Hogan Lovells 2024 Election Impact and Congressional Outlook Report
Stephen Clugston
Counsel Corporate & Finance
Languages
English, French
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Overview
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Experience
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Credentials
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Insights and events
Stephen is an energy and infrastructure advisor passionate about helping clients with energy transition and decarbonisation initiatives, with extensive experience in guiding clients on project investment, development and financing, covering power and renewables, and previously also natural resources (including mining, mid/downstream oil & gas). He has acted extensively for PE funds / funds and institutional investors, as well as developers, sponsors, borrowers, government agencies, commercial and multilateral banks, and international export credit agencies globally.
He has worked at leading international firms in Australia, Japan, the Netherlands, the UK, and Singapore / Indonesia, and worked on projects across APAC (including Australia, New Zealand, Taiwan, Japan, South Korea, Indonesia, Vietnam, Philippines, Myanmar, and the South Pacific) and EMEA (including Uzbekistan, Turkey, UAE, Saudi Arabia, Oman, CIS, and Europe). These include working on award winning projects (at previous firms) such as (i) advising the financiers on the US$1 billion project financing of the 900MW Kirikkale combined cycle gas fired IPP; and (ii) advising the financiers on the US$ 4 billion project financing of the Surgil petrochemicals project in Uzbekistan.
Stephen has also spent time working inhouse focusing on renewables at a leading European investor and also work closely with key clients on secondment - at a leading European bank in Amsterdam and a leading Japanese trading house in Tokyo.
More recently, Stephen has worked closely with upstream PE funds and institutional sponsors and APAC-focused renewable energy developers in developing strategies, structuring, and executing multi-country renewable platforms to scale clean energy assets and across technologies in multiple jurisdictions (including solar, wind, and BESS).
Representative experience
Developer (and PE fund) on a 1.5GW Philippines wind project portfolio (M&A / development and structuring).*
Developer (and PE fund) on a 632MW Philippines wind project portfolio including (M&A / development and structuring).*
Developer (and PE fund) on matters in respect of the development of an onshore wind project in the Philippines (approx. 300MW).*
A Japanese developer in relation to a strategic offshore wind joint venture with a European investor for an offshore wind farm in Japan.*
Developer (and PE fund) on portfolio of solar projects in Thailand, Malaysia, and Indonesia, to be acquired, developed, and financed.*
Infrastructure fund on structuring a platform to de-risk development and financing of a portfolio of renewable energy projects in Indonesia.*
European fund on structuring a renewables platform to develop and finance a portfolio of renewable assets in Indonesia.*
Assisting a PE platform client on a 1GW Philippines solar project portfolio (M&A / development and structuring).*
Developer (and PE fund) on Vietnam rooftop solar acquisition (M&A / development and structuring).*
Developer 3 BESS projects in Australia (approx. 220 MW (440 MWh) (M&A / development and structuring).*
A Japanese contractor in relation to its bid as primary construction contractor for a major hydro IPP project in Myanmar.*
Developer on project M&A, construction and finance structuring of a solar-fishery project in Taiwan (approx. 112MW).
Developer on project M&A, construction and finance structuring of a solar-fishery project in Taiwan (approx. 80MW).*
Developer on project M&A, construction and finance structuring of a solar project in Japan.
A development bank on risk exploration mitigation financing structures and debt facility arrangements to be used in the exploration, development and financing of geothermal projects in Indonesia.*
Publicly listed geothermal developer on joint operation arrangements with a leading construction contractor in connection with the development of a geothermal project in Indonesia.*
Project company in connection with assorted issues in connection with its power purchase agreement in relation to its geothermal project in Indonesia.*
A global international mining company on the joint development of a nickel refinery plant in Indonesia, jointly with a Chinese sponsor.*
A global international mining company on the sale and purchase of shares (listed on the IDX in Indonesia) to Indonesia’s largest state-owned enterprise holding company focused on mining.*
Commercial lenders, MDBs, and ECAs on the US$1 billion financing of a CCGT IPP in Turkey – PFI 2014 Middle East / Africa deal of the year.*
Commercial lenders, MDBs, and ECAs on the US$ 4 billion project financing of the Surgil petrochemicals project in Uzbekistan – PFI 2012 European Petrochemicals Deal of the Year
The project company in relation to ongoing EPC, shareholder, and PPA matters in connection with a $2.8 billion gas IPP in Saudi Arabia.*
A Japanese trading house in relation to EPC, PPA and JDA terms in connection with its bid to PLN to jointly develop a gas to power IPP in Indonesia.*
*Matter handled prior to joining Hogan Lovells.
Credentials
Education
- Sustainable Finance Course, Said Business School, University of Oxford, 2023
- Sustainable Finance Course, Singapore Management University, 2023
- Bachelor Degree in Law, The University of New South Wales, 2008
- Master in International Law, The University of Sydney, 2006
- Bachelor of Science, Davidson College, 2004
Bar admissions and qualifications
- Solicitor, England and Wales
- Solicitor, New South Wales