Projects and energy: local firms in South Korea

Kim & Chang

Kim & Chang is renowned for its ‘market-leading experience across the energy sector’ and its client list of private sector sponsors, lenders, investors, state-owned entities and construction firms. Leading figure Young Kyun Cho continues to support Pacifico Energy in its large-scale development of a solar power farm. Chang-hee Shin also specialises in project finance, and often represents Korean contractors working overseas. Banking partners Claire (Mi-Jin) Kim and foreign attorney Bong-Sang Cho are the other key figures in the firms’ standout cross-border finance transactions and energy and infrastructure projects.

Practice head(s):

Yon-Kyun Oh; Ick-Ryol Huh

Other key lawyers:

Young-Kyun Cho; Changhee Shin; Claire (Mi-Jin) Kim; Bong-Sang Cho

Testimonials

‘Kim & Chang have market-leading experience across the energy sector. Also, their collaboration with foreign firm is one of their strengths in advising the clients.’

‘Kim & Chang team was both extremely knowledgeable about the Project Financing and great at helping me approach the transaction with more confidence and comfort.’

‘Their knowledge of the sector and approach to legal issues helped me overcome my anxieties and improve my ability significantly.’

Key clients

POSCO Energy / POSCO

Hyundai Oilbank

KEXIM (Korea Export-Import Bank)

S-Oil Corporation

KOGAS (Korea Gas Corporation)

Hanwha Energy

KDB (Korea Development Bank)

KHNP (Korea Hydro & Nuclear Power Corporation)

KEPCO (Korea Electric Power Corporation)

Copenhagen Infrastructure Partners

Work highlights

  • Advised Kohlberg Kravis Roberts’ acquisition of equity interests in SK E&S.
  • Advised KEXIM and Ksure on RV555 road projects in Norway.
  • Advised Hanwha Energy Corporation on the proposed restructure of its investments in the Gregadoo and Jindera solar farm projects in Australia and the subsequent investment in Hanwha Energy Australia by a Korean asset management fund.

Lee & Ko

One of Korea’s notable firms for project development and financing work, Lee & Ko has a strong track record in domestic and overseas infrastructure and power projects, refinancing and private investment projects. Practice head Dong Eun Kim is working alongside Jae Hoon Lee and Dae Hong Kim in advising the lender, KYOBO Investment Trust Management Co in its financing of one of Korea’s largest solar farm project in Jeolla Province. Banking partner Hun Ko is an esteemed figured for PPI projects such as toll roads, railways, port and power plants. Kwang Yul Kim and Hyunsu Kim are also active on domestic PPP and infrastructure financing. Senior foreign attorney Tom Shin is another prominent banking figure in the practice.

Practice head(s):

Dong Eun Kim; Tom Shin; Hun Ko

Other key lawyers:

Jae Hoon Lee; Dae Hong Kim; Kwang Yul Kim; Hyunsu Kim

Testimonials

‘Well resourced for cross-border transactions. Keeping good trust relationship with the clients, which makes the team’s work very efficient.’

Key clients

Bloom Energy

Dealim Energy

Samsung Life Insurance

KEPCO

SK E&S

IGIS Asset Management Co., Ltd

Meritz Securities Co., Ltd

NH-Amundi Asset Management

NH Investment Securities

Mirae Asset Global Investments Co., Ltd

Mirae Asset Daewoo

KB Securities Co., Ltd.

Industrial Bank of Korea

Korea Development Bank

KDB Infrastructure Asset Management Co., Ltd

Shinhan Bank

Shinhan Asset Management (previously “Shinhan BNP Paribas”)

Hanwha Asset Management Co., Ltd

Macquarie Capital Korea Limited

Kookmin Bank

Samsung Securities

Hyundai Energy Private Equity Co., Ltd

Stonebridge Capital

FG Partners

Hangang Asset Management Co., Ltd.

EQ Partners

Hana Financial Investment

Samsung Asset Management Co., Ltd

KB Asset Management Company

Samtan

Equis Pte.

