment systems.
  • Advised DFC on a complex financing for the expansion of a leading and innovative telecom provider in four African countries (Democratic Republic of the Congo, Sierra Leone, Uganda and The Gambia), which is now also expanding into Angola, its fifth African country.
  • Advised 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 1,200 – 1,500 MW combined cycle gas turbine power plant in Syrdarya, Uzbekistan.

Mayer Brown International LLP

Mayer Brown provides 'speedy feedback on questions with very profound answers' and one client remarks that 'the projects and corporate teams are all quite familiar with working in emerging markets with a thoughtful and insightful approach'. The firm frequently advises banks and other financial institutions, sponsors, governments and corporates on arbitration, export finance, project finance, mining and metals, oil and gas, structured trade commodity finance and sustainability-linked loans. Head of the Africa and mining practices Ian Coles, natural resources and infrastructure partner Rachel Speight and finance partner Ashley McDermott are the key figures in the emerging markets group. Coles, who is 'world-class, always on top of the file, commercial and client-driven', advised Meridian Mining on its acquisition, exploration, development and mining activities in Brazil. Head of international arbitration Raid Abu-Manneh has substantial expertise in disputes arising from infrastructure power and energy projects in such countries as Jordan, Qatar, Libya, Kuwait and Egypt. Counsel Danuta de Vries and senior associate Emma Sturt are prominent advisers on project and export financings, real estate finance and asset-based lending.

Practice head(s):

Ashley McDermott; Ian Coles; Rachel Speight

Other key lawyers:

Raid Abu-Manneh; Danuta de Vries; Emma Sturt; Angeli Sunmonu; James England

Testimonials

‘Working with the MB team was truly a great pleasure. Beyond the thorough and precise legal advice they provided if I may highlight one attribute which was especially appreciated, then that is their availability.’

‘ Angeli Sunmonu, Ashley McDermott and James England: All of them our real professionals, but what was exceptionally pleasing was their problem-solving mindset. They always managed to come up with a solution that ended up with a result that made each player involved happy and satisfied.’

‘Great industry knowledge and experience.’

‘Speedy feedback on questions with very profound answers.’

‘Exceptionally strong expertise across regions, including LatAm emerging markets. First-rate.’

‘A solid team from senior partners through admin staff. Smooth coordination between various offices to provide unified product.’

‘Ian Coles is world-class. Always on top of the file, fine legal mind, commercial and client driven.

‘Our experience with Mayer Brown’s team on one of our large, complex and important transactions has been excellent. The deal team was well staffed and led by a very strong partner, who ensured that his team worked cohesively and consistently delivered quality product on time.

Key clients

ABN AMRO Bank

African Export-Import Bank (Afreximbank)

Africa Finance Corporation

Almonty Industries

BNP Paribas

Coris Bank

Cooperative Rabobank

Crédit Agricole Corporate and Investment Bank

Credit Suisse

Gemcorp Capital

Helios Investment Partners

ING Bank

Islamic State of Pakistan

Meridian Mining

Natixis

OTP Bank

Petronas

Société Générale

TC Credit Partners LLC

ABN AMRO Bank

African Export-Import Bank (Afreximbank)

Africa Finance Corporation

Almonty Industries

BNP Paribas

Coris Bank

Cooperative Rabobank

Crédit Agricole Corporate and Investment Bank

Credit Suisse

Gemcorp Capital

Helios Investment Partners

ING Bank

Islamic State of Pakistan

Meridian Mining

Natixis

OTP Bank

Petronas

Société Générale

TC Credit Partners LLC

Work highlights

  • Represented a syndicate of lenders on a US$105 million senior secured loan facility for the Africell Group, the fast-growing pan-African mobile network operator with operations in Angola, the Democratic Republic of Congo, the Gambia, Sierra Leone and Tanzania. The facility was structured and anchored by Gemcorp Capital with Gramercy Funds Management LLC, TC Credit Partners LLC and funds advised by Helios Investment Partners also joining the syndicate.
  • Represented a syndicate of lenders comprising ABN AMRO, BNP Paribas, Crédit Agricole CIB, ING, Natixis, Rabobank and Société Générale on the consensual restructuring of circa US$1.4 billion of debt previously owed by Biosev, the leading Brazil-based sugar and ethanol producer, formerly owned by Louis Dreyfus.
  • Representing Islamic State of Pakistan on an ICSID annulment proceedings for Tethyan Copper Company v. Islamic Republic of Pakistan, as well as advising on resisting enforcement of the ICSID award in Washington DC courts.

Milbank

The London office of Milbank has a track record in emerging markets financing transactions that stretches back to the 1970s, and it continues to be a key adviser on deals in Africa, Latin America, the Middle East and Asia. It has worked on more Brazilian deals than many other London firms, particularly in the LNG-to-power sector, and is prominent in both conventional and nuclear power projects in the Middle East. Lead partner John Dewar advises sponsors, project companies, export credit agencies, multilateral development banks and development finance institutions in the power, oil and gas, mining, telecommunications and infrastructure sectors. He acted for Societe Generale, SMBC, Norinchukin Bank and various ECAs in the $560m financing of the 500MW Gulf of Suez Wind II Project, which will play a key role in Egypt's renewable energy transition. Şeyda Duman and Chris Taufatofua are up-and-coming partners in the practice, while special counsel Munib Hussain focuses on multi-sourced financings involving ECAs, multi-laterals, commercial and Islamic banks.

