Elizaveta Bazarova
Elizaveta Bazarova
Elizaveta Bazarova
Elizaveta Bazarova

Elizaveta Bazarova's debt finance acumen makes her a contact for a number of clients

Chambers UK 2025

Biography

Elizaveta Bazarova is a partner in the European infrastructure debt practice at White & Case. Elizaveta specialises in infrastructure acquisition financings and refinancings, acting for both infrastructure sponsors and finance providers. She has extensive experience of bank lending, European and US private placements and structured financing platforms across a broad spectrum of infrastructure assets.

Elizaveta has previously been seconded to the in-house legal department of ENGIE S.A. in Paris as legal head of energy management and trading.

Experience

Energy

Representation of lenders in connection with €2.5 billion refinancing of Sonnedix, a leading international renewable energy producer with 11.1 GW of installed capacity and 6 GW of development pipeline across 501 projects spanning 10 countries in the Americas, Europe and Asia.

Representation of lenders in connection with a €1.37 billion refinancing of Sonnedix. The transaction involved refinancing 1,040MW of existing and new solar PV assets across France, Italy, Poland, and Spain.

Representation of the funders in connection with the €2.6 billion refinancing of Ventient Energy, Europe's largest operator of onshore wind farms.

Representation of funders to a bidco established by IFM Investor's new Net Zero Infrastructure Fund on the acquisition financing and subsequent refinancing for a stake in a JV with San Quirico's family office to acquire a stake in ERG, a listed Italian company.

Representation of a consortium led by Macquarie Asset Management, together with British Columbia Investment Management Corporation and MEAG (the asset manager of Munich Re and Ergo) on the financing for the consortium's acquisition of Reden Solar, a French-based developer, financer, builder and operator of solar power plants across Europe and Latin America, from InfraVia Capital Partners and Eurazeo.

Representation of Macquarie Asset Management (MAM) in relation to the financing for the purchase of a 60% stake in National Grid Pplc's UK gas transmission and metering business (NGG) through a consortium led by MAM.

District Heating

Representation of Stockholm Exergi on multi-source financing for the construction of its large-scale Bio-Energy Carbon Capture and Storage project in Värtahamnen and other general corporate needs. We previously represented Stockholm Exergi Holding AB on the optimisation and rating of the senior debt capital structure for the capex debt raise.

Representation of Stockholm Exergi Holding AB on the optimisation and rating of the senior debt capital structure for the capex debt raise.

Representation of the funders on the refinancing of Proxiserve, a leading French energy services player, including the establishment of a common terms platform and issue of French bonds, bank debt and EUPP debt.

Representation of the institutional funders on the refinancing of some of the debt in relation to Solör Bioenergi Group.

Biogas

Representation of CVC's infrastructure platform, CVC DIF, on the financing for its successful bid to acquire a 49% stake in BALANCE Erneuerbare Energien, the biogas subsidiary of German gas supplier VNG AG.

Representation of the lenders on the acquisition financing for a successful bid for Weltec, a portfolio of German biogas plants.

Representation of an infrastructure fund on its certain funds financing for an unsuccessful bid for Nature Energy in Denmark, one of the largest biogas producers worldwide.

Transport

Representation of funders to an unsuccessful bidder on a certain funds financing for its bid for MRCE, Europe's market leader in full service locomotive leasing.

Representation of an infrastructure fund on the financing for its bid for Akiem, a French locomotive lessor.

Representation of the USPP and bank lenders on the take-out holdco financing for a consortium of GIP, ADIA and OMERS in relation to the acquisition of 100% of VTG GmbH.

Representation of the funders on multiple Aberdeen, Glasgow and Southampton airport refinancings.

Representation of Bristol Airport on multiple refinancing, including senior bank facilities and multiple English law-governed USPPs.

Representation of the bank lenders, EUPP funders and hedge providers on multiple holdco financings for Copenhagen Airport under a multi-creditor structure.

Terminals and Storage

Representation of funders to BWC Terminals on the establishment of a multi-creditor common terms platform and refinancing of their existing debt through a bank debt and USPP.

Representation of VTTI, a global leader in independent energy that now develops the critical energy infrastructure needed to move towards a carbon neutral future, on its US$1.7 billion refinancing. Previously, we advised VTTI on the establishment of the multi-billion dollar multi-creditor common terms platform, including senior bank facilities, a USPP and standalone hedging, for refinancing of their existing unsecured bank and PP debt, and subsequent work.

Representation of the bank and PP funders on the establishment of a multi-creditor rated MidCo and OpCo common terms platform for LBC Tank Terminals, and subsequent debt raises.

Representation of Global Investment Holding on the unconditional recommended cash offer to acquire the shares in Global Ports Holding plc, by way of contractual takeover offer. GPH is the world’s largest independent cruise port operator with an established presence across the Mediterranean, Atlantic, Caribbean and Asia Pacific.

Telecom infrastructure

Representation of the funders to Conterra Networks, a multibillion B2B fibre business, on its refinancing, including establishment of a multi-creditor common terms platform, including rated PP debt, and on its junior financing.

Representation of the funders to TDC Net, the largest Danish fibre network owner and operator, on the multi-source financings (including with ESG-linked margins or yields) under its multi-creditor common terms platform.

Representation of the borrowers and the sponsors on the €1.3 billion financing for Westenergie Breitband GmbH, a joint venture between E.ON and Igneo, to which E.ON’s existing FTTH and FTTC assets are being transferred and which also has a substantial further fibre roll-out programme.

Representation of Open Fiber in relation to the establishment of a multi-creditor common terms platform, including bank and PP debt.

Representation of the funders to a successful consortium in relation to the multibillion, multi-layer financing (including bank and PP debt) for its successful bid for 51% of the issued shares in Deutsche Telecom's German and Austrian TowerCo.

Data centres

Representation of the lenders on a €650 million senior financing for OpCore, a joint venture between the iliad Group and InfraVia created to develop a major independent European hyperscale data center platform.

Representation of the funders in relation to the junior financing for a successful bid for the minority stake in Data4 StableCo, a European portfolio of data centres.

Representation of the funders in relation to the establishment of a multi-creditor common terms platform, including bank and PP debt, for NorthC, a Dutch and German portfolio of data centres owned by DWS, the first such platform financing for data centres in Europe. Subsequent representation of the funders in relation to the senior and junior acquisition financing for NorthC’s acquisition of some of the Colt’s European Data Centres.

Representation of Morgan Stanley Infrastructure Partners in connection with the debt financing for UltraEdge, a partnership between Morgan Stanley Infrastructure Partners and Altice France S.A. to establish the first nationwide independent distributed colocation provider in France.

Social Infrastructure & Other

Representation of the funders on the holdco institutional financing for one of the infrastructure funds for upsizing its minority stake in Inspire Education.

Representation of Morgan Stanley Infrastructure Partners (MSIP) for two tier holdco debt financing of the acquisition of 100 percent of the shares in Valoriza Servicios Medioambientales, S.A., a solid waste management and treatment services provider, from Spanish construction group Sacyr S.A.

Representation of the funders to Althea, a DWS European medical equipment platform, on the establishment of a multi-creditor common terms platform and bank, EUPP and USPP debt raise.

Representation of the funders to one of the sponsors in relation to a minority holdco financing for a bid by New Suez for the acquisition of Suez’s waste and water business assets in the UK from Veolia Environment.

England and Wales, Solicitor
Legal Practice Course
BPP Law School
Diploma
BPP Law School
BSc (Hons)
University of Plymouth
English
German
Latvian

Service areas