Stonepeak Infrastructure Partners

Eugene Private Equity

PineStreet Asset Management Co., Ltd

Diode Ventures LLC

LightSource BP

Keppel Renewable Energy

Sprott Korea

Work highlights

  • Advised KB Bank, Shinhan Bank, Woori Bank, and Sprott Korea Investment Corp. in connection with the onshore wind farm project with a capacity of 74.4MW located in Sweden in which Korean banks extended senior loan of € 42,000,000.
  • Advised Woori Bank as mandated lead arranger, Korea Investment & Securities Co., Ltd. as mandated co-arranger and Senior Syndicated Lenders in connection with the financing of Tongyeong Eco Power LNG Combined Cycle Power Plant and LNG Terminal Project.
  • Advised Stonepeak Infrastructure Partners, as financial investor in respect to financing of the construction loan for the solar farm project (more than 99.94MW of installed capacity) and substation.

Bae, Kim & Lee LLC

Bae, Kim & Lee LLC demonstrates strong capabilities in project development, finance, M&A, construction, PPP projects, including EPC, joint development agreements and regulatory issues. Offshore wind power, thermal, hydro-electric and renewable energy projects are a key area of specialisation, evidenced by Seungkyo Lee and Hyukjin Im advising K-Exim and K-Sure in the financing of the construction of 200MW combined thermal power plant in Dededo, Guam. Hyunchul An often advises foreign clients on inbound investments, energy transactions and development of energy projects.

Practice head(s):

Seungkyo Lee

Other key lawyers:

Hyukjin Im; Hyunchul An

Key clients

BlackRock Financial Management Inc.

CS Wind

Hanwha Solutions Corporation

Korea Overseas Infrastructure & Urban Development Corporation

Korea Resources Corporation

LG Chem

LG Energy Solution

POSCO

Subsidiaries of Korea Electric Power Corporation

The Export-Import Bank of Korea

Work highlights

  • Advised Hanwha Solutions Corporation on its acquisition of RES Méditerranée S.A.S, a French renewable energy company.
  • Supported BlackRock Financial Management in conducting due diligence, review and preparation of relevant investment contracts in connection with its acquired shares in Brite Energy Partners.
  • Advised BlackRock on its acquisition of IGIS Private Equity Fund (IGIS PE) which specializes in investment in renewable energy infrastructures like wind and solar farms.

Shin & Kim

Shin & Kim maintains a steady stream of activity in Korea’s flourishing offshore wind power sector, as well as attracting new work in fuel cell and hydrogen matters, waste to energy, and waste processing and financing of treatment facilities. Michael Chang leads on the practice's cross-border projects and is assisted by Sang-Hyun Lee who specialises on domestic project finance mandates. Other key partners include regulatory expert, Su-Yong Jung and banking specialists Hyun-Mi Cho and Seung Gyu Yang .

Practice head(s):

Sang-Hyun Lee

Other key lawyers:

Michael Chang; Su-Yong Jung; Hyun Mi Cho; Seung Gyu Yang

Testimonials

‘S&K’s energy and project team have one of the best energy practice teams in the country, with the highest level of knowledge of the energy market and regulations in Korea and have a sufficient number of dedicated team members.’

‘Hyun-mi Cho; very dedicated to clients and highly experienced in the renewable energy sector in Korea.’

Key clients

Korea Electric Power Corporation (KEPCO)

Ministry of Trade, Industry, and Energy (MOTIE)

KDB Infrastructure Investments Asset Management Co., Ltd.

Vena Energy

Australian Strategic Materials Limited (ASM)

SK Ecoplant Co., Ltd.

Korea East West Power (EWP)

Korea National Oil Corporation (KNOC)

SK E&S

Korea Water Resources Corporation (K-water)

Equis Energy Co., Ltd.

Macquarie Capital Korea Limited

Green Investment Group Korea Limited

Korea Export-Import Bank (KEXIM)

Korea Gas Corporation (KOGAS)

KREDO Holdings Ltd.

Hanyang

Chungju City

Work highlights

  • Advised Vena Energy on acquisition of 100% of the shares held by the developer who is promoting a 500MW offshore wind power project in Taean, Korea.
  • Advised Australian Strategic Materials on a cross-border investment by three Korean private equity funds into the Australian listed ASM and its Korean subsidiary.
  • Advised Hanyang Co., Ltd in its investment of KRW 1.2 trillion on a site of 650,000m2 inJeollanam-do, for the construction of four LNG storage tanks, vapor transmission equipment, and a wharf facility at the Northeast Asian LNG Hub Terminal Project.

