Stephen Clugston is Counsel in the Firm'’s Tokyo office. He has worked in the area of international projects and project finance, advising sponsors, borrowers, government agencies, ECAs, multilateral finance institutions and commercial lenders across a number of sectors globally, and particularly in emerging markets.
Stephen focuses his practice in the areas of power, water, oil and gas, petrochemicals, infrastructure, renewables and telecommunication. He assists clients (in jurisdictions where he is licensed to practice) on cross-border investments and transactions, including financing transactions, across the energy and infrastructure sectors in Europe, the Middle East, Africa, Central Asia, South East Asia, the Americas and Asia Pacific.
Representative Legal Matters
Prior to joining the Firm, Stephen handled the following matters:
- Provided commercial support to a Japanese trading company and an international corporation in connection with the development of a major coal IPP in Bangladesh.
- While based in London, advised a major Japanese trading company and investment business conglomerate in relation to the initial finance terms for the financing of a solar PV IPP in Abu Dhabi (awarded PFI 2017 Middle East and Africa Power Deal of the Year).
- Advised various financial institutions (ECAs, multilateral financial institutions and commercial lenders) on the project financing and finance restructuring for a major combined cycle gas-fired IPP in Turkey (awarded PFI 2014 Middle East / Africa power deal of the year).
- Provided commercial support to a Japanese trading company in connection with issues relating to a major transport/logistics asset in Brazil.
- Advised the Ministry of Finance of Angola as borrower on behalf of a sovereign state in connection with the financing of multiple domestic infrastructure projects by foreign commercial lenders and ECAs.
- Advised an international mobile telecom service provider on a bridge finance facility in Papua New Guinea.
Oil & Gas
- Provided commercial support to a Japanese trading company in connection with its bid to invest in gas import and distribution infrastructure in Indonesia.
- Advised various financial institutions (ECAs, multilateral financial institutions and commercial lenders) on the financing of a major petrochemicals project in Uzbekistan (awarded PFI 2012 European Petrochemicals Deal of the Year; Infrastructure Journal 2013 Oil & Gas Deal of the Year; Global Finance Deal of the Year: Project Finance (Asia)).
- Advised a multilateral organisation in connection with its potential investment in offshore gas fields off the coast of Mauritania.
- Provided commercial support to a Japanese trading company and its subsidiaries in relation to ongoing open cut coal mine issues in New South Wales, Australia.
- New South Wales~Australia (2008)
- College of Law (Graduate Diploma in Legal Practice) (2008)
- University of New South Wales (LLB) (2008)
- University of Sydney (Master of International Law) (2006)
Baker & McKenzie (Gaikokuho Joint Enterprise) is a member of Baker & McKenzie International, a Swiss Verein.