Emerging markets in London

A&O Shearman

A&O Shearman is a standout firm for structured finance, projects and debt capital markets deals in emerging markets, and the firm continues to build on its strong track record in first-of-kind transactions. The team is 'experienced in various sectors, knows its stuff from a legal perspective and is well staffed', and one client notes that the firm 'has good matter management, driving deals forwards and being very proactive in approach, acting very much as trusted advisers in a collaborative way'. The lead partners for the emerging markets group are debt financing specialist Greg Brown and banking and restructuring partner Kathleen Wong. International capital markets partner Sachin Davé and head of the ECA practice Lorraine Bayliss (who 'really knows her stuff, is commercial, responsive and proactive') are among the many standout partners. Bayliss is a key adviser to Trans Adriatic Pipeline AG on its project to build a new new gas pipeline crossing Turkey, Greece, Albania and the Adriatic to terminate in Italy. Upstream oil and gas specialist Andrew Castle, head of the Africa group Tim Scales, who is also co-head of the global projects practice, and Oleg Khomenko, who advises lenders and borrowers on cross-border financing transactions in the CEE and the Middle East, are also highly recommended. Trade and commodities finance specialist Catherine Lang-Anderson recently acted for the co-ordinating committee of creditors ED&F Man on the restructuring of its debt and the provision of $300m in new money facilities.

Practice head(s):

Kathleen Wong; Greg Brown

Other key lawyers:

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


‘I really like working with this team. They are experienced in various sectors, know their stuff from a legal perspective and well staffed. They have good matter management, driving deals forwards and being very proactive in approach, acting very much as trusted advisers in a collaborative way.’

‘Lorraine Bayliss is excellent. She really knows her stuff, is commercial, responsive and proactive. She has surrounded herself with a great team of associates. We always feel well looked after on project finance transactions when we work with her. She is very involved and visible on transactions. She works well with the lawyers on the sponsor side to ensure that the deal runs smoothly and efficiently. She has an amazing ability to be totally switched on to what is happening across a number of diverse deals at the same time. ‘

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)


The Eastern and Southern African Trade and Development Bank (TDB)

Work highlights

  • Advising the co-ordinating committee of creditors representing creditors with over USD1bn of debt claims and the agent in relation to the restructuring of the financial indebtedness of the ED&F Man Group and the provision of USD300m new money facilities.
  • 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 Trans Adriatic Pipeline AG (TAP) on the development and implementation of the Trans Adriatic Pipeline project, which is a new-build 10 BCM gas pipeline commencing at the Turkey-Greece, crossing Greece, Albania, the Adriatic Sea and ending in Italy.

Baker McKenzie

Baker McKenzie has ‘a great team that is always responsive, very helpful, and provides very quick turnarounds‘. Globally, the firm is an emerging markets powerhouse, given its extensive office network, and many of its key transactions are managed through the London office. It is active across the finance space, though it has particular expertise in trade, export and commodity financings in the emerging markets, and it also has an active practice advising issuers on capital markets transactions in developing countries. Head of London banking and finance Nick Tostivin oversees the firm’s emerging markets work. He handles syndicated lending transactions including in relation to acquisitions. He worked with Luka Lightfoot, who leads the firm’s trade and commodity finance practice, to advise ING Bank and other lenders, agents and export credit agencies on the $300m financing of an upgrade to an existing ammonia plant and the construction of a new urea plant in Turkey Capital markets partner Megan Schellinger frequently advises corporates and investment banks on Rule 144A and SEC-registered offerings and private placements of international debt, equity transactions and compliance. Schellinger and Rob Mathews acted for JP Morgan and other banks in issuance by Dubai-based agribusiness ETC Group.

Practice head(s):

Nick Tostivin

Other key lawyers:

Luka Lightfoot; Megan Schellinger; Rob Mathews


‘Great team. Always responsive. Very quick turnarounds and very helpful. Megan Schellinger is a stand-out.’

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

  • Advising Standard Chartered Bank, Commerzbank, Komunal Kredit, Santander and Afreximbank to support the Angola Rural Electrification Project providing for electrification of 60 sites in rural Angola.
  • Advised ING Bank as the commercial lenders in relation to an over approx. USD 150 million financing package to Gemlik Gübre Sanayii A.Ş. (a fertilizer producer) as the borrower.
  • Acted as lenders’ counsel to Afrexim and BAI – Banco Angolano de Investimentos S.A. in respect of the financing to Somoil.

Clifford Chance LLP

Clifford Chance LLP 'has no peers when it comes to the delivery of legal services', according to one client. Another describes 'an innovative team that focuses on protecting client's interest than following the norm'. The emerging markets team in London is active in deals in Africa, India, Latin America, Turkey, the CIS and the CEE region. Its expertise in in banking, project finance, commodity and trade finance, structured finance, securitisation and derivatives, and debt and equity capital markets transactions is market-leading. The lead partners are Leonard Cleland, who focuses on work in the CIS, Eastern Europe, the Middle East and Africa, and infrastructure finance partner Simon Williams. Cleland advised the lenders on a €256m dual ECA-backed financing package for the development of three new hospitals in Angola. Energy and infrastructure partners Jeremy ConnickKayode Oladipo (who is 'an exceptional lawyer whose knowledge of law and the industry is remarkable') and Olamide Oladosu are heavily involved in the Africa practice. Connick and Oladosu advised Genser Energy on a $425m financing to boost its operations in Ghana. Capital markets partner Deborah Zandstra acted for The Democratic Socialist Republic of Sri Lanka in securing an Extended Fund Facility from the IMF. Senior associate Rebecca Shepherd in the global financial markets group also stands out for emerging markets transactions.

Practice head(s):

Leonard Cleland; Simon Williams

Other key lawyers:

Olamide Oladosu; Jeremy Connick; Rebecca Shepherd; Kayode Oladipo; Deborah Zandstra


‘Clifford Chance has no peers when it comes to the delivery of legal services. I have worked with several law firms on various cross-border transactions including M&A, banking and finance, capital markets, project structured finance, and no law firm has come close to delivering the exceptional and unique service we receive when we work with CC. In addition to the above, they also have the most diverse team which tells me that CC is an an equal opportunity employer.’

‘I have worked with Kayode Oladipo on several transactions and he definitely stands out. Kayode is an exceptional lawyer, his knowledge of law and the industry is remarkable. In addition, he always goes the extra mile for his clients, Kayode is always available, whether it is to brainstorm or to go over the issues or reservations that the client may have, he gives his time and expertise, while patiently walking you through the various stages of the transaction.’

‘An innovative team that focuses on protecting client’s interest than following the norm. Also very helpful in managing costs.’

‘The most notable and impressive characteristic of the team at CC is their ability to find amicable solutions for both Lenders and Borrowers. Additionally, the always deliver on time.’

‘Kayode Oladipo, is dependable, has an unparalleled understanding of the markets, and a strong ability to devise pragmatic and commercially reasoned solutions to legal issues. Kayode and his team are one that we depend on to deliver quality work and on time. Kayode’s ability to find solutions that are amicable to both lenders and borrowers on the same issue is very impressive as is his dedication to deliver work on time even on extremely short notice. Kayode is our go-to counsel for complex and time-sensitive transactions.’

Key clients


Luminar Capital




Africell Holding Limited

Gemcorp Capital LLP

Standard Chartered Bank

Standard Bank

Morgan Stanley

Emirates NBD Capital

Samba Capital

Mashreqbank psc

Global investment banks

Work highlights

  • Advising a bidding consortium on the Mphanda Nkuwa Hydropower Project, a 1,500MW run-of-the-river hydroelectric facility proposed to be built on the Zambezi River, in Mozambique.
  • Advising the arrangers on a dual currency USD146.5 million dual currency blue loan to Barbados (guaranteed by IDB and TNC) and on blue bonds issued to finance USD73.25 million of the blue loan.
  • Advising the lenders on a EUR256m dual ECA-backed financing package for the development of three new hospitals in Angola to bolster healthcare provision and critical infrastructure.


Dentons is 'very well versed in DCM and has experts on every topic', though its emerging markets work extends beyond bond issuance and restructuring. The London team leverages the firm's global office network to handle market-leading projects and financings in Africa, the Middle East, the CEE and CIS regions, as well as Latin America. Head of banking and finance Paul Holland leads the emerging markets group in London. He recently acted for HSBC Bank plc, co-ordinating local counsel in Finland and Brazil, in a secured $780m buyer credit facility for a major Brazilian paper and pulp producer. Debt capital markets partner Nick Hayday 'instils confidence in clients, is a safe in his hands'. He advised CPI Property Group on a €700m sustainability-linked bond offering. Debt capital markets specialists Cameron Half and David Cohen  also play key roles in the practice. Half is a key adviser to Hidroelectrica S.A. and assisted the client with its proposed €2bn IPO and listing on the Bucharest Stock Exchange. Derivatives and structured debt partner Matthew Sapte and trade and export finance specialist Ian Clements are frequently involved in emerging markets transactions, and Dominic Spacie advises banks, institutional investors, development finance institutions, contractors, and government entities on international PPP, PFI and concession-based infrastructure-related projects. John Inglis, formerly of Shearman & Sterling LLP, joined as a consultant.

Practice head(s):

Paul Holland

Other key lawyers:

John Inglis; Nick Hayday; David Cohen; Cameron Half; Matthew Sapte; Nick Hayday; Colm Ó hUiginn; James Ingham; Ian Clements; Dominic Spacie; Victoria Wyer


‘Dentons is building up its practice as a lot of traditional and US firms move away from emerging markets.’

‘The hires of John Inglis and Colm O’hUiginn has really strengthened the firm’s offering in emerging markets energy and infrastructure.’

‘The team is very well versed in DCM, they have experts on every topic, can share relevant context for every issue and can drive to a pragmatic and acceptable solution. We used Dentons UK and Middle East for two DCM (one was also an LM transaction) and we are very happy.’

Key clients

Standard Chartered Bank

UK Export Finance


Ghana Cocoa Board

ING Bank N.V.

FirstCaribbean International Bank Limited

CPI Property Group

JSC Silknet

Société Générale

First Abu Dhabi Bank

Republic of Lithuania

Emirates NBD

RwandAir Limited

Anergi Power Holdings Ltd

Eskom Holdings

UniCredit Bank

Qatar Airways

Avia Solutions Group

Hidroelectrica S.A.

