Stephen Clugston

Stephen Clugston

Local Principal
Baker & McKenzie Wong & Leow
Not admitted to practice law in this jurisdiction


Stephen Clugston is the Firm's English and Australian (NSW) qualified counsel in the Singapore 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.

Practice Focus

Stephen focuses his practice in the areas of power, water, oil and gas (mid/downstream including transport, storage and petrochemicals), infrastructure, renewables and telecommunication. He assists clients 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

Projects - Power:

  • Advised an international sponsor in relation to its bid to acquire a substantial interest in three major coal IPP assets in Indonesia with over 1GW capacity,
    including due diligence and transaction support.

  • Advised a project company in connection with assorted issues in connection with its power purchase agreement in relation to its geothermal project in Indonesia.

Projects - Oil & Gas:

  • Advised PT Energi Maju Abadi on matters relating to a joint operating agreement with Energy Equity Epic (Sengkang) Pty Ltd. in connection with crude oil and natural gas production and repayment of exploration bank lending facilities.

  • Advised ING Bank N.V in relation to the financing of a naval and jet fuel storage project in Oman.

Projects - Infrastructure:

  • Advised Mitsui & Co., Ltd in relation to their bid for and issues in connection with multiple packages tendered by the Dedicated Freight Corridor Corporation of India Ltd (DFCCIL) in India and supported by JICA financing.

  • Advised Mitsui on its bid to purchase multiple water treatment infrastructure assets in Brazil.

Projects – Mining and Other Commodities:

  • Advised a Japanese corporation on coal supply arrangement issues in the context of a commercial dispute.

  • Advised Mitsui and its subsidiaries in relation to ongoing issues in connection with the Bengalla open cut mine in New South Wales, Australia, jointly owned and operated by Mitsui, New Hope, Tai Power and Wesfarmers.

Finance - Banking and Finance:

  • Advised ORIX Corporation in respect of revolving facilities provided by assorted financial institutions to Japanese and Indian subsidiary borrowers.

  • Acted for Macquarie Capital Funds in relation to Retirement Villages Group (Retirement Villages Group), an unlisted investment fund jointly managed by Macquarie Capital Funds and FKP Property Group (FKP), in the refinancing of its existing A$350 million facility. The syndicate of lenders comprised of ANZ Limited, BOS International (Australia) Limited, National Australia Bank Limited andSuncorp-Metway Limited.


  • England & Wales (2018)
  • 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)


  • English
  • French

Previous Offices


Co-author, "Indonesia: Omnibus Law - Impacts on Mining Sector," Baker McKenzie InsightPlus, October 2020

Co-author, "Indonesia: Omnibus Law - Impacts on Electricity Law," Baker McKenzie InsightPlus, October 2020

Co-author, "Indonesia: Omnibus Law - Impacts on Oil and Gas," Baker McKenzie InsightPlus, October 2020

Co-author, "Indonesia: Omnibus Law - Impacts on Environment and Forestry," Baker McKenzie InsightPlus, October 2020

Author, "Infrastructure in Vietnam – Needs and Progress," Infrastructure Journal, August 2013