Practice head(s):

John Dewar

Other key lawyers:

Seyda Duman; Chris Taufatofua; Munib Hussain

Key clients

BlackRock

Apollo Global Management

KKR

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

BPIFrance

KfW IPEX-Bank GmbH

Standard Chartered Bank

Export Finance Australia

African Development Bank

ABSA

EIB

EDC

Akbank T.A.S.

CHEXIM

Nebras Power

UK Export Finance

K-EXIM

K-SURE

Euler Hermes

Nippon Export and Investment Insurance

Work highlights

  • Acted as international counsel to the Senior Creditors on the restructuring and debt reprofiling of the Sadara Chemical Company, which operates the Sadara Complex in Jubail, The Kingdom of Saudi Arabia, designed to produce approximately 3,300 kta of finished chemicals and plastic products for export within The Kingdom, Middle East and the rest of the world.
  • Advised lenders on the comprehensive restructuring of financing and ownership arrangements for the US$8.8 billion Ambatovy nickel and cobalt mine in Madagascar.
  • Acting for the lenders and export credit agencies in connection with the US$690 million financing of a 500MW onshore wind farm located in Red Sea, Egypt. The project is sponsored by AMEA Power and Sumitomo Corporation.

Morgan, Lewis & Bockius UK LLP

Morgan, Lewis & Bockius UK LLP has ‘diverse team of experts able to address a wide variety of interrelated legal issues across multiple legal jurisdictions‘. Carter Brod, who is dual-qualified in US and English law, ‘has deep expertise in emerging markets and demonstrates uncompromised advocacy for his clients‘. He focuses on capital markets transactions, principally in the CEE and CIS.  Bruce Johnston handles banking and finance transactions in EMEA, and Ayesha Waheed is a key adviser on energy and infrastructure projects in Latin America, Eastern Europe, the CIS and Asia. Seyfi Can Kandemir joined as a partner from White & Case LLP to add experience in project development and acquisition finance, principally in the power, infrastructure, oil and gas, and mining sectors.

Other key lawyers:

Carter Brod; Bruce Johnston; Seyfi Can Kandemir; Ayesha Waheed

Testimonials

‘ Seyfi Can Kandemir has exceptional communication and collaboration skills.’

‘The diverse team of experts is able to address a wide variety of interrelated legal issues across multiple legal jurisdictions.’

‘In financial transactions only a limited number of lawyers and capital markets participants have long term relationships and work closely and symbiotically–the actual clients in transactions can sometimes be viewed as not more than the lunch that feeds market professionals. In contrast, Carter Brod is exceptional. He has deep expertise in emerging markets and demonstrates uncompromised advocacy for his clients.’

Key clients

EBRD

Telecommunications Services of Trinidad and Tobago (TSTT)

Freedom Holding Corp.

Yandex N.V.

PT Well Harvest Winning Alumina Refinery

Euro-Asian Oil SA

Abu Dhabi Fund for Development (ADFD)

Avocet Mining plc

Oschadbank (State Savings Bank of Ukraine)

HSBC Bank PLC

WE Soda plc

Destek Bank

Axis Strategic Partners (Dubai)

Aktif Bank

EPH European Property Holdings

Yildirim Holding

Kalyon Group

Work highlights

  • Advised Telecommunications Services of Trinidad and Tobago (TSTT) in a consent solicitation in relation to its US$300 million 8.875% Senior Secured Notes due 2029 and TT$680 million 8.30% Senior Secured Notes due 2029, as well as an offering of TT$476 million (approximately US$70 million) in aggregate principal amount of new 8.30% Senior Secured Notes due 2029.
  • Advised Turkish bank Aktif Bank on the update of its EUR390 million note issuance program and on an initial $148.5 million offering of 6.5% notes due 2026 under the updated programme.
  • Representing London-headquartered WE Soda Ltd, part of the Ciner Group of financial investor group. in the sale of a 60% interest in its North American soda ash business to Sisecam, a portfolio company of Turkish bank, İşbank, for approximately $450 million and a $4 billion joint venture with Sisecam to develop the world’s largest integrated soda ash facility in the Greater Green River Basin in Wyoming.

Shearman & Sterling LLP

Shearman & Sterling LLP's capital markets practice is viewed by one client as 'the leading team in the Middle East, and their knowledge, proactivity, engagement and holistic approach to transactions set them apart from the competition'. The firm advises across the spectrum of emerging markets work including project finance and development, leveraged finance and M&A, and is frequently active in Africa, the Middle East, Central Asia and numerous other emerging markets. Ben Shorten, who returned to London from Singapore in 2021, leads the project development and finance practice, following the retirement of Nick Buckworth. He has extensive experience advising on megaprojects in the Middle East. He acted for NEOM Company in Project Helios, a $6.5bn project to create a world-scale green hydrogen and green ammonia production facility in Saudi Arabia. Key partner Sanja Udovicic led a team advising IFC and KfW IPEX on the $1.2bn financing of the Acu LNG to Power Project in Brazil. Of counsel  John Inglis supports sponsors and financial institutions in the development and financing of a range of energy and natural resources projects. Capital markets partner Pawel Szaja handles both debt and equity transactions, including ADNOC's $1.64bn combined offering of existing shares and equity-linked bonds.  Iain Elder moved to DLA Piper.

Practice head(s):

Ben Shorten

Other key lawyers:

John Inglis; Sanja Udovicic; Paweł Szaja

Testimonials

‘The practice draws on a wealth of international experience, particularly for less boiler-plate financings, often in difficult emerging markets. The ability of the team to bring together an international team of seasoned professionals is second to none.’

