Dr. Raymond Azar

Partner, New York



Ray is a partner in White & Case’s Project Development and Finance group based in the New York office. His practice focuses on the tender, development, financing, acquisition and divestiture of domestic and international projects in the renewable energy, conventional power, oil & gas, petrochemical and infrastructure sectors. Ray’s financing experience includes international corporate and commercial transactions, including the full spectrum of debt solutions, equity investments, asset-based structured financings and capital markets transactions.

Ray has extensive experience with all of the industry issues and negotiation dynamics for each link of a project, including drafting and negotiating the full range of finance and project documentation. His ability to represent both developers and lenders at various stages of a transaction, including the early design and engineering stage, provides a distinctive versatility to his practice and critical overall deal perspective to his clients. 

Bars and Courts
Beirut Bar
New York State Bar
Harvard Law School
New York University
Securities and Financial Regulations
Georgetown University Law Center
International Economic Law
Université de Paris I Pantheon Sorbonne
Université Saint-Joseph de Beyrouth
American University of Beirut


Oil & Gas

Representation of the lenders in the ongoing US$ multibillion project financing of a proposed ethane cracker and downstream derivatives units in the Marcellus/Utica region of the US.

Representation of The Bank of Nova Scotia, National Bank Financial Markets, Royal Bank of Canada, National Bank of Kuwait and Export Development Canada as mandated lead arrangers in a US$1.7 billion amortizing senior secured term facility and US$150 million senior secured revolving facility to finance the development and construction by Canada Kuwait Petrochemical Corporation (CKPC) of a new integrated petrochemicals facility and associated infrastructure and utilities to be located in Alberta, Canada.

Representation of Saudi Aramco on its US$25.6 billion initial public offering, the world's largest IPO to date. Saudi Aramco is the world's largest integrated oil & gas company. The offering was significantly oversubscribed and, at listing, Saudi Aramco's valuation was US$1.7 trillion. More than 400 lawyers from more than 20 White & Case offices were involved on this historic transaction.

Representation of Constellation Oil Services Holding (fka QGOG Constellation), a market-leading provider of offshore oil and gas contract drilling and FPSO services in Brazil, in connection with the comprehensive restructuring of US$1.5 billion of New York law governed bonds, project financing loans, and working capital facilities.

Representation of Invenergy and its project subsidiary Energia del Pacifico (EDP) in the groundbreaking development and project financing of the 378 MW LNG-to-power infrastructure project at the Port of Acajutla in El Salvador. The project will require an investment of approximately US$1 billion. It is the largest foreign direct investment and the largest project financing ever closed in El Salvador to date, as well as one of the largest and most complex in Central America.

Power & Renewables

Representation of Abu Dhabi Future Energy Company (Masdar), a subsidiary of Mubadala, in its acquisition of a 50 percent cash equity stake from EDF Renewables, Inc., in six solar and wind farm assets spread across the states of California, Nebraska and Texas. The entire portfolio of assets represents a total capacity of approximately 1.6 GW, making this one of the biggest acquisitions of renewable assets in 2020 in North America upon its completion.

Representation of Masdar in its acquisition of John Laing Group's stakes in two wind farms in the US, the Rocksprings wind farm in Texas and the Sterling wind farm in New Mexico. This deal is Masdar's very first North American renewable energy investment.

Representation of Antin Infrastructure Partners in the US$1.25 billion acquisition of Veolia Group's district energy assets in the United States, which comprises steam, hot and chilled water and electricity production plants, including cogeneration plants, and 13 networks in 10 US cities.

Representation of a sovereign fund in its ongoing acquisition of a cash equity interest in five solar projects in North Carolina with a combined capacity in excess of 300 MW.


Guidelines for Efficient Bankruptcy and Creditor's Rights Reform, LAP LAMBERT Academic Publishing, 2013

Bankruptcy Policy: An Empirical Investigation of Fifty Jurisdictions Worldwide, 82 Am. Bankr. L. J. 101, 2008, Recipient of the Irving Oberman Memorial Prize of Excellence for best written paper in the field of bankruptcy law by Harvard Law School.

Bankruptcy Policy: A Comparison and Critique of the Bankruptcy Statutes and Enforcement in Fifty Jurisdictions Worldwide, 16 Cardozo Int’l L. Rev. 103, 2008

Bankruptcy Policy, Legal Heritage, and Financial Development: An Agenda for Further Research, 24 Emory Bankr. Dev. L. J. 379, 2008

Doing Business in 2006, Creating Jobs, The World Bank Group, 2005, (co-author)