Etienne Gelencsér is Of Counsel in the Project Development & Finance practice.

His practice primarily focuses on finance transactions, including acquisition, project and structured finance and he regularly represents both financial institutions and corporate clients. His practice also involves the representation of sponsors and investors in private equity transactions, including fund formation, fund investment and related portfolio acquisitions.

Etienne represents sponsors and lenders, private equity, leading financial institutions including Japanese export credit and development financial institutions, commercial financial institutions, trading houses and corporates.

• DITO Telecommunity Corporation as borrower on the US$3.9 billion long-term financing of its Philippines-wide 4G/5G-ready telecommunication network project, one of the largest project financed telecoms deals in Asia to date. We also advised on its concession bidding, EPC arrangements and other consultancy arrangements. Awarded “Best Project Finance Deal of the Year – Southeast Asia” and received a commendation for “Best Infrastructure Deal of the Year – Southeast Asia by FinanceAsia Achievement Awards 2023; and “Finance Deal of the Year” by Asian Legal Business Philippine Law Awards 2023.
• Japan Industrial Partners on its offshore fund structuring and fundraising in connection with a JIP-led consortium’s successful tender offer for Toshiba Corporation. Shortlisted for “Private Equity Deal of the Year” by Asia Legal Awards 2024; and “Domestic Deal of the Year” by IFLR Asia-Pacific Awards 2024. 
• JBIC and the commercial lenders on the financing of an FSRU designed to supply LNG to a power project in Senegal.
• JBIC supporting Hitachi’s consortium for the development and financing of the PPP Subway Project in Ontario.
• Sponsors for the development and financing of a large-scale LNG terminal and power complex in Vietnam.
• Sponsor for the development of LNG procurement strategy for Vietnam.
• Japanese sponsor for the development of a global green ammonia procurement strategy.
• Japanese investor in the investment in a global hydrogen fund.
• Sponsors in respect of the development and financing of the Thilawa LNG to Power project in Myanmar.
• JBIC and the commercial lenders on the financing of an FSRU designed to supply LNG to a power project in Mozambique.
• Commercial lenders on the refinancing of the PT UPC Sidrap Bayu Energi Onshore Wind Farm in Indonesia. Awarded the “Renewables – Onshore Wind Refinancing” by IJGlobal Awards 2020.
• Mong Duong Finance Holdings B.V. in its offering of $678.5 million 5.125% Senior Secured Notes due 2029 and execution of a $402.7 million Senior Secured Loan Facility provided by an international syndicate of commercial bank lenders, for the purpose of acquiring all of the outstanding project financing loans of AES Mong Duong Power Company. Awarded “Bond Deal of the Year Asia Pacific” by Project Finance International Asia Awards 2019, “Asia Pacific Refinancing Deal of the Year by IJGlobal Awards 2019, “Asia-Pacific Power Refinancing Deal of the Year” by Proximo Awards 2020, and “Deal of the Year” by Asian-Mena Counsel 2019.
• Japanese financial institutions in connection with an investment in global infrastructure debt instruments through a separately managed account and a standalone syndicated fund.
• DBJ and Showa Shell in connection with their investment in South Field combined-cycle gas turbine power generation project in the State of Ohio, U.S.
• DBJ in connection with their investment in Linden combined-cycle gas turbine project in the State of New Jersey.
• The Japan Bank for International Cooperation (JBIC) and Mizuho Bank as lenders and Nippon Export and Investment Insurance (NEXI) in relation to the development and original financing and subsequent refinancing of the 350 MW solar power project in Andhra Pradesh, India.
• DBJ in connection with their investment in Cricket Valley Energy Centre LLC, a combined-cycle gas turbine power generation project in the state of New York.
• J-Power, PT Adaro Energy Tbk and Itochu in the development and financing of the $4.3 billion 2,000MW Central Java IPP, a greenfield coal-fired power project in Central Java in Indonesia. Awarded “Power Deal of the Year” by Project Finance International in 2016, “Asia Pacific Power Deal of the Year” by IJGlobal Asia Awards 2016 and “Project Finance Deal of the Year” by IFLR Asia Awards 2016.
• A State Authority in the MENA region on the financing of a $25 billion nuclear new build project and negotiating the EPC, Fuel Supply, O&M, and Radioactive Waste Treatment Contracts.
• SunEdison in the sale of SunEdison Japan and related solar energy assets in Japan.
• JBIC and the commercial lenders providing finance supporting numerous bids and ultimately the winning bidder of the $3 billion 2,520 MW and 136.5 MIGD Facility D IWPP in Qatar.
• JBIC and the commercial lenders providing finance supporting numerous bids for the Facility E IWPP in Qatar.
• Erdenes Oyu Tolgoi LLC, a Mongolian state-owned company, regarding joint venture and financing matters for the $10 billion Oyu Tolgoi copper and gold project, the largest financial undertaking in Mongolia’s history and one of the largest mine financings completed to date, which project is jointly owned by Rio Tinto and Erdenes. Awarded “Asia Pacific Mining Deal of the Year,” by Project Finance International 2015.
• K-Sure, KoFC, JBIC and other lenders in relation to the Cochrane power project in Chile involving the construction of two 236 MW coal-fired power plants being developed by AES and Mitsubishi.
• Various investors and developers on the financing arrangements and the structuring of publicly traded companies formed to own operating and development of renewable projects in Japan and Asia.
• NEXI, JBIC and commercial banks in relation to the development and financing of the nuclear power project in the U.K.
• Japanese governmental institutions in the structuring and investment into a global infrastructure fund focused on investments in mega-infrastructure projects.
• JBIC in its 30% equity investment in JX Nippon Oil Exploration (EOR) (a subsidiary of JX Nippon Oil & Gas Exploration Corporation) in connection with the development of the cogeneration, carbon capture sequestration and enhanced oil recovery project in West Ranch oil field in Texas with NRG Energy Inc.
• JBIC, NEXI and commercial lenders supporting Mitsui and PEMEX subsidiary MGI Enterprises on their bid for the development of the Sasabe-Guayma pipeline in the States of Sonora, Mexico.