European Bank for Reconstruction and Development

Wood & Co.

Work highlights

  • Advising HSBC Bank in relation to a secured US$780 million Finnvera-supported buyer credit facility in favour of a major Brazilian paper and pulp producer to support the construction of a pulp and paper manufacturing plant in Brazil.
  • Advising CPI Property Group, the leading owner of income-generating real estate in the Czech Republic, Berlin and the Central and Eastern Europe region, on its first sustainability-linked bond issuance.
  • Advising in relation to its annual syndicated receivables-backed pre-export financing facility. The up to US$1.3 billion facility will enable COCOBOD to finance the 2022/23 season cocoa crop for the benefit of Ghanaian cocoa producers.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP is among the most active firms in emerging markets, and in 2022 alone its Africa and India practices alone were involved in more than990 and 331 client matters. 'What sets it apart is its dedication to emerging markets', notes one client, adding that the firm has 'a team of highly skilled attorneys who are well-versed in the legal and regulatory issues involved in these markets and are able to provide creative and effective solutions'. Martin Kavanagh, who is global co-head of the Africa Group, and up-and-coming partner Dhananjaya Chak recently advised Eden Renewable Cite Private Limited, a joint venture between Total-Eren S.A and EDF Renouvelables S.A., and its sponsors in connection with a $165m green term loan to finance a 300MW solar project in Rajasthan, India. William Breeze has extensive expertise in prepayment and pre-export finance transactions, and structured commodity trade finance. He acted for International Finance Corporation (IFC) and ING Bank N.V. in a $275m green loan financing to the Louis Dreyfus Company, for use by its Brazilian subsidiary. Head of global M&A Gavin Davies, global head of arbitration Paula Hodges, UK head of both the arbitration and energy practices Craig Tevendale, and global head of debt capital markets Amy Geddes are all firmly focused on emerging market work.

Practice head(s):

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

Other key lawyers:

Dhananjaya Chak; William Breeze


‘I have had the pleasure of working with HSF on several occasions (and on very different matters, sanctions, project finance, debt capital markets, M&A) and have been impressed by their expertise, professionalism, and commitment to client service. What sets it apart is its dedication to emerging markets. While many large law firms may focus solely on their large Western corporate clients, HSF takes the time to give equal attention and resources to their emerging markets clients. They have a team of highly skilled attorneys who are well-versed in the legal and regulatory issues involved in these markets and are able to provide creative and effective solutions for their clients.’

‘In addition to their expertise in emerging markets, HSF is also known for their commitment to client service. They take the time to listen to their clients’ needs and concerns, and work closely with them to achieve their goals. They are highly responsive and always available to provide guidance and support when needed.’

‘Standout partners are: Amy Geddes (London, DCM) and William Breeze (Project Finance and Energy, London).’

Key clients

Airtel Africa

African Development Bank

Asian Development Bank


Bharti Enterprises

bp Plc

EDEN Renewables India



Goldman Sachs

Government of Malawi


Inchcape plc

IHS Tower

International Finance Corporation (IFC)


Standard Chartered Bank

TATA Group

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.
  • Acting for IHS Towers – one of the largest independent owners, operators, and developers of shared telecommunications infrastructure in the world – on its acquisition of 5,709 telecommunication towers in South Africa from MTN (Mobile Telephone Networks Proprietary Limited), one of the leading mobile telecommunications operators in South Africa, as well as providing Power-as-a-Service to MTN at approximately 12,800 sites across South Africa (including the acquired 5,709 sites).
  • Advised OneWeb regarding its proposed combination with Eutelsat Communications, a listed French satellite and telecommunications company, to create one of the world’s largest satellite operators.

Linklaters LLP

The London office of Linklaters LLP frequently coordinates high-value matters alongside strong local teams in Asia, Latin America, the Middle East, CIS, andTurkey. Particularly adept in project finance and development, energy and infrastructure matters, and a broad range of financing structures, the firm is widely regarded as one of the strongest global players in emerging markets transactions. Head of the Africa group Andrew Jones is a key figure in the London office. He acted for BHP Group Limited in its multi-phased investment in the Kabanga Nickel Project, one of the largest development-ready nickel sulphide deposits in the world, located in the north-west of Tanzania. Finance partner Narayan Iyer is head of the firm's busy India group. His recent work includes assisting Standard Chartered Bank Limited with the $700m financing for Adani Transmission Ltd subsidiaries to fund transmission projects in Gujarat and Maharashtra. Global energy sector leader James McLaren returned to London from Hong Kong in 2023 but remains active in projects in China. He was part of a team that acted for lenders on BlackRock Real Assets’ NT$9.406bn ($328m) refinancing of a portfolio of 186MW of solar assets in Taiwan with an 18-year green loan facility. Global head of Islamic finance Neil Miller, who works in both Dubai and London, is a key adviser on sharia-compliant instruments. Head of the global energy and infrastructure group Daniel Tyrer is also recommended.

Other key lawyers:

Andrew Jones; Daniel Tyrer; Richard O’Callaghan; Narayan Iyer; James McLaren; Neil Miller

Work highlights

Norton Rose Fulbright

Norton Rose Fulbright is recommended by clients for its 'capability to offer creative solutions despite pressure, and work as one team with its clients'. The firm has an extensive emerging markets practice in London, and is active in Francophone and Anglophone Africa, the Middle East, the CIS region, Latin America and in Southeast Asia. Its work focuses on key sectors such as mining, agriculture, oil and gas, power and infrastructure development, and commodity trading, covering transactional work, finance and disputes. Martin McCann, who has extensive experience in infrastructure, mining, commodities and project finance, is head of the London emerging markets group. He acted for Horizonte Minerals PLC in arranging a $660m financing package for the construction and development of an Araguaia ferronickel mine in Brazil. Head of banking and finance Madhavi Gosavi is a key adviser on structured financings, project financings and restructurings. She recently assisted the Ministry of Finance of the Republic of Angola with the $1bn financing of the Bita water production, transmission and distribution system in South Luanda. Corporate partner Raj Karia is a key member of the firm’s mining and minerals practice, and Bayo Odubeko, also in the corporate team, focuses on cross-border energy investments into Africa.

Practice head(s):

Martin McCann

Other key lawyers:

Daniel Metcalfe; Charles Whitney; Bayo Odubeko; Raj Karia; Madhavi Gosavi


‘They have the capability to offer creative solutions under pressure.’

‘They work as one team with their clients.’

Key clients

Africa Finance Corporation

Ministry of Finance, Angola


Ministry of Finance, Pakistan

The Development bank of Southern Africa (DBSA)


Infinity Power




Societe Generale

Standard Chartered Bank


Horizonte Minerals plc

Republic of Kazakhstan

Work highlights

  • Advised a consortium, led by Kenya’s Safaricom and including Vodafone, Vodacom, BII and Sumitomo, on its winning bid for Ethiopia’s first telecoms license for $850 million, following a competitive, two-year auction process.
  • Advising Brazilian Nickel in relation to its Piauí Nickel Project, a nickel laterite heap leaching project in the North-east of Brazil.
  • Acted as US federal securities, New York, English and UAE law legal counsel advising underwriters (led by Citi, HSBC and MUFG) in connection with the issuance by Sweihan PV Power Company PJSC (the Issuer) of US$700,800,000 3.625% senior secured amortizing green bonds due 2049.

White & Case LLP

At White & Case LLP, clients appreciate 'the exceptional combination of competence, expertise, responsiveness and friendliness which provides for an outstanding client experience'. The firm is active in emerging markets across the globe in work streams as diverse as project finance, bond issuance, corporate transactions and sovereign-related advisory work. 'Particularly important is their deep bench of EMEA experienced US counsel', among them US-qualified debt specialists Melissa Butler and Ian Clark, who work closely with English debt finance experts James Hardy and Stuart Matty. Clark handled a major liability management transaction for the the Ministry of Finance of Ukraine. Project development and finance partner Mark Castillo-Bernaus, international finance partner Jason Kerr. Banking partner Christopher Czarnocki, energy partner Philip Stopford and head of the Africa group Mukund Dhar are also heavily involved in emerging market transactions. Senior associate Judith Olloh is highly recommended for energy, infrastructure and project finance. EMEA Head of Project Development and Finance Michael Watson worked with Butler and a strong team of associates to assist Sweihan PV Power Company with the refinancing of the Noor Abu Dhabi solar PV plant through $700m in green bonds. Mining and metals partner Rebecca Campbell is 'commercially and technically brilliant'.

Practice head(s):

Stuart Matty; Michael Watson; Christopher Czarnocki; James Hardy; Mukund Dhar

Other key lawyers:

Philip Stopford; Melissa Butler; Judith Olloh; Kamilla Azamat; Mark Castillo-Bernaus; Rebecca Campbell; Ingrid York; Olga Fedosova; Allan Taylor


‘It is the exceptional combination of competence, expertise, responsiveness and friendliness which provides for an outstanding client experience.’

‘Judith Olloh is my go-to person. She has a great personality, is knowledgeable and possess the qualities I look for in a legal counsel. The team are the best at what they do. Our discussions and feedbacks are seamless with unprecedented levels of professionalism and attention to details. Their biggest super-powers for me will be understanding the customer, people, collaboration and attention to details.’

‘A high-calibre, resourceful and powerful global player which leads the efforts on many directions to reform and transform emerging economies. The firm can draw from its various offices and teams to provide the best service to public authorities, particularly, in the sphere of securities market and eurobonds program, international investment disputes, energy and power industry sector, privatization, infrastructure, transportation and natural resources.’

‘Kamilla Azamat coordinates the work of different teams for different workstreams. Being an Uzbek with experience over a decade gives her incredible leverage and earns the reputation of a key advisor for the Government on whose expertise it may rely.’

‘Melissa Butler pioneered a debut issuance of sovereign eurobonds and opened the international securities market for Uzbek issuers.’

‘Technically excellent as well as being very commercially aware. Particularly important is their deep bench of EMEA experienced US counsel who understand the particular sensitivities of US based financial institutions – this is particularly important for sanctions risk.’

‘Rebecca Campbell is a stand-out partner, who is both commercially and technically brilliant. She always goes the extra mile in understanding the needs of the client. Judith Olloh is knowledgeable, hard-working and attentive. She makes it a priority to understand all aspects of a transaction and is a pleasure to work with.’

