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 and Chambers Global, from 2011 to 2016.

Overview

Based in Singapore, Steve leads the Firm's Energy, Infrastructure, Project and Asset Finance practice in Southeast Asia. His practice focuses on the development and financing of energy and infrastructure projects and related asset and equity acquisitions. In more than 25 years of practice, Steve's experience includes the development and multi-source financing of large-scale oil and gas and petrochemical projects involving complex shareholder, offtake and utility and infrastructure arrangements, the development and financing of independent power projects (IPPs), and structured debt and equity investments in renewable energy and infrastructure projects. Steve has worked extensively in Asia as well as the Middle East and Africa. He was previously based in our Beijing, China and Washington, DC offices and has lived and worked in Jakarta, Indonesia and Nairobi, Kenya.

Bars and Courts

  • District of Columbia Bar
  • New York State Bar

Education

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

Languages

  • English

Experience

Saudi Arabian Oil Company

Saudi Arabian Oil Company in connection with its US$5-6 billion potential joint venture with PT Pertamina (Persero) to acquire, expand and upgrade Pertamina's refinery at Cilacap, Indonesia as part of Pertamina's Refinery Development Master Plan (RDMP).

Saudi Arabian Oil Company

Representation of Saudi Aramco on its proposed acquisition of a 50 percent interest in a US$14 billion joint venture with Petroliam Nasional Berhad (Petronas) to develop Petronas's Refinery and Petrochemical Integrated Development (RAPID) in Malaysia.

Jurong Island Power 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.  White & Case previously represented the Borrower (then known as GMR Energy (Singapore) Pte. Ltd.) on the S$1 billion greenfield financing of the power plant, which was named "2011 APAC Merchant Power Deal of the Year" by Project Finance.

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.

Asia Power and Infrastructure Investments

Representation of IFC on its debt, PIPE and venture capital investments in various companies in Asia, including Zhaoheng Hydropower in China.  The investment in Zhaoheng Hydropower is part of an aggregate US$300 million private equity investment by, among others, Morgan Stanley Infrastructure Partners.  This transaction won Project Finance's "2013 Asia Hydro Deal of the Year."

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.

Tianjin Petrochemical Project

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.  This project won Asian Counsel's "2009 Deal of the Year".

Awards & Recognition

Leading Individual

Projects & Infrastructure: China (Chambers Global 2011 – 2016; Chambers Asia Pacific 2011 – 2016); 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