‘The team – specifically the capital markets team – are the leading firm in the Middle East. Their knowledge, proactivity, engagement and holistic approach to transactions set them apart from the competition. They have excellent relationships with all key decision makers – whether the regulator, exchanges, issuers or investment banks. Their ability to call on knowledge from their global practice is also a significant positive, which helps them introduce best practices to the UAE. Their Arabic speaking skills are also a key differentiator, as this is from junior associate level through to lead partners.’

‘Pawel Szaja is extremely engaging, and available to assist with any matters – whether on a live transaction or to bounce ideas off. He is a clear subject matter expert, who provides extremely valuable advice.’

‘Pawel Szaja has a unique ability to see a transaction from a macro and micro level, which is invaluable. This approach means that he is able to foresee issues that may arise, whilst also managing day-to-day issues. He also has an ability to provide tailored structuring advice for different transactions structures.’

‘Deep knowledge on countries, sectors and past transactions.’

Key clients

NEOM Company

The Dow Chemical Company

International Finance Corporation (IFC)

KfW IPEX

Brazilian Development Bank (BNDES)

BTG Pactual

BNP Paribas

Bradesco

ABC Brasil

ADNOC

Gulf Marine Services

ADNOC Drilling Company PJSC

Enefit Green AS

Citigroup

Nordea

Swedebank

Fertiglobe plc

Work highlights

  • Advising NEOM Company on all aspects of Project Helios, a $6.5 billion world-scale green hydrogen and green ammonia production facility.
  • Advised The Dow Chemical Company in connection with the financial and commercial restructuring of the Sadara Chemical Company (Dow’s joint venture with the Saudi Arabian Oil Company (Saudi Aramco)), which owns and operates the $20 billion world-scale integrated Sadara chemicals complex in Saudi Arabia.
  • Advised lenders on the $12.5 billion joint venture for the Jazan IGCC / ASU project, a downstream oil and gas project that was one of the largest project financings globally in 2021.

Bird & Bird LLP

Bird & Bird LLP's finance and financial regulation practice frequently advises conventional commercial banks, alternative lenders, special opportunity lenders and development banks on a wide variety transactions, including many in emerging markets. It leverages its expertise in aviation and asset finance, energy finance, Islamic finance and sports finance to assist both lenders and borrowers on complex matters in the CEE, the CIS and Southeast Europe, North Africa and Asia. Lead partner Andrew Hallgarth, who has been advising on emerging markets for some 25 years ago, acted for long-term client EBRD on the creation and growth of North African retail property investor and developer Aradei Capital, and recently assisted it with the admission of a key strategic investor, a partial exit and arrangements to restructure shareholder rights facilitating a December 2021 IPO.

Practice head(s):

Andrew Hallgarth

Work highlights

  • Further to the firm’s long-term advice to EBRD in connection with the creation and growth of Aradei Capital (an investor and developer of North African retail property), it advised on the admission of a key strategic investor (the South African Government Employees Pension Fund), a partial exit and arrangements to restructure shareholder rights facilitating the December 2021 IPO.

Charles Russell Speechlys LLP

Charles Russell Speechlys LLP provides 'very responsive and thoroughly detailed advice' on matters in the real estate, financial services, infrastructure, agribusiness, retail, energy and telecommunications sectors in a range of emerging markets. Clients note that the firm has 'a long history of working with issues that impact governments, has multi-jurisdictional reach and is able to draw on an excellent pool of barristers'. Africa lead partner Adrian Mayer, Caribbean lead partner Hamish Perry, India lead partner Rupa Lakha and principal Latin America partner Robert Reymond are the key practitioners. Mayer acted for specialist impact investor AgDevCo in its $70m equity funding from the CDC Group and Norfund, which will allow it to grow its investment activities in agriculture across sub-Saharan Africa.

Practice head(s):

Adrian Mayer; Hamish Perry; Rupa Lakha; Robert Reymond

Other key lawyers:

John Almeida

Testimonials

‘Very responsive with throughly detailed advice.’

‘Hamish Perry has an exceptional understanding of our business, always responds to queries punctually and will draw on his firm’s resources to assist with specialised queries.’

‘A long history of working with issues that impact governments. Multi-jurisdictional reach and the firm is able to draw on an excellent pool of barristers.’

‘Stand-out partner John Almeida is responsive, efficient and resourceful.’

Key clients

AgDevCo (Africa)

Metier (Africa)

Ascent Capital Africa (Africa)

Actis LLP (Emerging Markets)

Government of Trinidad & Tobago (Caribbean)

Daystar Power (Africa)

M-Kopa Solar (Africa)

India Capital Growth Fund (India)

Work highlights

  • Advised AgDevCo, a specialist impact investor in African agribusinesses on its recent $70m equity funding from the CDC Group, and Norfund which will allow AgDevCo to continue to grow its investment activities in agriculture across Sub-Saharan Africa.
  • Advised Metier, a leading South African private equity fund manager, on a US$39m investment into Africa Mobile Networks Ltd (AMN). AMN builds, owns, operates and maintains mobile network infrastructure in Africa.
  • Advised Ascent Capital Africa on the establishment and fund raising for its second fund, Ascent Rift Valley Fund II (ARVF II), which had its first rolling close on 31 March 2021 at more than USD 100 million and a second close with an additional commitment of approximately USD 13 million on 20 December 2021.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton has a deep bench of partners who handle corporate and finance transactions in developing markets across the globe. The firm has a strong borrower-side practice, acting for corporates in emerging markets, and it has one of the world’s leading sovereign wealth funds practices. London-based M&A partners Sam Bagot and Nallini Puri acted for Goldman Sachs, the largest shareholder in Indian energy company ReNew Power, in ReNew’s public listing through a business combination with RMG Acquisition Corporation II, a special purpose acquisition company. Michael Preston and Michael James, also from the M&A group, acted for TPG Rise Climate in its investment in Tata Motors' electric vehicle and infrastructure business. Tihir Sarkar, who focuses on cross-border M&A, along with private equity and restructuring transactions, and capital markets partners David Gottlieb and Sebastian Sperber are also heavily involved in emerging markets work.

