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Clifford Chance advises ICG on acquisition of majority stake in Ray8 Energy

Tue, 10 Mar 2026 09:41:00 GMT

The investment marks ICG's entry in Japan's BESS market and expands its renewable energy investment in the country beyond solar.

Partner Natsuko Sugihara led the transaction, with support from partner Yusuke Abe, counsel Shunsuke Nagae, senior associates Tomohiro Terada, Brendan Harvey and Yuri Higashi, and associates Lewin Lim and Ryokei Abe.

Natsuko said, "ICG’s investment in Ray8 Energy is an important transaction for Japan’s growing battery energy storage market and reflects the increasing role of BESS in supporting the energy transition. Our deep energy and infrastructure expertise and strong Japan capabilities were instrumental in navigating the regulatory and commercial complexities of the transaction."

Ray8 is a Tokyo-based platform focused on the development, ownership and long-term operation of grid-scale battery energy storage projects across Japan. Ray8 Energy aims to invest approximately JPY50 billion to develop and own more than 1,000 MW of installed BESS capacity over the next five years.

For more details of the transaction, read ICG's announcement.

Clifford Chance advises HA Sustainable Infrastructure Capital on its US$600 million junior subordinated notes offering and US$400 million senior unsecured notes offering

Mon, 09 Mar 2026 16:15:00 GMT

The New York-based capital markets team was led by partner Andrew Epstein, counsel Matt Worden and associate Kimara Davis. They were further assisted by law clerk Cormac O'Halloran. Partner Michael Seaton and associate Michaela Morr assisted with tax matters.

Clifford Chance advises lenders on Helios and HFP take private of CAB Payments

Mon, 09 Mar 2026 15:55:12 GMT

The firm's team was led by partner Jim MacHale, with associates Rachel Lodge and Chantelle Richter (Debt Finance) and partner Olivia Higgs and senior associate Faeezah Tailor (Corporate Transactions).

Clifford Chance advises Generali on €337 million sale of Irish and Northern Irish operations to Zurich Insurance Group

Mon, 09 Mar 2026 15:28:00 GMT

The sale is fully aligned with Generali’s “Lifetime Partner 27: Driving Excellence” strategic plan, and in line with Generali’s focus on core insurance markets where the Group already holds scale and a leading presence. The transaction is subject to customary regulatory approvals.

The team was led from London by partner Ashley Prebble, senior associate Nancy Li and Anita Arianpour, with support from counsel Miguel Barredo and María Viñas in Madrid, Tech//Digital support from counsel Mark Comber and Sophie Nannetti. A&L Goodbody acted as Irish counsel to Generali.

Clifford Chance advises underwriters on US$750 million Senior Notes Offering by Alexandria Real Estate Equities, Inc.

Mon, 09 Mar 2026 14:00:00 GMT

The New York-based capital markets team was led by partner Andrew Epstein, counsel Tae Ho Cho and associate Jarek Peterson, along with partner Gary Brooks. They were further assisted by law clerk Kayla He. Partner Michael Seaton and associate Milica Pavlovic assisted with tax matters.

Clifford Chance advises on sale of stake in Raksul in Goldman Sachs-backed MBO

Mon, 09 Mar 2026 03:57:00 GMT

Partner Michihiro Nishi led the transaction, with senior associate Tomohiro Terada driving execution and counsel Shunsuke Nagae advising on key aspects of the transaction.

Michihiro said, "The transaction demonstrates the depth of private capital interest in high‑quality Japanese businesses and the continued use of sponsor‑backed take‑private processes to execute complex public transactions efficiently."

Raksul operates online platforms connecting customers with printing, advertising and logistics providers in Japan, helping to improve efficiency across traditionally analogue industries. Its businesses span online printing and marketing services, television advertising through its Novasell platform, logistics solutions and corporate IT services. The company is listed on the Prime Market of the Tokyo Stock Exchange.

Clifford Chance regularly advises on public tender offers and complex transactions involving Tokyo Stock Exchange‑listed companies, including sponsor‑backed management buyouts and other strategic acquisitions. The firm most recently advised Prime Strategy on its strategic alliance and public tender offer by GMO Internet Group.