‘Ingrid York is not only a staple of the Structured Finance industry in the EEMEA, she is also someone that cares, who know to manage her team and federate key internal resources when necessary, as well as externally with clients and key institutions and stakeholders.’

Key clients


Africa Finance Corporation

African Development Bank

Bank of Industry

Bank Leumi


Credit Suisse

Deutsche Bank


European Bank for Reconstruction and Development (EBRD)

Gemcorp Capital

Ghana National Petroleum Corporation

Helios Investment Partners

Ipoteka Bank

Islamic Republic of Pakistan

JP Morgan Chase

Lenders to Chevron and NNPC – Project Panther

Malvyn Group

Mauritius Commercial Bank


Ministry of Finance and Ministry of Energy Ghana

Ministry of Finance Equatorial Guinea

Ministry of Finance Ukraine

Morgan Stanley


Oi S.A.


Puma Energy International

Republic of Ghana

Republic of Nigeria

Republic of Suriname

Republic of Zambia

Seplat Energy Plc

Standard Chartered Bank

Sweihan PV Power Company




Work highlights

  • Advised the Ministry of Finance of Ukraine on a wide range of emergency loan financing facilities provided by Ukraine’s bilateral and multilateral partners to support Ukraine’s budgetary needs since the start of Russia’s war of aggression against Ukraine.
  • Representation of the Ministry of Finance of Ukraine on a comprehensive liability management transaction that, among other things, defers for two years Ukraine’s contractual obligation to make payments under approximately US$25 billion of its international bonds, GDP-linked warrants and sovereign-guaranteed debt obligations.
  • Advised Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, on the US$1.283 billion to US$1.583 billion acquisition of the entire offshore shallow water business of Exxon Mobil Corporation in Nigeria.


Ashurst's London emerging markets group is 'highly professional with a great understanding of commercial issues, which it deals with in the most efficient and effective manner'. The team coordinates the work of the firm's global network to support clients in major projects, corporate and finance transactions, and disputes. Project finance is a key strand in the firm's work, which frequently takes it into emerging markets in Africa, Asia and the Middle East. Global co-head of international projects Joss Dare is a standout partner, as is head of international arbitration Matthew Saunders. Head of the Africa group Yann Alix acted for AIM-listed Chariot Limited on the its flagship project, the Anchois offshore gas field in Morocco. Head of Africa project finance Matthew Wood 'has a natural ability to explain issues in the simplest manner'. He assisted Abu Dhabi National Oil Company (ADNOC) with the development of two sub-sea power transmission systems. Also key to the practice are global head of corporate Jason Radford, international equity capital markets partner Stuart Rubin, head of the CIS group Sergei Ostrovsky, and newly promoted partner Quentin Robinson, who is 'one of the most impressive projects lawyers and he really understands the market'.

Practice head(s):

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

Other key lawyers:

Quentin Robinson; Aimee Ward


‘Deep knowledge of market and industry generally. Highly professional team with great understanding of commercial issues, what is really important for clients both from legal and commercial perspective and, more importantly, how to deal with commercial issues in the most efficient and effective manner.’

‘It was  very good to see that they had quite a diverse team advising on the transaction including a number of female associates and ethnic minorities who were given the opportunity to contribute actively and allowed to be visible at meetings and to engage directly with clients with quite some degree of independence.’

‘Matthew Wood – Great lawyer. Very commercial with deep understanding of emerging markets and clients interests and thought process. Has a natural ability to explain issues in the simplest manner and also to propose solutions that really take into account client’s interest and always with a view to seeing the deal through in the most efficient and effective manner.’

Key clients

Abu Dhabi National Oil Company (“ADNOC”)

Meta (previously known as Facebook)

India Clean Energy


Dart Enterprises Ltd

Iona Capital

Chariot Limited

Wentworth Resources


Work highlights

  • Advised ADNOC on Project Lightning, a landmark project jointly procured by ADNOC and Abu Dhabi National Energy Company PJSC (TAQA) involving the design, construction, maintenance and operation of two high-voltage, direct current (HVDC) sub-sea power transmission systems which will connect ADNOC’s offshore production facilities to Abu Dhabi’s onshore electricity grid.
  • Advised India Clean Energy Holdings, a wholly owned subsidiary of ReNew Energy Global plc, on its high yield green bond issuance of USD400 million 4.5% senior secured notes due 2027.
  • Advising Chariot, an AIM-listed company with assets in Morocco, Namibia and Brazil, on the development and financing of its flagship project, the Anchois offshore gas field in Morocco located within the perimeter of the Lixus Offshore License. Chariot is the operator of the Lixus Offshore License and holds a 75% participating interest, with Office National des Hydrocarbures et des Mines (ONHYM) holding the remaining 25%.

Baker Botts (UK) LLP

The London office of Baker Botts (UK) LLP has a strong focus on the financing and development of major projects in emerging markets. The deep bench of partners handles large-scale developments in the energy and natural resources sectors, as well as major digital infrastructure projects. Globally, the firm is a leader in the energy sector, hence the importance of conventional and renewable energy projects to the London team. Practice head Stuart McIntyre specialises in energy and infrastructure projects and financings and works extensively on transactions in emerging markets. He worked with senior associate Nicholas Jones to assist IFC on its initial pre-privatization loan of up to $35m-equivalent in Uzbek Soum to Ipoteka-bank, a state-owned bank in Uzbekistan. TMT and digital infrastructure specialist Stuart Blythe handles high-value M&A deals in the technology, media and telecoms sectors, as well as commercial agreements, debt financings and restructurings. He and Nick Collins  acted for West Indian Ocean Cable Company in securing $120m in loan financing, including loans from Proparco, The Emerging Africa Infrastructure Fund, and IFC. Energy and technology partner Shashank Krishna also plays a pivotal role in the practice.

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 (EBRD)

Formula One

Quantum Power


Bristow Group

High Power Petroleum LLC

Carbon Holdings Limited

Egyptian Hydrocarbon Corporation S.A.E.

Uganda National Oil Corporation

Jordan Bromine Company

Arab Potash Co

EllaLink Ireland Limited

Work highlights

  • Advised Air Products, in relation to all aspects of the development and financing of the USD 5 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 40 billion LNG facility.
  • Advised IFC on its pre-privatisation convertible and non-convertible loans to two state owned banks in Uzbekistan, with an aggregate loan value of USD 55 million for Ipoteka-bank and an aggregate loan value of USD 115 million for Uzpromstroybank.

Bracewell (UK) LLP

At Bracewell (UK) LLP, energy and natural resources are the core areas of focus, and the firm's oil and gas practice remains central to its emerging markets offering. It has nevertheless continued to branch out into new areas, notably renewable energy. Jason Fox leads the practice and in his long career advising on upstream oil and gas matters he has advised on more than 150 reserve based lending (RBL) financings, as well as numerous other financings. Oliver Irwin and Eimear Murphy are recommended for cross-border financings and upstream oil and gas. Fox and Irwin acted for BP Exploration Operating Company Limited and Eni S.p.A. on their project to combine all of their Angolan oil and gas assets into a new incorporated joint venture, which included advice on a $2.5bn senior secured term loan facility structured as a pre-export financing. Olivia Caddy and Tom Jamieson also has extensive project development and finance experience in the energy sector. Solicitor advocate John Gilbert is among the partners who handle both conventional and renewable energy projects. Key partner Adam Blythe handles upstream, midstream and downstream M&A, project development and other commercial arrangements.

Practice head(s):

Jason Fox

Other key lawyers:

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

Key clients

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

Egyptian Refining Company (Takrir) S.A.E.

Eldorado Gold Corporation and its subsidiary Hellas Gold S.A.

Eni S.p.A.

European Bank for Reconstruction and Development

Fotowatio Renewable Ventures

Impact Oil & Gas

Marubeni Corporation and Al Jomaih Energy and Water Company/South Rabigh Renewable Company

Maurel & Prom West Africa S.A.

New Age (African Global Energy)

Petraco Oil Company Limited

Savannah Energy Plc

Seplat Energy Plc

Sungara Energies Limited

Vaalco Energy, Inc.

Work highlights

  • Advised Eni S.p.A and BP Exploration Operating Company Limited combined all of their Angolan oil and gas assets into a new incorporated joint venture.
  • Representing Savannah Energy Plc in its acquisition of Exxon’s entire interest in the Doba oil field in Chad and its shareholding in the Chad-Cameroon Pipeline and floating, storage and offloading vessel for a total consideration of up to $407 million.
  • Acted as international counsel to the mandated lead arrangers and lenders, comprised of Absa Bank Limited and the Mauritius Commercial Bank Limited, on the financing of the acquisition by Infinity Renewables Energy B.V. of Lekela Power B.V., the owner and operator of over 1 GW of operational wind projects across Africa.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton, which climbs the ranking this year, has a deep multi-disciplinary group of partners who bring a diverse range of skills to bear on emerging markets work, which spans project finance, capital markets offerings, sovereign debt restructuring and issuance, M& and joint venture transactions, private equity investment, and international arbitration. Tihir Sarkar, who handles cross-border M&A for multinational corporations and sovereign wealth funds, is highly active in emerging markets deals, as are capital markets specialists David Gottlieb and Sebastian Sperber. Gottlieb assisted Barclays Bank with its £358m exit from the African market through divestment of its stake to South African bank Absa. Gabriele Antonazzo, who returned to London from Hong Kong, and Michael Preston are key advisers on private equity transactions. Preston and M&A partner Nallini Puri advised British International Investment on a $240m investment in a new joint venture to develop four-wheel passenger electric vehicles for Indian consumers. Polina Lyadnova, who frequently handles Russian finance transactions, acted for flagship carrier PT Garuda Indonesia (Persero) Tbk in a $9.58bn debt restructuring.