Awards & Accolades

• Recognized as a “Leading Lawyer” for Projects & Energy: International and Investment Funds: Registered Foreign Lawyers in Japan by Chambers Asia-Pacific (2011-2024)
• Recognized as a “Leading Lawyer” for Projects, Infrastructure & Energy in Vietnam by Chambers Asia-Pacific (2024)
• Recognized as “Highly Regarded” for Project Finance and Banking by IFLR1000 (2017-2024)
• Recognized as a “Leading Lawyer” for Projects and Energy and Investment Funds in Japan, Foreign Firms in India, and Foreign Desks in Myanmar by The Legal 500 Asia Pacific (2024)
• Recognized in the 2022 edition of Best Lawyers in Japan for Private Equity, Private Funds and Venture Capital Law; Project Finance and Development Practice 
  
• Recognized as a Global Leader in Project Finance and Private Funds - Formation by Who’s Who Legal (2020)
• Recognized as a National Leader in Project Finance and Private Funds in Japan by Who’s Who Legal (2019)
• Clients comment in Chambers Asia-Pacific that “Thanks to his extensive legal knowledge, Etienne Gelencsér proposed numerous solutions which were highly helpful in solving deadlocks in tough negotiations.” (2024)
• Clients comment in Chambers Asia-Pacific that “I was very impressed with how he approached clients and lender's counsel unlike a typical lawyer. He was not too rigid, and tried to find solutions from a commercial as well as legal point of view.” (2024)
• Clients comment in Chambers Asia-Pacific that Etienne “is very experienced in his field, and he's an extremely hard worker who is client-focused, very efficient and practical.” (2023)

Publications

• Co-author of “Japan – Key link in hydrogen value chain,” Project Finance International, April 2021; and Energy & Infrastructure Insight – Summer 2021 – Issue 4 (Shearman & Sterling LLP), June 2021
• Co-author of “Taiwan offshore wind – challenged by headwinds?” Energy & Infrastructure Insight – Autumn 2020 – Issue 3 (Shearman & Sterling LLP), October 2020