Clifford Chance advises initial purchasers and joint bookrunners on Ueno Bank S.A.'s inaugural notes offering

Fri, 06 Mar 2026 18:28:00 GMT

Ueno is the first Paraguayan digital universal bank and the largest Paraguayan bank by number of clients, credit cards, debit cards, and client transactions. The transaction marks Ueno's entry into the international capital markets. Proceeds from the offering will be used for general corporate purposes, including financing growth opportunities, liability management, and credit origination.

The team was led by partner Hugo Triaca, supported by associates Joyce Moore and Juan Andrés Bosch. Partner Avrohom Gelber and associate Jihyun Lee advised on tax matters.

Clifford Chance has advised on numerous similar transactions in the region, including recently advising initial purchasers on the debut international notes offering by Peruvian electricity company Luz del Sur, and Mobiliare on its debut notes issuance in the international capital markets.

Clifford Chance advises 3i Infrastructure plc on the sale of TCR to GIP

Fri, 06 Mar 2026 09:07:21 GMT

The Clifford Chance team was led by Global Head of Infrastructure Charlotte Madden with support from Megan Hodges, Augusta Thorneycroft and Luke Gueli.

Clifford Chance advises SMBC on first-of-its kind JOLCO transaction for IndiGo in India

Fri, 06 Mar 2026 09:02:00 GMT

The transaction involved the financing of two Airbus A320neo family aircraft and represents the first ever JOLCO structure to be executed in India through GIFT City, marking a significant milestone for the country’s aviation finance market.

The transaction sets an important benchmark for innovative aircraft financing in India, providing IndiGo Group with a flexible and cost-effective leasing solution as it continues to expand its fleet and strengthen its market position. The successful completion of the transaction highlights the growing sophistication of India's aviation finance market and the increasing appetite for advanced financing structures.

Lead partner Fergus Evans commented, "We are delighted to have supported SMBC on this landmark transaction, which paves the way for further innovation in the Indian aviation finance market. Delivering the first JOLCO transaction in India required a collaborative and solutions-focused approach from all parties, and we are proud to have played a role in bringing this important deal to fruition."

Fergus was assisted on the transaction by counsel Nattawat Vilasdechanon, senior associate Vanessa Heng and associate Caiying Seah.

The transaction underscores Clifford Chance’s expertise in complex cross-border aviation finance and its ability to support clients on first-of-their-kind transactions in high-growth markets.

Clifford Chance advises ING and Rabobank on Vesteda’s €600 million bridge financing

Fri, 06 Mar 2026 09:00:00 GMT

The Clifford Chance team advising on this transaction included Titus de Vries, Boudewijn Vermeer, Amin Tamaddoni, Emma Trooster, Robin Houtveen, Stern Flik and Najib Muslem.

Clifford Chance advises dealer managers on tender offer by Alexandria Real Estate Equities, Inc.

Thu, 05 Mar 2026 15:00:00 GMT

The New York based capital markets team was led by partner Andrew Epstein, counsel Tae Ho Cho and associate Jarek Peterson, along with partner Gary Brooks. They were further assisted by law clerk Kayla He. Partner Michael Seaton and associate Milica Pavlovic assisted with tax matters.

Clifford Chance advises Novar on securing €160 million financing to support new renewable energy projects

Thu, 05 Mar 2026 09:00:00 GMT

Global law firm Clifford Chance has advised Novar Holding B.V., a private renewable energy developer and a portfolio company of CVC DIF, on securing €160 million holdco financing to fund new renewable energy projects. Read more about this transaction here.

The Clifford Chance team advising on this transaction included Titus de Vries, Tyson Reid, Lisa Ye and Frenkie Lammerts (Infrastructure Finance), Hein Tonnaer (Energy & Infrastructure), and Robin Houtveen and Johan Anton Niesten (Tax).

Clifford Chance advises on Türkiye Petrolleri’s US$4bn programme and debut US$1bn sukuk

Thu, 05 Mar 2026 08:45:17 GMT

The debut issuance marks only the second cross‑border sukuk issuance by a Turkish corporate and is the largest cross‑border Turkish corporate sukuk issuance to date. Clifford Chance also previously advised the joint lead managers on the first-ever cross‑border sukuk by a Turkish corporate, Türk Telekom’s US$600 million sukuk in 2025. The TPAO issuance further represents the first corporate sukuk from Türkiye to be issued by a state‑owned entity.