Other key lawyers:

Nallini Puri; Michael Preston; Michael James; Tihir Sarkar; David Gottlieb; Sebastian Sperber; Polina Lyadnova

Key clients

PT Garuda Indonesia (Persero)


LATAM Airlines Group

Burning Rock Biotech

Seacrest Petroleo Bermuda Limited

Lebanese Republic

Province of Buenos Aires

Ministerio de Economía de la República Argentina




British International Investment

A sovereign wealth fund and TPG

TPG Growth and Satya Capital

Work highlights

  • Advising PT Garuda Indonesia (Persero), Indonesia’s flag carrier, in its restructuring of approximately $9.58 billion of bank, bond, lease and other indebtedness to address the ongoing challenges presented by the COVID-19 pandemic.
  • Represented the government of Barbados in an innovative debt conversion for nature transaction that will provide savings of approximately $50 million to support environmental and sustainable development objectives.
  • Representing LATAM Airlines Group and its affiliates in Chile, Peru, Colombia, Ecuador, Brazil and the United States in the voluntary reorganization and restructuring of their debt under Chapter 11 protection in the United States – one of the largest bankruptcies filed in recent times.

Debevoise & Plimpton LLP

The 'top-notch' emerging markets practice at Debevoise & Plimpton LLP has 'a great group of partners and associates who are diligent, smart, and highly commercial'. Among them are Geoffrey Burgess, who has an active international M&A practice and frequently handles transactions in Africa, India and Russia/CIS; capital markets partner James Scoville, who recently advised Baring Vostok Capital Partners on an $85m accelerated bookbuild sale of approximately 1.2 million global depositary receipts; chair of European and Asian litigation Lord Peter Goldsmith KC and co-chair of the Africa practice Patrick Taylor, who together assisted Shell Petroleum as claimant in an ICSID case against the Federal Republic of Nigeria concerning breaches of the Netherlands-Nigeria Bilateral Investment Treaty. 'Super-smart, gracious, natural dealmaker' Alan Kartashkin, who previously led the firm's Moscow office, is now head of the firm's London-based Eastern European practice. International counsel Vera Losonci focuses on equity and debt offerings, including cross-border M&A deals and corporate governance matters. 'This practice is exceptional - agile, flexible, resourceful and very collaborative', say clients.

Practice head(s):

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

Other key lawyers:

Alan Kartashkin


‘Alan Kartashkin combines years of experience doing Russian deals with a strong cross-border background. Alan is super-smart and also gracious which makes for a natural deal-maker.’

‘The emerging markets practice at Debevoise is top-notch. They have a great group of partners and associates who focus on transactions and fundraising in emerging markets, with a special focus on Africa. They are diligent, smart, highly commercial, and problem solving oriented. It’s always great working with them’

‘Debevoise understands the market and do not take a “one size fits all” approach. They have strong relationships with local firms in emerging markets and work well with them in delivering a seamless experience.’

‘Geoffrey Burgess is very well versed with the emerging market and has a deep understanding on how deals are done in these markets. He is practical and gets a deal done in an efficient manner and with the best outcome approach.’

‘Deep understanding of the myriad legal issues as well as the business objectives clients pursue. Emerging markets are incredibly difficult and the firm consistently delivers A advice.’

‘Geoff Burgess is a pleasure to work with. Focuses on key issues and risks.’

‘This practice is exceptional. They are of course subject experts with years of experience in a variety of jurisdictions in the emerging markets. They are agile, flexible, resourceful and very collaborative. Working with them is a pleasure and always and yields great results for the clients.’

‘Geoff Burgess is extremely knowledgeable about Africa and he has a really collaborative approach to working with clients and co-counsel. He is a real stand out for his knowledge and experience but also for his wonderful negotiation and interpersonal skills. I would recommend Geoff to anyone doing business in the emerging markets, particularly in Africa.’

Key clients

Baring Vostok Capital Partners

Development Partners International LLP

Leapfrog Investments

Mediterrania Capital Partners Limited

Shell International Trading and Shipping Company Limited & Shell Nigeria Exploration and Production Company Limited

Shell plc (formerly Royal Dutch Shell Plc) and The Shell Petroleum Development Company of Nigeria Ltd

Shell Petroleum Development Company of Nigeria Limited

Shell Petroleum N.V. and The Shell Petroleum Development Company of Nigeria Limited

Work highlights

  • Acted for Shell plc and Shell Petroleum Development Company of Nigeria Ltd, an operating subsidiary of Shell plc in Nigeria. Four actions were brought against RDS and SPDC in the High Court in London. Two individual actions were brought on behalf of more than 40,000 individuals resident in Nigeria who are said to be members of two communities in different parts of the Niger Delta.
  • Advised Mediterrania in connection with the formation and fundraising of its fourth Emerging Markets Fund, Mediterrania Capital IV Mid-Cap. L.P.
  • Advised Baring Vostok Capital Partners in its accelerated bookbuild sale of approximately 1.2 million global depositary receipts representing common shares of Joint Stock Company Kaspi.kz, the Kazakh tech and financial services company, comprising on aggregate approximately 0.6% of the Company’s share capital, at a price of $70 per GDR, raising aggregate gross proceeds of approximately $85 million.

Mayer Brown International LLP

Mayer Brown International LLP  is 'very proactive in understanding client legal needs and providing bespoke advice, guidance and documentation in complex transactions'. Clients remark that the lawyers 'put themselves into client's shoes and anticipate issues ahead of time, and their responsiveness is quite unique'. The firm handles a vast array of work from London, including anti-bribery and corruption matters, sanctions advice, arbitration, litigation, a diverse range of financings, IP, and M&A deals. Head of the Africa and mining practices Ian Coles, natural resources and infrastructure partner Rachel Speight and finance partner Ashley McDermott are the standout partners. McDermott acted for Eastern and Southern African Trade and Development Bank (TDB) in a $600m syndicated, secured  landmark facility for Trafigura relating to financing facilities with copper and cobalt producer Chemaf SA, which is based in the Democratic Republic of Congo). Head of international arbitration Raid Abu-Manneh was part of a team that advised Malaysia energy company Petronas on the sale of its upstream business in South Sudan. Islamic finance specialist Barry Cosgrave, counsel Danuta de Vries, who focuses on domestic and international finance transactions, and senior associate Emma Sturt also play key roles in the practice. New partner hire Peter Pears from Clifford Chance LLP brings a strong track record in emerging markets debt transactions.

Practice head(s):

Ashley McDermott; Ian Coles; Rachel Speight

Other key lawyers:

Danuta de Vries; Emma Sturt; Peter Pears; Raid Abu-Manneh; Barry Cosgrave


‘Rachel Speight is a market leader in the Projects and Mining practice groups. She is responsive, bright, hands on and a solid partner to have on your side.’

‘The Mayer Brown team has been very proactive in understanding client legal needs and providing bespoke advice, guidance and documentation in complex transactions.’

‘The team has demonstrated patience, focused attention and timely delivery of the necessary legal advice.’

‘They have a top-notch understanding of the market. They put themselves into client’s shoes and anticipate issues ahead of time. Also, their responsiveness is quite unique.’

‘Availability, responsiveness and quality of legal advice.’

‘We have worked with the Mayer Brown team actively over the last couple of years and we consider them to be a responsive and solid firm.’

Key clients

BNP Paribas

Cooperativa de Ahorro y Crédito Coopeuch (“Coopeuch”)

Eastern and Southern African Trade and Development Bank (TDB)


ING Bank N.V.

Islamic Republic of Pakistan



Sidra Capital

The Government of the Islamic Republic of Mauritania

United States International Development Finance (DFC)

Work highlights

  • Advised the Eastern and Southern African Trade and Development Bank (TDB) and other lenders on a syndicated, secured $600 million landmark facility for Trafigura, which related to underlying facilities between Trafigura and Chemaf Resources Ltd and Chemaf SA (a leading vertically integrated copper and cobalt producer in the Democratic Republic of Congo).
  • Advised Malaysia’s National Oil Company, PETRONAS, on the sale of a subsidiary
  • Advised United States International Development Finance Corporation (DFC) on the capital markets and regulatory capital aspects of the issuance of Basel III compliant unsecured and subordinated Tier 2 Notes of US$100 million by RBL Bank Limited, a private commercial bank in India.


Milbank's London office 'has an impressive ability to lead transaction mandates in an efficient and collaborative manner, with clients and the deal as the priority'. Clients appreciate that the team 'strongly collaborates with local counsel in emerging markets to provide seamless integrated services'. Active across Africa, Latin America, the Middle East and Asia, the firm is frequently involved in the development of mega-projects, and handles high-value project bond transactions, ESG-related financings, and matters related to energy transition. Lead partner John Dewar 'has an impressive ability to marry strategic priorities of clients and the deal to the nitty gritty of the detail', and newly promoted partner Munib Hussain is 'superb legal technician who is excellent on Islamic finance transactions'. Together, they acted for underwriting banks including JP Morgan and HSBC, on a first-of-kind $11.5bn GMTN programme and an innovative $1.5bn sukuk issuance. Emerging partner talents Şeyda Duman and Chris Taufatofua also play key roles in the practice. Taufatofua recently advised OnCorp on the structuring and negotiation of project documents in a bid to develop an LNG import and regasification terminal at the port of Suape, Pernambuco, Brazil.

Practice head(s):

John Dewar

Other key lawyers:

Seyda Duman; Chris Taufatofua; Munib Hussain


‘The Milbank team have an impressive ability to lead transaction mandates in an efficient and collaborative manner, with clients and the deal as the priority. A solutions-driven ethos means they have been able to navigate emerging market challenges, coordinate disparate partiesand achieve precedent setting deal completions.’

‘They strongly collaborate with local counsel in emerging markets to provide seamless integrated services to clients.’

‘John Dewar is a leading partner in the Middle East on complex energy projects and FDI transactions. John has an impressive ability to marry strategic priorities of clients and the deal to the nitty gritty of the detail. A calm, firm presence in the frequent maelstrom of client mandates.’

‘Munib Hussain – superb legal technician and a valuable addition to the Milbank partnership. Excellent on Islamic finance transactions.’

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


Abu Dhabi Pension Fund

Nippon Export and Investment Insurance

Work highlights

  • Advised the Underwriting Banks on a first of a kind US$11.5bn GMTN Programme (including a Formosa tranche) and an innovative first of a kind US$1.5bn sukuk issuance which utilised a proportion of the shares owned by GreenSaif Pipelines SARL (a Blackrock entity) in Aramco Gas Pipelines Company LLC (owned 51% by Saudi Aramco and 49% by GreenSaif Pipelines) as the assets in a wakala-murabaha sukuk issuance.
  • Advised a lender group of export credit agencies and international financial institutions in financing a high voltage direct current (“HVDC”) subsea transmission system in the United Arab Emirates issued by Abu Dhabi National Oil Company (“ADNOC”) and Abu Dhabi National Energy Company PJSC.
  • Advised the agency lenders, commercial banks, equity bridge lenders, facility and security agents and trustees and hedge providers in the project financing of the greenfield 505MW Amunet onshore wind farm project located in the Gulf of Suez, Egypt.

