Steve Payne | White & Case LLP International Law Firm, Global Law Practice
Steve Payne
Steve Payne

Steve Payne

Partner, Singapore

T +65 6347 1332

T +65 6225 6000

E spayne@whitecase.com

Steve Payne has been named as a Leading Lawyer in Projects & Infrastructure in Chambers Asia Pacific from 2011 to 2016, and in Chambers Global from 2011 to 2016.

Overview

Steve is head of the Firm's energy, infrastructure, project and asset finance practice in Southeast Asia. He focuses on energy and infrastructure projects, and related equity and asset acquisitions, advising sponsors and offtakers as well as commercial, export credit and multilateral lenders.

In more than 25 years of practice, Steve's experience has ranged from the development and multi-source financing of large-scale oil and gas, petrochemical and power projects to PPP, PIPE and pre-IPO investments in renewable energy and infrastructure projects. He offers clients the benefit of his broad international experience, having worked in New York and Washington, D.C. in the United States, and throughout Asia, the Middle East and Africa.

Steve also regularly provides pro-bono assistance. He advised Eye Fund 1 LLC, a social investment fund sponsored by Deutsche Bank AG, the International Agency for the Prevention of Blindness and Ashoka International on its financing for Shenyang He Eye Hospital, a Chinese non-profit hospital organization. Before joining White & Case, Steve also managed a large international humanitarian and public health program in East and Central Africa.

Bars and Courts

  • District of Columbia Bar
  • New York State Bar

Education

  • JD, Cornell University Law School
  • BA, Middlebury College

Languages

  • English

Experience

PLP Project

Representation of PacificLight Power Pte Ltd, a joint venture between FPM Power and Petronas Power Sdn. Bhd, on the S$1 billion (approximately US$850 million) refinancing for its 800 MW gas-fired IPP on Jurong Island, Singapore.

US$20 billion Sadara Chemical project

Representation of Saudi Aramco on the development and financing of the US$20 billion Sadara Chemical Project, a joint venture between Saudi Aramco and The Dow Chemical Company to build and operate a world-scale integrated chemical complex in Jubail Industrial City. This project represents the largest ever chemical project built in one phase, and is the largest project financing in the global chemicals sector to date. It was selected as "2013 Global Finance Deal of the Year: Project Finance (Middle East)" by The American Lawyer, as "2013 Project Finance Deal of the Year (Middle East)" by International Financial Law Review and as "2013 Middle East Petrochemical Deal of the Year" by Project Finance International.

China hydropower debt and equity investment

Representation of IFC on its US$25 million Series C preferred share investment in Shenzhen Zhaoheng Hydropower's offshore holding company, and US$50 million of A loans to its onshore subsidiaries, to finance the construction and operation of small-to-medium hydropower plants in China. IFC's investment is part of an aggregate US$300 million private equity investment by, among others, Morgan Stanley Infrastructure Partners. This transaction, which represents the largest private investment made in the renewable energy and hydropower sectors in China to date, won Project Finance's "2013 Asia Hydro Deal of the Year."

Russian cogeneration project financing

Representation of ICBC on its US$400 million limited recourse financing to a joint venture between Territorial Generation Company No. 2 (TGC-2) and China Huadian Corporation, to finance the construction of a new gas-fired combined cycle cogeneration plant to sell electric power into Russia's wholesale market under long-term capacity sale agreements entered into by the borrower through the system operator, with local industrial buyers and steam to TGC-2.

Indonesian telecom towers financing

Representation of IFC on its US$50 million loan to Protelindo Finance BV, a subsidiary of PT Profesional Telekomunikasi Indonesia, Indonesia's largest telecom towers company, to finance — on a pari passu basis with US$475 million and €40 million syndicated term loan and revolving credit facilities - the acquisition and build-to-suit construction of telecom towers in Indonesia.

China petrochemical complex

Representation of Saudi Basic Industries Corporation (SABIC) on its US$2.7 billion joint venture with Sinopec, to acquire from Sinopec and operate a new petrochemical complex adjacent to Sinopec's refineries in China's coastal municipality of Tianjin, with limited recourse financing from China Construction Bank, ICBC, Bank of China, CDB, Agricultural Bank of China and Sinopec Finance Company. This transaction won Asian Counsel's "2009 Deal of the Year."

Awards & Recognition

Leading Individual

Projects & Infrastructure: China (Chambers Global 2011 – 2014; Chambers Asia Pacific 2011 – 2014); Project Finance: China (IFLR 1000 2010 – 2011); Energy and Project Finance: China (Guide to Leading Practitioners, 2011); Banking: China (IFLR 1000 2011)

Sole winner of ILO Client Choice Awards 2011: Energy & Natural Resources: China