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Stuart Salt

Energy and Infrastructure Partner, Hong Kong

“I have more than 30 years’ experience of advising on the development, funding and value optimisation of major projects in the energy and infrastructure sector around the world. I have helped to create transaction structures that have become industry standards. I have been privileged to assist clients as a trusted adviser on their most strategic, mission-critical projects.”

Overview

Education and qualifications

Overview

Stuart is a pre-eminent projects lawyer, renowned globally for his expertise in project finance work on some of the world’s major projects over a career of 34 years with Linklaters in London and Asia. He has been consistently ranked top tier by all the main legal directories for his work in this practice area for over 20 years.

Stuart has advised on a very wide range of projects, M&A transactions, privatisations and joint ventures in Europe, Asia and emerging markets. He has acknowledged expertise in the energy sector and is known for his ability to bring some of the most challenging transactions to a successful outcome and to work collaboratively with clients, counterparties and governments at senior level.

Stuart has been regional managing partner for the firm in Asia, regional managing partner for Emerging Europe, Russia, Middle East and Africa, was for four years a member of the firm’s global executive committee, and for five years global head of the firm’s project finance, energy and infrastructure group. In those capacities, Stuart has created new businesses for the firm, reinforced culture, instituted change to meet new challenges while taking relationship responsibility for the delivery of the firm’s service to some of its most important global clients.

Work highlights
Stuart has led Linklaters’ teams on many landmark transactions. These include advising:
 
  • National Power on the privatisation of the UK electricity industry and the winning bidder of the privatisation auction for the Northern Irish power generation plants, and subsequently many of the landmark IPP projects in Europe such as the Teesside IGCC power complex in the UK, the Pego and Tapada projects in Portugal, the Sarlux IGCC project in Italy and the Marmara Ereglisi IGCC project in Turkey
  • Sponsors or lenders on first in kind projects in emerging markets, financed with multi-sourced project financed debt, such as the US$30bn Sakhalin 2 enhanced oil and LNG project in the Far East of Russia, the Dabhol project in India, the Laibin B project in Guangxi Province China, the Formosa 1 offshore wind project in Taiwan and the Godda trans-national project in Bangladesh/India
Recent projects in Asia include advising:
 
  • China Development Bank (CDB), Export-Import Bank of China (CEXIM), BPI France, Euler Hermes, the Japan Bank for International Cooperation (JBIC), SACE and commercial banks as common lenders’ counsel on the US$40bn Yamal LNG project
  • Sakhalin Energy Investment Company (SEIC), and its shareholders (Shell, Mitsubishi, Mitsui and Gazprom) on the US$30bn Phase 2 enhanced oil and LNG development
  • BP and its co-venturers’ on the Train 3 expansion financing of the Tangguh LNG project in Indonesia
  • China Light & Power on the development of a floating FSRU and LNG Import terminal for Hong Kong
  • CLP and DGA, a subsidiary of Mitsubishi Corporation, on the development and financing of 3,000MW power plants in Vietnam
  • lenders on various “Belt and Road” projects including the UEP wind IPP, Suki Kinari hydropower project, Thar minemouth IPP, the Jawa 7 power plant in Indonesia, Amur gas processing project in Russia and the Brass Petrochemical plant in Nigeria
Stuart also has strong background on equity investment, joint ventures and M&A, having been initially a corporate partner of the firm. Experience in the energy sector includes:
 
  • multiple M&A transactions in the UK and European oil/gas and power upstream gas sectors, such as the European portfolio of Duke Energy and Mission Energy, Innogy’s divestment and securitisation of its renewables portfolio, GDF in its acquisition of International Power, BP on various investments and divestments, and RWE/Thames Water in the divestment programme of its international assets
  • DGA, a subsidiary of Mitsubishi Corporation, on its strategic joint venture and investments in Southeast Asia
  • China Southern Grid in its US$2bn acquisition, in joint venture with CLP, of Exxon’s interest in CAPCO (one of Hong Kong’s two power generating companies) 

Education and qualifications

Stuart studied law at the University of Southampton.