Morgan, Lewis & Bockius UK LLP

Morgan, Lewis & Bockius UK LLP handles complex transactions and disputes across a host of emerging markets, and its work encompasses trade and export finance, international arbitration, project finance, capital markets and bank finance. The firm's Africa practice is a core focus for the multi-disciplinary team, which includes Carter Brod, who is dual-qualified in US and English law, and who advises on high-profile bond offerings. He assisted Telecommunications Services of Trinidad and Tobago with a consent solicitation for $300m in senior secured notes and a new $70m offering. Ayesha Waheed is a key adviser on energy and infrastructure projects in Latin America, Eastern Europe, the CIS and Asia, and Bruce Johnston handles banking and finance transactions in EMEA. Together with Brod they assisted Turkey's Aktif Bank with the update of its €390m MTN programme. Transactional oil and gas and projects lawyer Olivier Chambord is increasingly involved in emerging markets deals, particularly in Africa, while project development and acquisition finance specialist Seyfi Can Kandemir's practice has a strong focus on Turkey.

Other key lawyers:

Carter Brod; Bruce Johnston; Seyfi Can Kandemir; Ayesha Waheed; Olivier Chambord; Allison Soilihi

Key clients

Telecommunications Services of Trinidad and Tobago (TSTT)

Bank of America

Aktif Bank

Oschadbank (State Savings Bank of Ukraine)

Oppenheimer & Co

Yandex N.V.

Turkish Electricity Transmission Corp. TEİAŞ

Gama Enerji A.Ş

Yildirim Holding

Yilport Holding


Ülker Bisküvi Sanayi A.S.

UniCredit Bank AG


Work highlights

  • Advised Telecommunications Services of Trinidad and Tobago in a consent solicitation in relation to its US$300m 8.875% Senior Secured Notes due 2029 and TT$680m 8.30% Senior Secured Notes due 2029 as well as an offering of TT$476m (approximately US$70m) in aggregate principal amount of new 8.30% Senior Secured Notes due 2029.
  • Advised HSBC Bank Middle East Ltd., HSBC Bank PLC, HSBC Trinkaus & Burkhardt GmbH, and HSBC Bank A.Ş. in the financing for the development of a 56 megawatt wind power plant and a 35 megawatt solar hybrid power plant by Enerjisa Enerji Űretim A.Ş.—the largest independent power producer in Türkiye.
  • Represented Yandex N.V., one of Europe’s largest internet companies and the leading search provider in Russia on a repurchase of approximately 99% of the principal amount of its $1.25 billion of 0.75% convertible notes due 2025 from existing noteholders.

Reed Smith LLP

Reed Smith LLP has a broad-ranging emerging markets practice in London, which draws on the firm's expertise in as banking and finance, real estate, commercial, energy and natural resources, construction, shipping, and tax to provide comprehensive advice on major projects, acquisitions and financing transactions. The firm also handles high-level disputes, and arbitrator and litigator Gautam Bhattacharyya is the lead partner in the emerging markets practice. Up-and-coming banking and finance partner Patrick Sutton is also active in emerging markets, particularly in trade and commodity finance, project finance and structured inventory finance transactions in Africa, the Americas, the Middle East, Asia and Europe. The London team has recently been invovled in transactions and projects in jurisdictions as diverse as India, Turkey, Egypt, Kuwait and Ghana.

Practice head(s):

Gautam Bhattacharyya

Other key lawyers:

Patrick Sutton

Simmons & Simmons

Simmons & Simmons is 'extremely supportive, creative in finding solutions, and diligent, with a very good internal network of different expertise'. The firm has particular strength in capital markets, project finance, banking, trade and commodity finance, and work for alternative lenders, hence its ascent in the ranking this year. The lead partners are head of energy, natural resources and infrastructure Iain Duncan and of bilateral, syndicated and structured lending expert John Sayers. Duncan acted for Mainstream Renewable Power in its exit from the Aela joint venture in Chile, which is the country's largest independent producer of renewable power. 'His calm and steady lead gets high-value high-impact projects to the finish line', say clients of energy, infrastructure and finance partner Marc Fèvre, who assisted Mirova Sunfunder as lender of a $65m term loan facility to Energy Vision Ltd, which developers energy solutions in Gabon, Nigeria and Ethiopia.  Serra Tar handles clean energy projects on behalf of funds, private equity investors and developers. Patrick Boylan takes the lead on international commercial litigation. Of counsel Simon Kenolty frequently advises lenders, sponsors, financial investors, procuring authorities and contractors on conventional and renewable energy projects in Europe, the Middle East and Africa.

Practice head(s):

Iain Duncan; John Sayers

Other key lawyers:

Marc Fèvre; Serra Tar; Patrick Boylan; Simon Kenolty


‘Extremely supportive, creative in finding solutions, and diligent with a very good internal network of different expertise.’

‘An exceptional team that we can rely on 24/7, with a clear understanding of priorities and urgency. They are always perfect in finding the best solution for the client.’

‘Deep knowledge of the market and best practice regarding green energy sector and related legal frameworks.’

Key clients

Mantoverde SA (a subsidiary of Orion Resource Partners)

Mantos Copper S.A

Mainstream Renewable Power (“Mainstream”)

Orion Resource Partners

Umm Al Houl Power Q.P.S.C. (“UHP”)

Eternis Fine Chemicals Limited

Bulgarian Energy Holding EAD (“BEH”)

Commercial International Bank S.A.E. (“CIB”)

Natixis and the Asian Infrastructure Investment Bank (the “AIIB”)

Growthpoint Properties Limited

Black & Veatch

Anglo American and De Beers UK Limited

Mirova Sunfunder


Work highlights

  • Advised Mainstream on its exit from the Aela joint venture in Chile, which under the ownership of Actis (60%) and Mainstream (40%), grew to become Chile’s largest independent power producer of renewable energy.
  • Advising Natixis and AIIB on the refinancing of the Xekaman 1 hydropower project, a 290MW and a 32 MW hydropower project, located in Lao and the Xekaman 3 hydropower project, a 250MW hydropower project, located in Lao.
  • Representing Petrofac since 2018 in its successful resolution of the SFO investigation into allegations of bribery in respect of oil & gas contracts across the Middle East worth up to USD 8.4 billion.

Trinity International LLP

Trinity International LLP climbs the ranking this year due to its strong focus on power and infrastructure projects in Africa, and a broad spectrum of work that includes private equity transactions, project finance, corporate deals and dispute resolution. 'Their approach is collaborative, commercially astute and supportive, tailoring their offering to the client's needs and expectations', remark clients of the key partners. Among them are founding partners Paul Biggs and Simon Norris, who handle major projects in the mining, agriculture, energy, transport and infrastructure sectors; head of corporate Conrad Marais and project finance partner Kaushik Ray, who advised new water company IV3A on a the proposed acquisition of the BEFESA Desalination Project in Ghana; head of dispute resolution Poupak Amjomshoaa who joined from Baker Botts (UK) LLP in 2022; head of private equity Hugh Naylor; and newly promoted partner Jo Sykes. Fiona Gulliford is currently acting for Asian Development Bank (ADB) and the Government of Maldives in the development of a 20MW solar IPP project. Rinku Bhadoria is a key adviser to sponsors, funds, ECAs and governments.

Practice head(s):

Paul Biggs; Simon Norris; Kaushik Ray; Conrad Marais; Poupak Amjomshoaa; Hugh Naylor

Other key lawyers:

Jo Sykes; Fiona Gulliford; Rinku Bhadoria; Magnus Rodrigues


‘Trinity has an unrivaled knowledge of infrastructure and energy sectors in emerging markets, having advised governments, sponsors and lenders. They also have structured a number of financing products across the industry.’

‘Simon Norris and Kaushik Ray have an excellent knowledge of the industry, local regulation, past transactions.’

‘The Trinity team continues to demonstrate its specialist expertise and depth of experience in sub-Saharan Africa. Their approach is collaborative, commercially astute and supportive, tailoring their offering to the client’s needs and expectations. They remain very competitively priced for the quality of work and the senior lawyer time and attention they provide.’

Key clients

Northcott Capital

Asian Development Bank

African Legal Support Facility


Scatec Solar ASA

Group Européen de Development du Congo



International Finance Corporation

Seychelles Energy Commission



Early Power


Axia Power Holdings



Climate Fund Managers

Meridiam SAS

African Development Bank

Standard Bank South Africa

Red Sea Power Limited

Frontier Rnergy

TheTrade and Development Bank

SBM Bank

Daybreak Power

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)

Globeleq Africa


Deutsche Investitions- und Entwicklungsgesellschaft (DEG)

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO)

Azura Power Holdings

Atlantic Terminal


African Trade Insurance Agency

EDFI Management N.V

Triodos Funds


Green for Growth Fund

Work highlights

  • Advising the Government of Maldives, through ADB, on the design and structure of a 20MW solar IPP across 20 islands in the Maldives.
  • Advising the Government of Eswatini and Eswatini Energy Regulatory Authority in connection with the procurement and negotiation of 40 MW of biomass IPP generation through the use and implementation of an IPP procurement toolkit.
  • Advising GED Africa on all aspects of the KMTR toll road. GED has been awarded the concession by the Governments of Zambia and the Democratic Republic of Congo to develop a toll road (including a 345m cable-stayed bridge across the River Luapula) from Kasomena in DRC to Mwenda in Zambia.

Bird & Bird LLP

The finance and financial regulation practice at Bird & Bird LLP is known for provide high-quality advice to commercial banks alternative lenders, special opportunity lenders and development banks on a wide variety financings, including aviation and asset finance, energy finance, Islamic finance and sports finance. Lead partner Andrew Hallgarth is a key adviser to long-term client EBRD, and his recent work includes advice on its original investment in the creation of a Moroccan company to hold and develop commercial property, and the admission of EBRD as a key strategic investor in North African retail property developer Aradei Capital, as well as a partial exit and the restructuring of shareholder rights following its IPO.