Other key lawyers:

Sam Bagot; Nallini Puri; Michael Preston; Michael James; Tihir Sarkar; David Gottlieb; Sebastian Sperber

Key clients

Goldman Sachs

TPG

TPG Asia

TPG Rise Climate

Work highlights

  • Advised Goldman Sachs, the largest shareholder in India’s leading pure-play renewable energy producer, ReNew Power, on its public listing on the NASDAQ through a business combination with RMG Acquisition Corporation II, a special purpose acquisition company, which gave Renew an enterprise value of $8 billion.
  • Advised TPG Rise Climate in its approximately $1 billion (₹7.5 billion) investment in Tata Motors’ electric vehicle and infrastructure business.
  • Advising TPG in the sale of Evoltz Participações S.A. to Ontario Teachers’ Pension Plan Board.

Dechert LLP

Dechert LLP has extensive experience in the former Soviet Union and MENA regions, where it is best known for capital markets deals for sovereign and quasi-sovereign entities, as well as for major corporates. Its sovereign debt practice is among the most prominent in London, and the firm is also making a name for itself in the ESG-linked emerging markets bonds space. Patrick Lyons leads the firm's international capital markets group and, in 2021, acted in emerging markets transactions with a total value in excess of $18.4bn. Key partner Giles Belsey frequently acts for  bondholders and ad hoc groups in the restructuring of bond issuances or related workout situations, and is particularly active in the Middle East and the CIS. Emerging partner talent Jennifer Rees led a team that assisted JSC Georgian Railway with the first green bond issued by a transport company in the Caucasus region and by a state-owned entity in Georgia. Associate Amy Rees also plays a key role in the practice.

Practice head(s):

Patrick Lyons

Other key lawyers:

Giles Belsey; Jennifer Rees; Amy Rees

Key clients

EFG Hermes

Renaissance Capital

Arab Republic of Egypt

JSC Development Bank of Kazakhstan

Sultanate of Oman

JSC Georgian Railway

JSC Ukrainian Railways

Kingdom of Bahrain

Bank Audi

Procurement Bureau of the Republic of China Ministry of National Defence

Ad Hoc Committee of Noteholders of PJSC Commercial Bank “PrivatBank”

Fieldfisher

Fieldfisher 'offers a high level of services, which include cross-border arbitration and litigation matters, and the firm provides a solid and very professional team'. The firm handles transactional, regulatory and contentious work, and the emerging markets group is the largest dedicated practice in the London office. The firm also has the largest CIS group in London, with more than 50 highly experienced Russian speakers. Matt Hinxman leads on finance matters, Nodir Sidikov on energy transactions, and Cecily Davis on energy and infrastructure projects in Africa. Associate Mila Kovalenko is a key adviser on contentious matters in emerging markets. Hinxman, who 'can advise and provide solutions on complex matters, ranging from regulatory matters to issues relating to sanctions', and Sidikov acted for borrower Atyrau Refinery, the largest oil refinery in Kazakhstan, in obtaining a $450m loan from VTB Bank to refinance existing debt. Davis assisted off-grid solar developer Winch Energy with the development of 24 sites in Sierra Leone.

Practice head(s):

Matt Hinxman; Nodir Sidikov; Cecily Davis

Other key lawyers:

Alexandra Underwood; Daniel Hayward; Mila Kovalenko

Testimonials

‘The team has the depth and firepower to compete with the very biggest disputes teams around the globe, handling multiple large-scale litigation and arbitration matters.’

‘Corporate partner Nodir Sidikov is our first choice when it comes to high-value, sensitive and multi-jurisdictional transactions. Nodir and his team have provided legal support to us for many years. Their ability to smoothly conduct complex legal matters in English and Russian is outstanding and provides a lot of comfort in achieving desirable results for us. Nodir is always available and approachable, he is highly experienced in all matters surrounding oil & gas corporations and national government companies, in particular in Kazakhstan.’

‘The Emerging Markets practice of the firm handles various well known clients, offering them a high level of services which, in addition to assistance on regulatory matters, includes services relating to cross-border arbitration and litigation matters. The firm provides a solid and very professional team, which includes people from various backgrounds. They are one of our go-to firms in England.’

‘Matt Hinxman is undoubtedly a top-tier lawyer in banking and finance and he can advise and provide solutions on complex matters, ranging from regulatory matters to issues relating to sanctions. He also has experience in advising high profile clients on matters relating to cross border arbitral and court proceedings.

‘We had the pleasure of working with the Mila Kovalenko and Monique Marino, both of whom  exhibit outstanding professionalism and thorough knowledge of their areas of practice.’

‘Better than a lot of other firms at taking unorthodox clients seriously. Everyone in the team shows exceptional cultural awareness and is adept at making clients feel at ease and valued in an unfamiliar court or arbitration setting.’