The transaction attracted exceptionally strong investor demand, generating a geographically diverse order book of US$5.5 billion from 165 accounts across Europe, Asia and the Middle East. The sukuk carries an annual profit rate of 6.3% and is listed on the International Securities Market of the London Stock Exchange.

Clifford Chance’s cross-border team advising the Joint Global Coordinators and Joint Lead Managers comprised lawyers from the firm’s Dubai and Istanbul offices and was led by partners Qudeer Latif and Sait Eryılmaz. They were supported by legal consultants Brian O’Leary and Shauaib Mirza, senior associates Ibrahim Hassan and Ali Can Altıparmak, alongside associates Büşra Altuntaş, Saby Mahmud and Alper Eski.

A separate Clifford Chance team in London represented BNY Mellon Corporate Trustee Services Limited and The Bank of New York Mellon, acting as Representative and in various agency capacities under the programme. The London team was led by partner Bruce Kahl with support from associate Robert Hartman and trainee Callum Florance.

Commenting on the transaction, Qudeer Latif said:

"This landmark debut sukuk issuance by TPAO represents a significant milestone for Türkiye’s corporate capital markets. We are delighted to have supported the Joint Global Coordinators and Joint Lead Managers on another market‑defining sukuk, reinforcing our long‑standing leadership in advising on complex, cross‑border Islamic finance transactions across emerging markets."

Clifford Chance advises on Apollo's further investment in Aldar, region's largest ever corporate hybrid private placement

Tue, 03 Mar 2026 15:44:00 GMT

The transaction aims to support Aldar’s growth momentum and optimise its capital structure, with the net proceeds having been injected as equity into Aldar Investment Properties (“AIP”). The transaction also involved the repayment of USD 500 million of perpetual subordinated notes previously issued by AIP to Apollo.

The Clifford Chance team in the UAE was led by Mohammed Al-Shukairy (Private Equity/ M&A Partner and Regional Managing Partner, Middle East & Türkiye) and Stuart Ure (Capital Markets, Partner) with assistance from Gareth Dray, Legal Director (Private Equity/M&A), Terrence Moloney, Counsel (Capital Markets), Pearl Mahaga, Senior Associate (Capital Markets), Kimberly Ng, Senior Associate (Private Equity/ M&A) and Hafsah Akhtar, Trainee (Private Equity/ M&A).

The issuance builds on the long-term capital partnership between Aldar and Apollo, with total transactions between the parties amounting to approximately USD 2.9 billion to date, and follows Clifford Chance’s earlier involvement in advising on the strategic USD 400 million preferred equity investment by Apollo in AIP in 2022.

Clifford Chance advises joint lead managers on Enexis Holding's €750 million green notes issuance

Tue, 03 Mar 2026 15:04:00 GMT

Global law firm Clifford Chance has advised the joint lead managers on the successful issuance of €750 million 3.0% green notes due 25 February 2032 by Enexis Holding. The notes are listed on Euronext in Amsterdam. Read more about this transaction here.

ABN AMRO, BNP Paribas, ING Bank, NatWest Markets, Rabobank and Skandinaviska Enskilda Banken AB acted as joint lead managers on this green notes issuance.

The Clifford Chance team advising on this transaction included Dewi Walian and Kris Soomers (Global Financial Markets), and Nolan Groenland, Robin Houtveen and Johan Anton Niesten (Tax).

Clifford Chance and PLMJ advise the REN Group on its debut issuance of €300 million European Green Bonds

Tue, 03 Mar 2026 09:48:00 GMT

This issuance forms part of REN's long-term sustainable financing strategy. The proceeds of the issuance will be applied by REN to investments in certain eligible green assets in accordance with REN’s Integrated Sustainable Framework, as set out in more detail in REN Finance B.V.'s European Green Bond Factsheet.