Practice head(s):

Andrew Hallgarth

Work highlights

  • Advised EBRD 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 is 'capable of managing matters across multiple jurisdictions in a professional and user-friendly manner with great respect to time and realistic approach to time required for fulfilment'. The firm is active in key emerging markets across Africa, India, Latin America and elsewhere, and its work encompasses corporate transactions, capital markets issuance, restructuring, and litigation in sectors ranging from financial services to infrastructure and telecommunications. Africa lead partner Adrian Mayer is known for 'a client-focused approach, ensuring tailored solutions to complex challenges'. He acted for Ascent Rift Vallely Fund II in the final close of the fund in late 2022 with $128m. Caribbean lead partner Hamish Perry assisted majority shareholders of In Touch Games Limited on its sale to  Skywind Holdings Limited. India lead partner Rupa Lakha is highly experienced in construction disputes and principal Latin America partner Robert Reymond advises financial institutions and high-net-worth families on international wealth structuring.

Practice head(s):

Adrian Mayer; Hamish Perry; Rupa Lakha; Robert Reymond

Other key lawyers:

John Almeida; Shane Thompson


‘The CRS Caribbean practice is of the highest standing and in many ways unique. The team that is led by John Almeida acts for Governments and has, among London law firms, an unparalleled Privy Council practice. This has led to involvement in some of the most important Commonwealth cases.’

‘John Almeida enjoys incredible respect in the region, and not least among key Government officials.’

‘Charles Russell Speechlys is capable of managing matters across multiple jurisdictions in a professional and user-friendly manner with great respect to time and realistic approach to time required for fulfilment.’

‘Friendly and very helpful. Quality of service with realistic approach to the local environment.’

‘A very decent choice for competent, effective representation in corporate and commercial including private equity and real estate, under Adrian Mayer, and disputes matters with a well-established emerging markets track record and extensive expertise. CRS excels in various legal areas, including corporate, commercial, real estate, and dispute resolution. Their team of skilled lawyers exhibits a client-focused approach, ensuring tailored solutions to complex challenges.’

‘Adrian Mayer is an experienced and clever corporate lawyer who stands out due to his versatile expertise, client-centric approach, creative and pragmatic problem-solving skills and familiarity with cross-border aspects of doing business in Nigeria, He is pragmatic and great fun to work with, transparent in his communication, and ethics. A greatly competent, effective and impressive lawyer and a pleasure to partner with to advise clients on Nigeria and Africa facing cross-border deal.’

‘No matter how large or small the ticket price is, Adrian Mayer is always just a call away, willing to dedicate his time to resolving any issue. Client management is excellent – the team do a great job of it and also help the client manage other advisors across various countries.’

‘Adrian Mayer – great knowledge of the subject area, very hands on in managing the matter while at the same time allowing his team take enough responsibility to demonstrate their own competence, he keeps in touch, keeps the relationship warm, very responsive and flexible on pricing, committed to cross-border work in Africa, no airs about him. He is a great guy!’

Key clients

African Development Bank (Cote D’Ivoire)

Fidelity China Special Situations (China)

Nimble Ways (Morocco)

Maldives Airport Company Limited / Government of the Maldives (Maldives)

Airtel (India)

Actis LLP (Emerging Markets)

AgDevCo (Africa)

Ascent Capital (Africa)

Daystar Power (Africa)

Metier Capital (Afria)

M-Kopa Solar (Africa)

Central Bank of Bahrain (Bahrain)

Work highlights

  • Advised Daystar Power Group, a leading provider of hybrid solar power solutions to businesses in West Africa, on its recent acquisition by Shell.
  • Advised longstanding client AgDevCo, a specialist impact investor in African agribusinesses, on its recent participation in a $14 million funding round in Flow Equity.
  • Advised a former employee of a subsidiary of Royal Dutch Shell, which, together with ENI, was alleged to have engaged in international bribery and corruption in respect of a 2011 settlement of various disputes concerning the rights to a deepwater oil block off the coast of Nigeria. The disputes involved the Federal Government of Nigeria and Malabu, a Nigerian oil and gas company, associated with Dan Etete (a convicted money launderer and former Nigerian Minister of Petroleum).

Dechert LLP

Dechert LLP stand out for 'its efficiency, the deep commitment of its lawyers, its transparency and good governance'. The firm has a prominent role in debt issuance and other financing structures in key emerging markets, among them Thailand, Malaysia, Chile, Mexico, Russia, Ukraine and Kazakhstan. Head of International capital markets Patrick Lyons and emerging partner talent Jennifer Rees exhibit 'proven efficiency and knowhow so as to make deals a real success'. They recently acted for BNP Paribas, Citi, JP Morgan, and Deutsche Bank in a dual-tranche debt offering by the Kindom of Morocco, with a total value in excess of $2.5bn. This was the country's first issuance since December 2020. Lyons and outstanding associate Amy Rees assisted JSC Ukrainian Railways on two consent solicitations, concerning a total of $895m in loan participation notes issued by Rail Capital Markets plc. The firm's high-profile work for sovereign issuers included advising the Hashemite Kingdom of Jordan on its GMTN programme and the issuance of $650m in notes.

Practice head(s):

Patrick Lyons

Other key lawyers:

Giles Belsey; Jennifer Rees; Amy Rees


‘The firm has always shown its efficiency, deep commitment of its lawyers, transparency and good governance and the know-how of its teams. Dechert compares favourably with other firms since it is familiar with the Moroccan laws and acquainted with the different views and positions of our department concerning certain legal provisions and issues since it has been involved in several Moroccan bond issues.’

‘Patrick Lyons and Jennifer Rees are the most impressive individuals with whom we have dealt with during the preparation and the execution of all the deals. They have proven efficiency in terms of the tasks that had been assigned to them particularly elaborating due diligence questionnaire, reviewing all legal documentation, showing knowhow with regard to the subject area, providing advice and accompanying our legal adviser so as to make the deals a real success.’

Key clients

JSC Development Bank of Kazakhstan

Hashemite Kingdom of Jordan

Sindicatum Renewable Energy Company PTE


Sultanate of Oman

The Kingdom of Bahrain

JSC “National Company “Kazakhstan Temir Zholy”

Eurohold Bulgaria AD

JSC Ukrainian Railways

BNP Paribas

Thrive Networks

Kinross Gold


Iconix Brand Group, Inc.

QX Global Group

Work highlights

  • Advised the Hashemite Kingdom of Jordan in connection with the establishment of the Kingdom’s Global Medium Term Note Programme and the issuance of U.S.$650 million of notes thereunder.
  • Advised the Joint Lead Managers on the Kingdom of Morocco’s U.S.$2.5 billion dual tranche of Notes, due 2028 and 2033.
  • Advised JSC Ukrainian Railways on two consent solicitations: one in relation to its U.S.$300 million 7.875%. Loan Participation Notes due 2026; and another relating to its U.S.$594.9 million 8.250% Loan Participation Notes due 2024.


Fieldfisher has a dedicated emerging markets team in London that handles transactional, regulatory, litigation and arbitration matters in key markets, notably Africa, the CIS, and the Middle East. It is particularly adept in banking, capital markets, corporate and regulatory matters in jurisdictions such as Kazakhstan, Ukraine and South Africa. 'The firm has an impressive, very professional and balanced team', remark clients, and project and asset finance partner Matt Hinxman 'always provides sound legal and strategic advice'. Energy partner Nodir Sidikov 'never fails to deliver commercial and workable solutions'. Cecily Davis is the standout partner for matters in Africa. Sidikov and corporate partner Jonathan Brooks assisted KazMunayGas, the national oil & gas company of Kazakhstan, with its $330m IPO on the Astana International Stock Exchange. Sidikov and a team of senior associates acted for the same client in joint ventures relating to two large scale petrochemicals projects, involving to the construction and operation of the first integrated petrochemical complex in the Atyrau region.

Practice head(s):

Matt Hinxman; Nodir Sidikov; Cecily Davis

Other key lawyers:

Irina Mikhnova; Tamara Vasiljeva; Anastasiya Kapustina; Dougall Molson; Galina Rivkina; Kuanysh Sarsenbayev; Rebecca McKee


‘Fieldfisher has been our trusted legal advisor for over a decade. Over the course of our cooperation, Nodir Sidikov has personally become a highly-valued advisor that often provides his expert advice to the top management of our group on the most complex issues, often highly political and sensitive, in his diverse areas of expertise.’

‘Nodir Sidikov s a long-term, well respected and well trusted advisor for our group. Nodir often helps us resolve the challenges which our business as a national oil and gas group, and Kazakhstan as a republic, faces. He has in-depth historic knowledge and understanding of our business and the feel for balance in highly-sensitive political and international relations. We highly praise Nodir for providing high quality advice on complex legal questions, and he has not failed to deliver commercial and workable solutions to us.’

‘Tamara Vasiljeva has an impressive commercial acumen and understanding of our historic business needs – she is always business-minded and pleasant to work with.’

‘Irina Mikhnova is a knowledgeable and sensible specialist, very approachable and well trusted by our team.’

‘Anastasiya Kapustina is a real fighter, and has impressed us by remaining calm but passionate about our needs and instructions, often on highly political and sensitive deals. She is a very hard working specialist who is involved in our matters in both corporate and regulatory spheres.’

‘Galina Rivkina has proven to be reliable, experienced in a broad range of corporate transactions and having a great understanding of our group’s goals, making her an advisor that is easy to work with. Kuanysh Sarsenbayev combines a rare knowledge of Kazakh law and culture, with his knowledge of English law. This makes him a diverse specialist who tailors advice to our commercial and cultural realities and provides arbitration assistance.’

‘Matt Hinxman is very experienced in dealing with such matters and he always provides sound legal and strategic advice.’

‘Rebecca McKee – a rising star. It surely will not be long until she makes partner. She is always on top of all of the material and all of the detail. If you ask her to handle an issue or a problem you can be certain that it will be done and sorted out without ever having to check up.’

