About

Number of years practice:

25

Principal practice areas:

Project Development and
Finance

Bar admissions:

New York, England and Wales, Hong Kong

Languages spoken:

English

Gregory Tan has advised lenders and underwriters for the bank/bond financing for Cometa Energía S.A. de C.V. (an Actis portfolio company) in connection with its $1.256bn acquisition of the InterGen portfolio of energy assets in Mexico. (Latin America M&A Deal of the Year, IJGlobal.

He has also represented the project company established by sponsors Energy Transfer Partners, Carso Energy and MasTec on the financing of the Waha-Presidio Pipeline in Mexico. (Best Oil & Gas Deal of the Year, Latin Finance).

Tan has additionally Represented the borrowers and sponsors in connection with the approximately $235m financing for the development, construction and operation of two solar photovoltaic projects in Mexico – Solem I, a 150 MWac solar photovoltaic power plant and Solem II, a 140 MWac solar photovoltaic power plant. This was the largest solar PV project in Mexico and Latin America. (Latin America Solar Deal of the Year, IJGlobal).

He also represented Carso Gasoducto, as borrower and affiliates, in connection with an 18-year nonrecourse $535m project financing for the development of an approximately 630km natural gas pipeline running from Samalayuca, Chihuahua to Sásabe, Sonora in Mexico.

What differentiates your Mexico-facing practice from those of your US competitors and peers?

Though I have years of experience working in Mexico and continue to do so, I also maintain strong practices in the US and throughout Latin America. Therefore, I am able to provide legal advice to my Mexican clients based on innovative financing structures and transactions that I have handled in other jurisdictions. My clients benefit and are appreciative of the versatility this offers.

What are the advantages and disadvantages of advising Mexico-based clients from an office in the United States?

There really is very little disadvantage in advising Mexico-based clients from the US. Our proximity means we are able to be in-country at a moment’s notice, and the technology we use regularly allows for seamless collaboration. Additionally, the historical and cultural relationship between Mexico and the US has created an easy bond between the business communities, mirrored by the legal community in New York and Mexico. Many Mexican lawyers train here in the US, participate in international associate programs (including at Shearman) and build personal relationships with their US counterparts.

Finally, many of the financings and transactions in Mexico are actually done under New York law and involve financial institutions based in New York, so our office here can be an advantage in these instances.

What changes in the commercial and/or legal market do you anticipate in the 12 months ahead in Mexico?

In my opinion, given the relative political uncertainty in Mexico because of the current administration’s shift in policies, the market will need time to adjust. The lack of stability is not conducive to long-term capital investments such as infrastructure, so the sector will likely continue to slow.

That said, Mexico still is a major economy and has a growing middle class and significant natural resources, so it remains a great long-term play with respect to the region. The uncertainty is temporary rather than systemic.

What influence will legal technology have on US/Mexico working practices in the future?

Legal technology will enhance our efficiencies and cost-savings in providing more seamless service to Mexico – both for clients and with local counsel –from New York.

What is your perception of in-house counsel’s priorities in terms of client service when working with US-based law firms?

From our experience, Mexican in-house counsel are sophisticated consumers of legal services. Therefore, they expect outside counsel to: Build strong personal relationships with them; Understand their business, sector and competitors; Understand how they work internally and what’s important for the company long-term; Invest in them as a client; Provide insights on drivers in the global economy and a macro perspective, looking at broader trade from around the world.

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