The Clifford Chance team that advised on the transaction was led by English Capital Markets partner Antonio Henriquez and senior associate Anna Buscaglia. On matters regarding Dutch law, the Clifford Chance team was led by counsel Dewi Walian.

On PLMJ's side, the transaction was led by partner Raquel Azevedo for matters regarding Portuguese law, with the support of counsel Kathleen Hoffman Barley and associate Teresa Proença Varão.

Clifford Chance conseille la Société du Canal Seine-Nord Europe pour la passation du marché de conception-réalisation du Pont-Canal de la Somme

Tue, 03 Mar 2026 09:24:32 GMT

La conclusion de ce marché marque la pertinence de la formule du contrat de conception-réalisation sur laquelle Clifford Chance accompagne les acheteurs publics depuis 2019. Ce schéma a permis à la Société du Canal Seine-Nord Europe de confier simultanément la conception (études) et la réalisation (exécution des travaux) d'un pont-canal de 1 330 mètres de long et de 45 mètres de large, qui franchira la vallée de la Somme ainsi que de ses avant-ports, pour un montant de 440 millions d'euros. La mise en service de cet ouvrage est envisagée d'ici fin 2032.

Clifford Chance a conseillé la Société du Canal Seine-Nord Europe sur la conduite de la procédure de dialogue compétitif et la rédaction de la documentation contractuelle.

L'équipe était composée de Jean-Baptiste Merigot de Treigny, Associé, ainsi que d'Antoine Beaux, Alexandra Demai et Pierre-Hubert Boissière, avocats.

Clifford Chance advises Helical and Places for London JV on disposal of Southwark PBSA and affordable housing schemes

Mon, 02 Mar 2026 15:51:17 GMT

Places for London is Transport for London's property company.

Southwark is one of three development sites being brought forward by Helical and Places for London. The other sites are at the overstation developments at Bank and Paddington on which Clifford Chance are also advising.

The Clifford Chance team was led by Real Estate partner Ian Painter supported by senior associate Melissa Jones. Planning input was provided by Nigel Howorth and Kate Mackintosh.

For more information, please read Helical's press release here.

Clifford Chance strengthens Luxembourg Funds practice with Counsel hire

Mon, 02 Mar 2026 15:15:00 GMT

Katia Gauzès, Managing Partner of Clifford Chance’s Luxembourg office, said: “We look forward to working with Aurélien as we continue to grow our Luxembourg funds practice. His expertise will help us support our clients’ ambitions in alternative investment sector.”

Maren Stadler-Tjan, Partner in the Investment Funds practice at Clifford Chance’s Luxembourg office, said: “We are pleased to welcome Aurélien to our team. His deep understanding of Luxembourg fund structures will be a great asset to our clients.”

Aurélien Favier commented: “Clifford Chance’s reputation for excellence and its commitment to client service were key factors in my decision to join the firm. I am eager to work alongside such a talented team and to play a part in further developing our funds offering, both in Luxembourg and globally. The opportunity to collaborate with colleagues globally and to support clients as they pursue their strategic objectives in the private capital space is one I value greatly. I look forward to contributing to the continued success of the firm and our clients.”

Clifford Chance expands US Antitrust practice with partner Stacy Frazier

Mon, 02 Mar 2026 15:00:00 GMT

Joining from UnitedHealth Group, Frazier brings in-house experience managing a broad portfolio of antitrust issues ranging from transactions to litigation to compliance.

Marc Besen, Chair of the firm's Global Antitrust Group, said, "Stacy's broad experience in-house at multiple Fortune 100 companies will be immensely helpful for clients looking to align strategies both globally and in the US, enabling them to structure and implement transactions with foresight, confidence and alignment across jurisdictions."

Head of US Antitrust practice and Co-Chair of Healthcare & Life Sciences sector Leigh Oliver said, "We're excited to welcome Stacy to the team. As regulatory and competitive pressures intensify, her healthcare experience, industry fluency and strategic foresight will be valuable in helping clients shape forward-looking strategies and address a complex regulatory environment."

Frazier said, "I am thrilled to join this incredible team and am excited to draw on my in-house background to deliver comprehensive strategies for clients facing regulatory challenges in today's increasingly complex antitrust environment."