Key clients

Amur Minerals Corporation

Atalaya Mining plc

Beowulf Mining plc

JSC National Company “KazMunayGas”

JSC “sovereign wealth fund “Samruk-Kazyna”

Cooperatieve KMG EP UA

Kcell JSC

KazAzot JSC

European Bank for Reconstruction and Development (EBRD)

KPMG Kazakhstan

Kodal Minerals plc

Liberum Capital

RCB Bank Ltd (now Finstella Limited)

Savannah Resources plc

SigmaRoc plc

The European Bank for Reconstruction and Development

Trafigura Pte Limited

Traxys Europe S.A.

Work highlights

  • Assisted JSC “National Company “KazMunayGas”, national oil & gas company of Kazakhstan (with market cap of circa US$10 billion), on its IPO on the Astana International Exchange (AIX) and Kazakhstan Stock Exchange (KASE).
  • Assisted major client Igor Kolomoisky, with unique and ground-breaking work in the disputes and arbitration forum. The firm has been entrusted with representing him 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.
  • Advised JSC “National Company “KazMunayGas” on joint ventures with PJSC “Sibur Holding” (one of the world expert petrochemicals’ producing and supplying corporations) relating to two large scale petrochemicals projects in the Republic of Kazakhstan, involving to the construction and operation of the first integrated petrochemical complex in the Republic of Kazakhstan (producing polypropylene) and a large scale polyethylene plant with the envisaged project value of around US$6 billion for each plant.

Gowling WLG

Gowling WLG has a thriving projects and infrastructure practice in London that is 'technically sound, pragmatic and risk aware not risk averse, professional and culturally sensitive'. Head of international projects Jonathan Brufal is 'not only willing, but keen, to get into the detail on projects'. He worked with project finance specialists Andrew Newbery and Imran Mufti to support Saudi construction company Alfanar Company in the development of five Construction Villages procured by the NEOM Company, each with accommodation for up to 10,000 individuals who will ultimately oversee and deliver a new urban area in Tabuk Province. Corporate energy partner Gareth Baker  'provides pragmatic and sound legal advice, taking time to understand the commercials', and impact finance partner Alasdair McKenzie 'has a clear interest and passion for emerging markets work and his advice is sound and pragmatic'. Together they advised InfraCo Africa on a $15m loan to to UK-registered next generation utility company Bboxx for its Africa-focused off-grid solar business. Head of natural resources Charles Bond and standout partner for international arbitration Gordon Bell are also active in emerging markets.

Practice head(s):

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


‘The biggest draw for working with Gowlings is their flexibility in approach to working in emerging markets. This is reflected in their fee proposals and team compositions. They have also been proactive in introducing our company to clients of theirs to explore opportunities to work together and have also been gracious enough to host us at their offices for a strategy day. Technically sound, pragmatic and risk aware (not risk averse), professional and culturally sensitive.’

‘Alasdair McKenzie is a fantastic relationship partner as he does not manage from afar. He has a clear interest and passion for emerging market work and his advice is sound and pragmatic. He has also taken the time to understand our business model and therefor his advice is not generic as he understands our risk appetite.’

‘Gareth Baker provides pragmatic and sound legal advice, taking time to understand the commercials and adapting his advice accordingly. He is quick to understand an issue and catch up to where the commercial team is.’

‘Gowling’s collaborative, partner-led approach is extremely welcome in a sector that can often be unpredictable and necessarily requires experience, flexibility, open-mindedness and multi-disciplinary problem-solving to deliver our goals. They know their strengths, are across their brief and project manage effectively.’

‘Jonathan Brufal is a hands-on partner who is not only willing, but keen, to get into the detail on projects, rather than taking on the more high-level role that we often encounter with some of their competitors. We therefore benefit from his significant experience working across a number of emerging markets and sectors, and his process-focused approach to ensure we can get the results we are looking for in the long term.

‘Jonathan Brufal and his team are, despite their status and experience, very approachable, open and friendly – they put their clients at ease and explain tricky topics in a straightforward, patient manner. Thank you very much to Gowling WLG.’

‘The Gowling team excel at making the unorthodox seem orthodox, taking the complexity out of the execution of the legal documentation and thereby helping to save time and money. A lot of this is achieved by the high level of cultural diversity in the team which allows for issues to be looked at from different perspectives and to build empathy across the table – which develops the relationship and trust that is highly valued by clients.’

‘Alasdair MacKenzie is our go-to partner at Gowling. We value his entrepreneurial nature and the creativity that he brings to the table. We have never not closed a deal with Alasdair at the helm.’

Key clients

Alfanar Company

Energy Storage Africa

InfraCo Africa

Bushveld Minerals

International Finance Corporation

eThekwini Municipality

Almar Water

Andrada Mining Limited


Hummingbird Resources plc

Horizonte Minerals plc

Green Guarantee

Work highlights

  • Advised Alfanar Company, a leading Saudi Arabian construction and operations company, on the project development and financing for the construction, operations and maintenance of five Construction Villages procured by the NEOM Company, which successfully reached financial close.
  • Advising Energy Storage Africa on the development of an innovative battery storage project in Malawi, which is the first battery storage project in Malawi.
  • Advised InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), over an agreement to lend up to $15 million, by way of convertible loan notes, to UK-registered next generation utility company Bboxx for its Africa-focussed off-grid solar business.

McDermott Will & Emery UK LLP

McDermott Will & Emery UK LLP has an emerging markets group that is 'very professional and ready to offer tailored services and adapt to client needs'. The lawyers are 'supportive, technically flawless, and practical', according to one client. The multi-disciplinary practice handles capital markets, M&A, and finance transactions, and supports development projects in many sectors. Lead partner Ranajoy Basu is 'available, approachable, responsible, and friendly, and he is able to guide negotiations in a very efficient and pleasant way.' He worked with Priya Taneja to assist United Nations High Commissioner for Refugees (UNHCR) with setting up a $500m sharia-compliant fund. Litigators Andrew Savage  , who handles commercial and finance disputes and international arbitration, and Michael Darowski, who handles cross-border investment disputes, frequently handle contentious matters in emerging markets. Banking and finance partner Mark Fine and counsel Romilly Holland, who is 'technically strong and a joy to deal with', are also highly recommended.

Practice head(s):

Ranajoy Basu

Other key lawyers:

Priya Taneja; Andrew Savage; Michael Darowski; Romilly Holland; Mark Fine


‘They have the ability to grasp complex problems quickly and provide outstanding quality work.’

‘Romilly Holland is technically strong and a joy to deal with.’

‘Very good and professional team, ready to offer tailored services and adapt to client needs.’

‘McDermott Will & Emery has provided extraordinary support to us in a groundbreaking development finance initiative to help fund development projects in emerging markets. They have been invaluable – from structuring to signing, they have been supportive, technically flawless, and practical. Their global team has helped guide negotiations and hosted events for us in the Middle East, Switzerland, London, and New York.’

‘They have really gone over and beyond for us at every step of the way, and we have benefitted enormously from their expertise, practice, and contacts in development finance and emerging markets. They are always happy to help, incredibly responsive, and technically sophisticated. We often work in frontier markets which are challenging and require innovation, agile thinking, and creativity – the McDermott team has excellent at all of these points. More than any other firm we have worked with, they really seem to be one team: their advice is prompt, coordinated, and ready-to-use. The project would not be as advanced as it is but for their help.’

‘Ranajoy Basu has been incredible. His expertise in emerging markets and development finance is unique: he has long experience working with and in frontier markets. And he has a unique level of experience working for international organisations and UN agencies – development finance in emerging markets is a new and growing field for international organisations, and and we have benefited greatly from Ranajoy’s experience and expertise.’

‘Ranajoy Basu is very available, approachable, responsible, and friendly – it is a pleasure to have meetings and calls with him, and he is able to guide negotiations in a very efficient and pleasant way. He has also been very effective at marshalling the entire firmwide network of McDermott, from partners to business teams, to help us with meetings, events, and negotiations around the world. Simply put, he makes things happen.’

‘Priya Taneja has been tremendously helpful in negotiations and drafting sessions. She brings a lot of excellent technical knowledge and a practical approach to the work, and really helps move things forward. She guides associates and trainees very well, and is great at case management and keeping clients informed of the practical sides of engagement.’

Key clients

AIC Limited

British Asian Trust / Ground-breaking Skills India Impact Bond.

Citibank, N. A. London Branch

GLAS Trustees Limited

Innovative International Acquisition Corp.

Ministry of Energy and Natural Resources of the Republic of Albania

Petrochemical Holdings GmbH

PT Pertamina EP Cepu

ReNew Energy Global Plc

The Humanitarian Finance Forum (HFF)

United Nations High Commissioner for Refugees (UNHCR), The United Nations and the Islamic Development Bank (IsDB)

Womanity Foundation

Work highlights

  • Advised UNHCR and IsDB in relation to an innovative $500 million Shariah compliant global fund (the Fund) to address the developmental and humanitarian needs of over 100 million forcibly displaced people. McDermott acted for the United Nations as lead counsel to the transaction.
  • Advised Innovative International Acquisition Corp., a publicly traded special purpose acquisition company, in relation to its entry into a definitive merger agreement with Zoomcar, Inc., the world’s largest emerging market focused car sharing platform.
  • Advised GLAS Trustees Limited (GLAS) in its various capacities with respect to a high-profile US$1.1.25 billion restructuring for Nostrum Oil & Gas plc (Nostrum), an LSE-listed independent oil and exploration & production company in northwest Kazakhstan.

Pillsbury Winthrop Shaw Pittman LLP

Pillsbury Winthrop Shaw Pittman LLP provides 'thoughtful and wise counsel from a very strong deal makers'. London managing partner Matthew Oresman leads the international public policy practice, advising governments, political leaders, businesses and NGOs. He recently assisted AI company Gorilla Technologies Inc in moving its headquarters from Taiwan to London, and he advised Bank of Cyprus on US, EU, Russia, UN, Ukraine and other sanctions, export control and AML compliance matters. Head of corporate James Campbell leads the firm-wide Africa practice, and clients describe him as 'the proverbial rock - the go-to person for navigating clients through tricky deals in emerging markets'. His highlights include assisting Emmerson PLC with the financing of Africa’s first commercial potash mine. Osama Abu-Dehays focuses on transactions in the Middle East, particularly in the commercial, technology, media and telecommunications sectors, having helped broadcasters, football leagues and telecom/technology providers in many high-value deals over the years.

Practice head(s):

James Campbell

Other key lawyers:

Matthew Oresman; Osama Abu-Dehays


‘Thoughtful and wise counsel. Very strong deal makers, Very strong in the no fuss approach to lawyering. A pleasure to work with.’