‘Daniel Hayward – superb partner always concentrating on the big picture. He is very good at identifying the points which matter and not wasting time on points which don’t. His ability to manage large teams is exceptional.

‘Alexandra Underwood – a real details person. Rolls up her sleeves and gets right into the nitty-gritty. Very good at controlling expert witnesses and keeping them focused on the task in hand. ‘

Key clients

Africa Finance Corporation

African Lion Gold plc

AgDevCo

Akin Gump Strauss Hauer & Feld

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.

CQUR Bank

Dalradian Gold Limited

European Bank for Reconstruction and Development (EBRD)

Essex Court

Everest Alliance Limited

finnCap

Fountain Court Chambers

Fusion Capital AG

GuarantCo

Golden Arrow Resources Corp.

Grant Thornton

Ibex Metals AG

Invesco

ISON Mining Pte Ltd

Joh. Berenberg, Gossler & Co.

JSC National Company “KazMunayGas”

Kalahari Metals Ltd

Kcell JSC

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

Terrafame

The European Bank for Reconstruction and Development

Trafigura Pte Limited

Traxys Europe S.A.

Traxys Europe SA

Vannim Capital

Vaod Group – Garna

Vardar Minerals Limited

VTB Commodities Trading

VTB Bank PJSC

VTB Bank (Europe) Ltd

Winch Energy

Yanggu Xiangguang Copper Co. Ltd. (“XGC”)

Work highlights

  • Advised Kazakh mobile telecoms provider Kcell JSC (with market value of over US$1 billion) on the cancellation of the listing of its Global Depositary Receipts (GDRs) on the London Stock Exchange and the Astana International Exchange (AIX) and the termination of the company’s GDR programme.  
  • Primary external counsel (English law) for RCB Bank Ltd,  including capital markets, banking transactional, litigation, arbitration, regulatory and employment. The majority of the bank’s work is in emerging markets jurisdictions.  
  • Representing Igor Kolomoisky in JSC Commercial Bank Privatbank v Kolomoisky & Others, one of the largest disputes heard by English commercial court raising complex issues of foreign banking regulations, alleged fraud and misrepresentations.  

Gowling WLG

The projects and infrastructure practice at Gowling WLG is seen by one client as 'a challenger to the Magic Circle, which lives up to that billing by being innovative yet pragmatic in its approach to transactions and problems'. The firm has a presence in the utilities and mining sectors, and it has a strong track record of start-up transactions, joint ventures, farm-ins, equity, debt and project financings in jurisdictions as diverse as Russia and the CIS, Armenia, Bangladesh, Nepal, Myanmar, and many countries throughout Africa and South America. Head of international projects Jonathan Brufal oversees the firm's emerging markets work, which involves many key partners. Among them are corporate energy partner Gareth Baker, project finance specialist Andrew Newbery and head of natural resources Charles Bond, who 'has an easy style where even unexpected challenges are taken in stride'. Impact finance partner Alasdair McKenzie is 'very commercial and solution-focused'. Gordon Bell is the go-to partner for international arbitration.

Practice head(s):

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

Testimonials

‘We see Gowling as a challenger firm to the Magic Circle, which lives up to that billing by being innovative yet pragmatic in their approach to transactions and problems. The focus is on an efficient resolution rather than maximising billable hours and, as such, they build trust and confidence with their clients with a long-term view that a deep relationship will generate longer term profits/returns.’

‘Alasdair MacKenzie has proven to be a very commercial and solution-focused partner at Gowling who has earned respect from both ourselves and our clients. He is also a lawyer who is happy to not sit on the fence but pick a side on an issue and explain why he thinks it is the better course of action whilst also providing a balanced evaluation of the downside and alternative. We have felt this approach to be much more value-adding than simply being given a read out of the law.’

‘A diverse set of expertise within the orgnisation. It also feels that those different groups work well together (e.g. there is internal collaboration for the benefit of the client rather than competition for attention or a certain legal direction). This extends to their legal partners outside Gowling. This seamless integration of different ways to serve a client is very valuable.’

‘We work with Charles Bond a lot, but even other partners and associates are always available. When needed, things get turned around very quickly. Furthermore, there is an easy style where even unexpected challenges are taken in stride.’

Key clients

Kansai Electric Power Corporation

Group 42

Energy Storage Africa

InfraCo Africa

Bushveld Minerals

International Finance Corporation

eThekwini Municipality

Almar Water

Bi Partecipacoes E Investimentos Ltda

Deme Concessions Wind NV

GuarantCo

Bacanora Lithium Plc

Horizonte Minerals PLC

Work highlights

  • Acted for Kansai Electric Corporation, a major Japanese utility based in Osaka, on its bid for the Project Lightning project. Lightning is a new underwater, subsea transmission project in Abu Dhabi with an estimated value of $3.2 bn.
  • Advising Energy Storage Africa, the developer, on the project development and finance of a 50 MW battery storage project in Malawi, which is the first battery storage project in Malawi.
  • Acted for Bacanora Lithium Plc on the £248m cash takeover of Bacanora by one of the largest lithium compound producers in the world, Ganfeng Lithium from China.

McDermott Will & Emery UK LLP

McDermott Will & Emery UK LLP continues to build a strong presence in emerging markets work from its London office, having hired Ranajoy Basu and Priya Taneja two years ago. Both are experienced in finance transactions, including structured finance, complex securitisations, debt capital markets and high yield related deals, and they have at their disposal a range of talent in capital markets, corporate and M&A, banking and finance, commodities and derivatives matters. Corporate partner Mark Fine assisted Africa-focused oil and gas production and development company Sirius Petroleum PLC with the acquisition of a stake in COPDC Petroleum Development Company Limited, which has executed agreements with Nigeria National Petroleum Corporation to develop onshore projects. The firm is also active in cross-border disputes with litigator Andrew Savage and associate Romilly Holland  key members of a team representing Amnesty International in various disputes with the Government of India, including advice on a potential investment treaty arbitration.