DR & AJU LLC

Mihyun Melissa Park, who is qualified in New York and Australia, leads the projects practice at DR & AJU LLC, which continues to be a popular choice for sponsors and developers on a greenfield renewable and energy storage system projects in Australia, UK and Europe. The practice is among the first to participate in the development of green hydrogen project development, and is continuing to advise LG Chem on construction of a hydrogen production plant in Daesan.

Practice head(s):

Mihyun Melissa Park

Key clients

Hana Financial Investment Co., Ltd.

Samchully Asset Management Co., Ltd.

Korea East West Power Co. Ltd.

Korea Western Power Co., Ltd.

Energy Infra Asset Management

Korea Trade Insurance Corporation (K-Sure)

POSCO International

Korea Investment & Securities Co., Ltd.

NH-Amundi Asset Management

Woori Bank

Hyundai Asset Management Co.,Ltd.

Kookmin Bank

Hyundai Motor Securities

Lotte Non-Life Insurance

Korea Hydro & Nuclear Power Co., Ltd.

CGN Korea Holdings Co., Ltd.

LG Chem Ltd.

GAIA Australia Pty Ltd

GS Engineering & Construction

Work highlights

  • Advised Hana Financial Investment and Samchully Asset Management on the construction management and selling of 162MWac solar PV project.
  • Advised GAIA Australia and LS Electric on 200MWac solar PV project with the battery storage facility up to 300MW in Bonshaw, New South Wales.
  • Advised Hyundai Asset Management, Hana Financial Investment and Hyundai Motor Securities on the restructuring of a portfolio comprising 21 solar farms with a total capacity of 97MWac located in UK.

Yulchon

Yulchon‘s practice predominantly focuses on greenfield development and its ancillary mandates, such as licensing and regulatory issues, construction, land development and operational issues. Foreign counsel Raymond Kang has extensive experience advising on inbound investments and development of greenfield and brownfield power and energy-related infrastructure projects. Regulatory, energy and environmental specialists Hong Kim and Kum Ju Son are other leading partners.

Practice head(s):

Raymond Kang; Kum Ju Son

Other key lawyers:

Hong Kim

Key clients

Korea Electric Power Corporation (KEPCO)

Korea National Oil Corporation (KNOC)

Korea Gas Corporation (KOGAS)

Korea Western Power Co., Ltd.

Korea South East Power Co., Ltd.

Korea Midland Power Co., Ltd.

Korea Hydro & Nuclear Power

GS Engineering & Construction Corp.

GS Power Co., Ltd.

POSCO

POSCO Engineering & Construction

Hyundai Oilbank

SK Chemicals

Asia Development Bank (ADB)

wpd AG

Korea Overseas Infrastructure & Urban Development Corporation

Daewoo Engineering & Construction Co., Ltd.

Hanwha Energy

Work highlights

  • Advising Korea Hydro & Nuclear Power Co., Ltd. on the continued operations of Kori Nuclear Power Plant Unit 2.
  • Advising Korea Hydro & Nuclear Power (KHNP) on its dispute with the manufacturer of the generator in relation to an internal fire at the Shin Kori Nuclear Power Plant Unit 4.
  • Advising Korea Gas on safety regulations related to the distribution of hydrogen.

Jipyong

Jipyong has a good depth of experience advising on inbound and outbound investments by Korean private companies and state-owned power generation companies in the US and Europe, and financing of infrastructure projects in emerging markets. M&A partners Cheol Jeong  and Hye Jung Ryu work alongside banking expert Yully Kang .

Practice head(s):

Hye Jung Ryu

Other key lawyers:

Cheol Jeong; Yully Kang

Key clients

SK ecoplant Co.,Ltd.

Solar Connect

SK Inc.

Le Soleil Ltd. (“Le Soleil”)

Urban JD Oil Co., Ltd. (“Urban JD Oil”)

SK Materials Co., Ltd.

Anemoi 3rd, an SPC of the BTS No.1 PEF managed by Samchully Asset Management

Work highlights

  • Advised a Korean subsidiary of a German wind project developer on asset transfer in respect of the rights related to two offshore wind power generation projects (one in Gyungju-city and the other in Yeosu-city).
  • Advising on project financing on solar power generation projects in Samchok and Jaeju Island on behalf of Solar Connect Co., Ltd.
  • Advised SK ecoplant co.,Ltd. on acquisition of DDS Co., Ltd.