‘James Campbell is the proverbial rock. He is the go to person for navigating clients through tricky deals in emerging markets – his exceptional knowledge, people skills and result orientated attitude, appropriately calibrated for the cultural milieu of the relevant territory, makes him indispensable for any transaction in the emerging markets.’

Key clients

Adenium Distributed Solar

Alpac Capital

Association of Cyprus Banks

Bank of America

Bank of Cyprus

Bank of New York Mellon


BNNP, Bk West, First Hawaiian, Fortis

CEECAT Capital


Deutsche Bank




EBRD – European Bank for Reconstruction and Development

Fannie Mae


Government of Kosovo

Gorilla Technologies

Government of Uzbekistan

Hellenic Bank


Japan Bank for International Cooperation (JBIC)

JP Morgan Chase & Co.

Monbat AD

Natixis Wholesale Banking Americas

Pacific Continental Bank

TD Bank

Wells Fargo

Myco Technologies

Druces LLP

Druces LLP has 'strong team with good understanding of what they are doing', and clients remark that the lawyers 'know the nuances and commercial approach required for smaller deals'. Lead partner Dominic Traynor frequently assists lithium project developer Savannah Resources Plc with corporate governance and regulatory matters concerning emerging markets. Corporate and banking partner Christopher Axford recently acted for Essentially Group PLC on the admission of its entire share capital to the AQSE Growth Market, the first UAE-based business to be listed there. Construction specialist Richard Bailey continues to be involved in major projects, among them developments in the retail and energy sectors in the Middle East. Newly promoted partner Jack Dervyn is 'very detail-orientated and always has great availability', and senior associate Mark Lamph, who focuses on ECM transactions, has 'great experience and great manner with clients'.

Practice head(s):

Dominic Traynor

Other key lawyers:

Jack Dervyn; Mark Lamph; Richard Bailey; Christopher Axford


‘Strong team with good understanding of what they are doing. They know the nuances and commercial approach required for smaller deals.’

‘Jack Dervyn – very detail orientated and always has great availability. Jack is a testament to all corporate lawyers with work ethic and specialist sector knowledge.’

‘Mark Lamph – great experience and great manner with clients.’

Key clients

Elephant Oil Limited

Essentially Group Plc

EV Metals Group Plc

Caerus Mineral Resources plc

Africa Mining and Exploration Limited

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

  • Advising Kavango Resources Plc (LSE:KAV), the southern Africa focussed metals exploration company on its £3m placing and subscription by way of a simplified disclosure prospectus, as well as various acquisition transactions.
  • Advised Caerus Mineral Resources plc in connection with the share sale of the Company’s Cyprus subsidiaries to PM Ploutonic Metals Ltd and Indo-European Mining PR Ltd.
  • Advised AIM-listed Panthera Resources PLC, in connection with an equity capital fundraising, with existing and institutional investors, for approximately £1.06 million.

Michelmores LLP

Michelmores LLP is active in capital markets transactions on behalf of entrepreneurs, institutional investors, debt financiers and operators in sectors as diverse as financial services, ports and logistics, critical minerals, and energy/battery metals. It also has a strong suit in impact financing for investors, financial institutions, private equity funds, project sponsors, developers. The practice is led by ECM and resources partner Ian Binnie, up-and-coming impact financing partner Harry Trick, and debt finance specialist Karen Williams. Williams acted for Soros Economic Development Fund in a cost-sharing guarantee to provide healthcare to underserved communities in favour of Gavi the Vaccine Alliance. Barrister and disputes specialist Andrew Oldland also handles contentious matters in emerging markets. Joe Whitfield retired from the firm in 2023.

Practice head(s):

Ian Binnie; Harry Trick; Karen Williams

Other key lawyers:

Andrew Oldland KC

Key clients

AHL Growth Fund LP/The Adolf H Lundin Charitable Foundation

Arbaro Fund

Astana International Financial Centre

Avana Resources



DSM Venturing


Flow Equity LLC


Freedom Finance Global PLC


Global Partnerships

Intelsat SA


Mining Metals & Minerals plc


Phatisa Fund Managers


RAB Capital

Soros Economic Development Fund

Standard Bank


Thirdway Africa Capital

Trinity Metals

United Bank Limited

Zebu Investment Partners

Work highlights

  • Advised Soros Economic Development Fund, the social impact investment arm of the Open Society Foundation, on its partnership with MedAccess, a UK-based social finance company, and Gavi, the Vaccine Alliance, to provide procurement guarantees to the COVAX Cost Sharing Mechanism, Gavi’s global COVAX vaccine distribution system.
  • Advised Proparco and Global Partnerships on their participation as the first investors in a debt programme established by the international arm of one of the world’s largest development organisations, BRAC.
  • Advised Techmet, a private company building world class projects that produce, process and re-cycle “technology metals” critical to electric vehicles, renewable energy systems and energy storage, on a USD 25 million investment.


The emerging markets group at TLT is 'renowned for its knowledge of the Indian financial sector, acting for a range of private and public sector banks and other financial institutions from India', though it work continues to expand to other jurisdictions. The key lawyers are banking partner Peter Carney and senior associate Anand Verma, who are 'well placed to advise foreign banks in the UK with particular focus on India', financial services disputes partner Paul Gair and insolvency specialist Kanika Kitchlu-Connolly. The firm also has experts in secured lending and real estate finance, data privacy, property transactions, fund finance, and state aid matters. Rich Hughes advised Orastar  on its investment in Pakistan registered submarine fibre optic cable operator Trans World Associates (Private) Limited.

Practice head(s):

Peter Carney; Paul Gair; Kanika Kitchlu-Connolly

Other key lawyers:

Anand Verna; Richard Houliston; Rich Hughes


‘They offer diversity and competitive and realistic fees.’

‘Peter Carney and Anand Verma are well placed to advise foreign banks in the UK, with a particular focus on India.’

‘The emerging markets practice is unique in many ways. They provide valuable insights and strategic guidance to clients operating in emerging markets, and they recognise the unique challenges, risks, opportunities and mitigations in relation to the issues arising in these markets.

‘In my experience with TLT, I have found that the partners have a deep expertise and knowledge in acquisitions, banking and finance. Apart from the legal knowledge, the team had a strong understanding of industry trends, market dynamics, and best practices, allowing them to provide valuable legal insights which makes commercial sense as well.’

‘Peter Carney and Richard Houliston are both stand-out professionals, adept at identifying and solving complex problems. They have a knack for analyzing situations, thinking critically, and developing innovative solutions. Their ability to approach challenges from different angles and offer creative strategies sets them apart from other lawyers.’

‘The team is renowned for its knowledge of the Indian financial sector, acting for a range of private and public sector banks and other financial institutions from India.’

‘Paul Gair, Kanika Kitchlu-Connolly, Peter Carney and Anand Verma are forthcoming and flexible in their approach.’

Key clients

Punjab National Bank (International) Limited

Orastar Limited (BVI)

Work highlights

  • Advised Orastar Limited (BVI) as buyer in relation to the acquisition funding for the purchase of a significant interest in Trans World Associates (Private) Limited, a Pakistan registered sub-marine fibre optic cable operator, from an Egyptian seller.
  • Advised the International Banking Unit, GIFT city branch of a leading Indian public sector bank in relation to its term loan facility to the UK subsidiary of an Indian multinational conglomerate.
  • Acting for the Claimant Bank, claiming repayment of loan and overdraft facilities totalling c. EUR 15m plus interest, relating to a failed cruise ship business.

Vedder Price

At Vedder Price, 'the team is extremely efficient and solution-oriented, and quick to adapt to a dynamic environment typical for emerging markets'. Lead partner Trevor Wood is ' very industrious, knowledgeable and able to adapt and provide proper solutions to the unorthodox challenges to provide first-class advice'. Since joining the firm in 2020, he has broadened the scope of its emerging markets work, and has recently undertaken complex restructurings and asset dispositions in many jurisdictions, among them Lebanon, Bulgaria and Mongolia. The firm's focus is predominantly on central and Eastern Europe, which necessitates the involvement of its experts in sanctions advice. Associate Henrietta Worthington has a key role in many of the firm's key transactions, which include assisting EBRD with a €25m loan to Ukraine's Ukrgasbank.

Practice head(s):

Trevor Wood

Other key lawyers:

Henrietta Worthington


‘The team was extremely efficient and solution-oriented. Quick to adapt to a dynamic environment typical for emerging markets’

‘Trevor Wood is very industrious, knowledgeable and able to adapt and provide proper solutions to the unorthodox challenges created when working in Emerging Markets. He was a stand-out professional in a complex deal.’

‘Very experienced and highly professional team. Very detail-oriented, able to address adequately every problem.’

‘Trevor Wood is a great example of highly professional, experienced and client-oriented lawyer. Highly dedicated to achieving the best possible result. Always available to his clients and ready to do work needed at exceptionally high (quality) level. It is a great pleasure to work with him.’

‘Trevor Wood is an outstanding lawyer, who brings to the table years of banking, finance and restructuring transactional experience, as well as a unique commercial acumen that is rare to find in banking lawyers of more recent generations and Magic Circle firms.’

‘I would add that Trevor Wood is fast and proactive when delivering his services, and given the breadth of his experience is able to provide first-class advice at a very reasonable price.’

‘The team is very client-oriented and results-focused on every project that I have worked with them. They are very proactive and eager to deliver results in the most efficient way possible.’

‘In addition to the above comment about the team, Trevor Wood has a very deep knowledge of English law rules and how they apply to a transaction-specific context. He has always been able to provide a practical and efficient solution to a number of legal problems that we had to resolve.’

Key clients

European Bank for Reconstruction and Development

Blantyre Capital Limited

Zenith Bank

Integral Venture Partners S.a.r.l.

Bulgarian Development Bank

Work highlights

  • Advised EBRD on the disposal of certain ro-ro vessels by Alternative Taşımacılık A.Ş and the subsequent prepayment of the EBRD loan facilities.
  • Advised Blantyre Capital, Integral Venture Partners, BDB and EBRD on the recapitalisation of the Bulsatcom group (including a debt/equity swap) and emergency liquidity funding.
  • Advised EBRD on the restructuring and deferral of certain loans made to Credit Libanais.