Practice head(s):

Ranajoy Basu

Other key lawyers:

Priya Taneja; Mark Fine; Andrew Savage; Romilly Holland

Key clients

Amnesty International

Citibank, N.A., London Branch

Crescent Petroleum

Eaton Capital Limited and other members of the DK Consortium

Intertrust Trustee (Jersey) Limited

Lucid Trustee Services Limited

Net 1 UEPS Technologies Inc.

Sirius Petroleum

Wilmington Trust (London) Limited

Work highlights

  • Acting for Crescent Petroleum in commercial arbitration against the National Iranian Oil Company arising under a gas supply agreement.
  • Advising Wilmington Trust (London) Limited in its capacity as a Collateral Agent in relation to a US$2 billion senior secured term loan facility entered into by Grab Holdings Inc, the largest term loan B facility in Asia’s technology sector.
  • Advised Sirius Petroleum PLC, an Africa focused oil and gas production and development company, in relation to obtaining a senior loan facility from Trafigura Pte Ltd, along with the acquisition of a shareholding in the joint venture company COPDC Petroleum Development Company Limited, which has executed agreements with NNPC (Nigeria National Petroleum Corporation) regarding the development of the OML 65 licence, onshore Nigeria.

Pillsbury Winthrop Shaw Pittman LLP

Pillsbury Winthrop Shaw Pittman LLP operates in emerging markets from China and the Asia Pacific Region, the Indian sub-continent, through to Russia and the CIS states, the Middle East and Africa. It handles lender-side for financial institutions, as well as acting for sponsors and borrowers on debt and equity financing, M&A, outward/inward investment, the sale and purchase of non-performing loan portfolios, strategic investment and ancillary services. Head of corporate James Campbell is head of the firm-wide Africa practice, and he advises a broad range of clients from start-ups to Fortune 50 companies and international governments. Key partner Osama Abu-Dehays represents broadcasters, football leagues, telecom companies and technology providers across the Middle East and North Africa. Matthew Oresman leads the international public policy practice, advising governments, political leaders, businesses and NGOs. Corporate partner Gavin Watson specialises in deals in the energy and sustainable finance sectors, particularly oil and gas, LNG, refinery and petrochemical projects.

Practice head(s):

James Campbell

Other key lawyers:

Osama Abu-Dehays; Matthew Oresman; Gavin Watson

Key clients

Alpac Capital

Association of Cyprus Banks

Bank of America

Bank of New York Mellon

BMW

BNNP, Bk West, First Hawaiian, Fortis

CEECAT Capital

Citigroup

Deutsche Bank

DVB Bank SE

EN+

EBRD – European Bank for Reconstruction and Development

Fannie Mae

GE

Government of Kosovo

HSBC Bank

Japan Bank for International Cooperation (JBIC)

JP Morgan Chase & Co.

Natixis Wholesale Banking Americas

Pacific Continental Bank

TD Bank

Wells Fargo

Reed Smith LLP

Leveraging its multi-disciplinary approach spanning corporate, finance, capital markets, commodities and derivatives expertise, Reed Smith LLP also excels in construction, infrastructure and energy projects. The practice, which benefits from the firm's global network of offices, is led by arbitrator and litigator Gautam Bhattacharyya, who is also chair of the India business team. Newly promoted partner Patrick Sutton is also an active member of the group and is a key contact for energy and natural resources mandates including trade and commodity finance work.

Practice head(s):

Gautam Bhattacharyya

Other key lawyers:

Patrick Sutton

Trinity International LLP

Trinity International LLP is 'a clear market expert when it comes to Africa, having an ear to the ground and footprint on the pulse'. The firm specialises in corporate and finance transactions in emerging markets. and its mission is to play a role in improving access to power and basic infrastructure. It frequently advises European, African and North American banks and DFI’s on project finance, acquisition finance, corporate finance and financial institution lending. Founding partners Paul Biggs and Simon Norris (who is 'a phenomenal lawyer and a great project manager'), head of corporate Conrad Marais and project finance partner Kaushik Ray are the key practitioners. Ray served as borrower's counsel on the development of a $30m 7.5MW solar PV project in Mubuga in Burundi, the country's first solar IPP. Other key members of the team include Fiona Gulliford  , who also has extensive experience in  power and water projects, and senior associate Jo Sykes .

Practice head(s):

Paul Biggs; Simon Norris; Kaushik Ray; Conrad Marais

Other key lawyers:

Jo Sykes; Fiona Gulliford

Testimonials

‘Trinity is a clear market expert when it comes to Africa, having an ear to the ground and footprint on the pulse. We have engaged the team in numerous mandates and their market knowledge, commercial focus and subject and jurisdiction matter expertise is exemplary.’

‘Fiona Gulliford – always present and available and has answers where they are not readily available (as is the case in most of our issues given the nascent market in which we operate). She is willing to go the extra mile in order to understand the issue and lean on colleagues to ensure that we receive the best and most commercially practicable advice possible.’

‘The Trinity model and team are quite unique in our experience – a small, senior team led by partners that provides excellent advice and service with a commercial approach and competitive pricing.’

‘Simon Norris is a phenomenal lawyer and a great project manager. He has assisted me in co-managing the development of the project. He is smart, hard working, prompt and always goes beyond the call of duty.’

‘Excellent advice from an experienced senior team, coupled with availability and responsiveness and a commercial approach.’

‘Trinity is unique. Their fee structure enables developers to develop projects in risky jurisdictions, If it was not for them we would not have been able to finance our project in Sierra Leone. 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 codevelopers, 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. Trinity has been more involved than any other law firm I know in Africa and they have probably brought more projects to financial close than any other firm. Their knowledge of the industry and the continent are unparalleled. We would never look to work with any other firm.’

Key clients

KPMG (as head of a consortium instructed by EBRD acting for the Kazakhstan Government)

Gigawatt Global

Inspired Evolution

Renewable Energy Performance Platform

Asian Development Bank

KfW

Government of Mozambique

Government of Zambia

Government of Uganda

Scatec Solar ASA

GED (Group Européen de Development du Congo)

Proparco

The African Trade Insurance Agency

IFC

Work highlights

  • Acting for ATI and KfW in relation to the enhancement and expansion of the Renewable Liquidity Support Facility – an innovative initiative that has already assisted many renewable power projects in Sub-Saharan Africa to reach financial close by providing an ATI backed letter of credit to project company counterparties under power purchase agreements to support the payment obligations of offtakers in certain approved Sub-Saharan countries.
  • Advising the Asian Development Bank, mandated by the Government of Uzbekistan (Ministry of Energy and Ministry of Investments and Foreign Trade to advise on the structuring and implementation of a design, build, finance, own, operate, maintain, and transfer or decommission solar photovoltaic power plant of a maximum capacity of 300 MWac to be situated in the Guzar district of the Kashkadarya region of the Republic of Uzbekistan.
  • 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

At Druces LLP, ‘the commerciality of the team matches its excellent legal abilities‘ and one client remarks that ‘as a result we get practical, high-quality legal advice at a reasonable price‘. The firm has a strong presence in the mining sector, particularly in Africa, Turkey, India, China and Latin America, and it handles both capital markets transactions and construction litigation for global natural resources companies. Lead partner Dominic Traynor is ‘an exceptional legal adviser, both commercial and practical‘. Senior associate Jack Dervyn is ‘proving to be a highly accomplished and trusted legal adviser‘. Together, they acted for Caerus Mineral Resources plc on its placing of 21,000,000 new ordinary shares on the London Stock Exchange plc’s main market for listed securities to raise gross proceeds of approximately £2.2m.

Practice head(s):

Dominic Traynor

Other key lawyers:

Jack Dervyn; Mark Lamph

Testimonials

‘Very professional and easy to approach, able to meet deadlines.’

‘The team’s size lends itself very well to having the key individuals being very familiar with my company’s operations, and to match the appropriate level of experience to the tasks required. Druces’ internal communication is seamless.’

‘The commerciality of the team matches its excellent legal abilities; as a result we get practical, high-quality legal advice at a reasonable price.’

‘The team have become trusted advisers and its role has extended to a commercial legal advisory role in a variety of jurisdictions (Oman, Mozambique, and Portugal), supplementing our in-country legal advisers.’

‘Dominic Traynor in particular is an exceptional legal adviser; both commercial and practical – his depth of experience in industry matters and general commerciality provides insight well beyond that expected of a legal adviser. His legal skills are excellent, and he effectively uses the support team so that the correct fee level is matched with the work undertaken.’

‘Jack Dervyn is proving to be a highly accomplished and trusted legal adviser. He was instrumental in the completion of concluding the amicable termination of a joint venture with mining major.’

‘Associate Mark Lamph did an excellent job of managing all the legal aspects of a £10 million fundraising in 2021. He also displays a maturity beyond his years when dealing with counterparties’ lawyers.’

Key clients

Caerus Mineral Resources plc

Great Southern Copper Plc

Goldplat Plc

Katoro Gold PLC

Kavango Resources plc

Kibo Energy PLC

Panthera Resources plc

Power Metal Resources plc

Savannah Resources Plc

Work highlights

  • Advised Savannah Resources Plc in relation to its exit from a consortium agreement with Rio Tinto and its remaining assets in Mozambique – in a deal totaling (USD)$9.5m.
  • Advised Goldplat plc on the sale of wholly owned subsidiary, Kilimapesa Gold Limited, including the assignment of an intercompany loan and advising on a multi-year royalty agreement for the duration of the licenced mine’s lifecycle.
  • Advised Great Southern Copper Plc, on its subscription to the Official List and to trading on the London Stock Exchange’s main market for listed securities to raise gross proceeds of approximately £3.5 million.

Michelmores LLP

Michelmores LLP is praised for its 'attention to detail' in emerging markets work, which encompasses advice to impact investors, financial institutions, private equity funds, project sponsors, developers, and leading foundations on equity and debt investments, M&A, exits and portfolio management across a range of sectors, among them healthcare, agribusiness, financial services, forestry, and renewable energy. The firm focuses predominantly on mid-market deals and impact investment. Corporate partner Joe Whitfield is the lead practitioner, who marshals resources from across the firm, including PE and funds adviser Philip Newhouse and disputes specialist Andrew Old-land. Newly promoted partner Harry Trick has significant experience in impact investments in developing markets.

Practice head(s):

Joe Whitfield

Other key lawyers:

Harry Trick; Philip Newhouse; Andrew Oldland

Testimonials

‘Good attention to detail.’

Key clients

African Battery Metals PLC

AHL Growth Fund LP / The Adolf H Lundin Charitable Foundation

Arbaro Fund

Astana International Financial Centre

Berry Properties

BRAC

Cantor Fitzgerald Europe (AIM Adviser/Broker)

Corporate Finance House Group (subsidiary of First National Bank)

DSM Venturing

Finnfund

Flow Equity LLC

FMO

Global Partnerships

Intelsat SA

LAFCo

Norfund

Phatisa Fund Managers

Proparco

Soros Economic Development Fund

Standard Bank

TechMet

Thirdway Africa Capital

United Bank Limited

Zebu Investment Partners

Work highlights

  • Advised Soros Economic Development Fund on (i) the establishment and capitalisation of Global Access Health and (ii) GAH’s subsequent acquisition of UK biotech company Mologic with a view to expanding access to affordable, quality public health products and technologies in the Global South.
  • Advised Soros Economic Development Fund in relation to a $100m cost sharing guarantee to be provided by SEDF in favour of Gavi, the Vaccine Alliance, with the goal of increasing access to Covid immunization in poor countries.
  • Advised Finnfund and Norfund as joint lenders in connection with $20m loan facilities to Starsight for the purposes of funding projects providing cooling and power supply solutions and solar energy efficiency power systems in Nigeria and Ghana.

TLT

TLT has 'very focused and professional team with hands-on experience that is available at any point of time for clients'. One client remarks 'I have never seen such affordable and yet professional service'. The firm has a particular focus on the financial services sector in India, but is now expanding into new markets. Its work spans complex disputes, employment matters, IP and corporate finance. Paul Gair and Kanika Kitchlu-Connolly in London and Bristol-based partner Peter Carney lead the emerging markets group. Carney, who is 'superb in his approach and flexibility to get work done', acted for the UK subsidiary of a leading Indian public sector bank in the sale of debt and security owed by an Indonesian mining entity to a new investor.

Practice head(s):

Peter Carney; Paul Gair; Kanika Kitchlu-Connolly

Testimonials

‘Very focused and professional team with quite hands on experience. Available at any point of time for clients. Never seen such affordable and yet professional service.’

‘Peter Carney- superb in his approach and flexibility to get work done for clients. Highly recommended to work with. His ability to meet deadlines and get complex stuff done in a short time are among the many of his best qualities.’

‘The TLT guys all seemed to know their stuff and were, when unsure, willing to admit that. They were friendly and helpful.’

‘Prompt, intelligent teams, commercial mindset and fee quote flexibility.’

‘Thorough professionals, like-minded in terms of understanding your view, knowledge and attentiveness.’

‘Proper communication with the client and understanding their needs. Keeping the client informed about the present situation and what can realistically transpire in future.’

Key clients

Punjab National Bank (International) Limited

Bank of India London

Bank of Baroda, GIFT city, India

State Bank of India

IDBI Bank Limited

Axis Bank Limited, Gift City, India

Work highlights

  • Acting for a consortium of 13 Indian banks on the registration and enforcement of an Indian Judgment in England & Wales against Dr Vijay Mallya and in obtaining a freezing injunction against him.
  • Advising an overseas payment services provider looking to expand from the Middle East and African markets into the UK and European market by seeking to acquire a UK-based regulated e-money business. TLT’s FSR team fully supported the purchaser’s change in control application (CIC).
  • Supported longstanding client Axis Bank Limited, India on the restructuring of Typhoo Tea Limited. Typhoo Tea was in financial distress and the firm was asked to assist having documented the circa £35m loan previously made available.

Vedder Price

Vedder Price has ‘a very commercial team that anticipates potential issues’. The firm has a strong focus on transactions in central and eastern Europe, notably advising on financings, asset acquisitions, M&A transactions, restructurings and sanctions enquiries over the years. Its recent work includes major restructurings in Bulgaria, Turkey, Ukraine and Lebanon. European head of private equity and corporate Andrew Harris leads the firm’s emerging market work in London, with partner Trevor Wood playing a key role in major financings. Wood is ‘always available to discuss the sensitive and difficult issues which arise on distressed projects‘. He worked with associate Henrietta Worthington to support EBRD and ING Bank in the restructuring of the Ukrainian drinks manufacturer Obolon Group.

Practice head(s):

Andrew Harris

Other key lawyers:

Trevor Wood; Henrietta Worthington; Jonathan Edgelow

Testimonials

‘Trevor Wood is always available to discuss sensitive and difficult issues which arise on the distressed projects with which we deal and he adopts a pragmatic approach to problem resolution.’

‘Availability and responsiveness – Trevor Wood and Henrietta Worthington.’

‘A very commercial team that anticipates  potential issues.’

‘Jonathan Edgelow is a fantastic corporate and commercial lawyer who has an exceptional grasp of the law and is very commercial in his approach. Very quick turnaround and always has his client’s interests at the forefront and is an absolute pleasure to work with. Fantastic communication skills. Hugely talented and highly recommended with excellent international experience. My go-to corporate lawyer.’

Key clients

European Bank for Reconstruction and Development

Blantyre Capital Limited

Zenith Bank

Integral Venture Partners S.a.r.l.

Work highlights

  • Advised EBRD, ING Bank and Raiffesisen Bank on the financial restructuring of the Obolon Group (a Ukrainian drinks manufacturer).
  • Advised Blantyre Capital and EBRD 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 EUR75 million) made to Alternative Taşimacilik A.Ş., including the provision of new standalone third-party guarantees and the sale of certain ro-ro vessels.