Kelly Malone

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Kelly Malone, the Managing Partner in King & Spalding’s Singapore office and head of the firm's Global Power Team, advises / represents national Governments, State-owned utilities, project sponsors, international consortia, and financial development institutions during the establishment, development, privatization, sale, acquisition and/or financing of independent power projects and other infrastructure projects.  He has advised on more than 50 power projects located in 22 countries.

Government Power Sector Experience

  • Malaysia – Primary outside counsel to Sarawak Energy Berhad, the State-owned power utility in the State of Sarawak Malaysia, advising on (i) the implementation of the landmark, $ 20 billion “SCORE Program”, conceived as a catalyst for the industrialization the State of Sarawak by making available a long term, competitively-priced, supply of electric power to energy-intensive production facilities established by domestic and foreign investors , and (ii) the implementation of a power exchange between the State of Sarawak and Indonesia.

  • Philippines – Lead international counsel to the Government of the Philippines and its investment bank co-advisors, Credit Suisse and Rothchilds, during the landmark restructuring and USD 10 billion privatization of the Philippine power sector, which included (i) the formation of a wholesale electricity spot market, (ii) the privatization by concession of the nationwide electric power transmission system, (ii) divestment of 41 State-owned power generation facilities with an aggregate capacity of 5000 MW, (iii) the appointment of private administrators to trade power, sourced from the Government’s legacy IPP commitments,  in the electric spot market , and (iv) the restructuring of approximately USD 5.5 billion of sovereign guarantee-backed, power sector loans.

Other Experience

  • Albania – International project counsel for the preparation of construction tender packages for the 300 MW Devoll hydropower project, sponsored by Statkraft AS and EVN AG

  • Brazil – International counsel for the acquisition financing of a project to develop, construct, finance, own and operate the USD 400 million Parapanema ethanol / sugar mill project, located in the municipality of Narandiba, São Paulo

  • Cambodia – International counsel to Cambodian National Petroleum Authority for (i) the negotiations of a Joint Development Agreement with Thailand involving an overlapping claim area in the Gulf of Thailand, and (ii) development of a national petroleum law regime

  • Chile – International project counsel for (i) the construction and USD 61 million limited-recourse debt financing of the 46 MW Totoral wind power project, located in Chaopa Province of Chile, and (ii) the US$ 45 million equity financing of the 155 MW La Higuera hydropower project, located in Rio Tinguiririca

  • Chile/Peru – International counsel to major Chinese State-Owned Enterprise for the formation of a joint venture and potential acquisition of an equity interest in a 1500 MW portfolio of hydro and gas-fired power projects under development.

  • Georgia – International project counsel for the construction and $ 250 Million debt financing of the 187 MW Shuakhevi hydropower project, located in the Caucasus Mountains

  • Guam – Special privatization counsel to the Government of Guam for the assessment of a public-private partnership by concession over the water and wastewater systems that service Guam’s civilian population

  • India – International counsel to SN Power for (i) the formation of regional joint venture with Tata Power for purpose of jointly developing hydropower assets throughout the Himalayan Rim countries, and (ii) resolution of shareholder issues during the construction of the 192 MW Allain Duhangan Power Project, located in District Kullu, Himachal Preadesh

  • Kenya – International counsel for the acquisition of an ownership interest in the 300 MW Lake Turkana wind power project, located in Marsabit West County, northeastern Kenya

  • Laos – International counsel for (i) the preparation of bid for acquisition of an ownership interest in the 1200 MW Nam Thuen II Power Project, and (ii) the acquisition of an equity interest in a 150 MW hydropower generation facility, located in Bolovens Plateau

  • Nepal – International counsel for (i) the negotiation of a Concession Agreement with the Government of Nepal as part of the development of 800 MW Tamakoshi 3 hydro-electric power / cross-border power evacuation project for transmission and sale of power into the Indian market, and (ii) the upfront development of the Kirne and Khimti 2 hydro-electric power projects

  • Nigeria – International counsel for the front-end development of a USD 2.5 billion, 24 MTPA ammonia/urea production facility

  • Norway – International counsel for the EUR 40 million, Sinosure-backed, debt financing of a high volume data telecommunications project

  • Pakistan–International counsel during (i) the acquisition by State Grid of China of an ownership interest in a 400 MW portfolio of wind projects, and (ii) the acquisition by Harbin Electric International of an ownership interest in a 500 MW portfolio of wind projects, in each case located in the Gharo-Keti Bandar Wind Corridor, Sindh Province

  • Panama – International project counsel for the construction tendering and $ 155 million debt financing of the 58 MW Bajo Frio hydropower project

  • Peru – International counsel to SN Power for (i) the construction tendering and $ 250 million debt financing of the 168 MW Cheves hydropower project, and (ii) the $ 276 million equity bridge financing for the acquisition of ElectroAndes S.A., which owns and operates four hydroelectric projects, located in the central Andean region

  • Philippines (power) –International counsel for (i) the construction and $ 800 million US Ex-Im-backed, take out financing of the 850 MW Quezon Power Project, (ii) the USD 1.25 billion debt financing of the US Ex-Im-backed, 1200 MW Ilijan Power Project (awarded “Asia Pacific Power Deal of the Year” by Project Finance International and “Asia Project of the Year” by Privatization International), (iii) the $ 360 million financing and rehabilitation of the 170 MW Ambuklao and Binga power projects, and (iv) the $ 380 million acquisition financing of the 360 MW Magat power project (awarded “Asia Pacific Power Deal of the Year” by Project Finance International), and (v) the power supply arrangements of the 500 MW Wawa Pumped Storage Project (on going)

  • Philippines (Gas) –International counsel to consortium of Korean petroleum companies for the potential acquisition of a participating interest in the $ 4.5 billion Malampaya Deep Water Gas Project

  • South Sudan – International project counsel for the development and construction of the Fula Rapids hydropower project located on the River Nile (on-going)

  • Tanzania – International counsel for the financing and construction of the Sao Hill Biomass power generation project

  • Uganda – International counsel for the development, construction and financing of the Bugoye, run-of-the-river hydro-electric generation facility, on the River Mubuku and River Isya

  • Vietnam – International counsel supporting (i) a joint venture between IFC and SN Power for the implementation of program to acquire up to 600 MW hydropower project portfolio, (ii) Sithe Energy during submission of a proposal to develop a 727 MW gas-fired power project under Vietnam’s Build-Operate-Transfer Regulations

  • Zambia – International counsel to SN Power for the formation of a joint venture, and preparation of a bid for the right, to develop the Kafue Gorge Lower Hydro Electric Project 

Awards & Recognitions

  • Recognized as a leading lawyer in Chambers Global 2015 for Projects & Energy and Energy & Natural Resources: International.

  • Ranked as one of the top energy lawyers in Singapore by Chambers Asia Pacific 2015 for Projects & Energy and Energy & Natural Resources: Power.

  • Identified as one of the "World's Leading Energy and Natural Resource Lawyers" by Euromoney Institutional Investor

Publications

  • “Fifty Shades of Green-Hydro Bonds”, Project Finance International, 7 September 2016 (co-author)

  • "A Road Less Travelled:  Industrializing Emerging Markets Through Hydropower”,  The International Journal on Hydropower & Dams, Volume 22, Issue 2, 2015 (co-author)

  • “The Power of the Dragon”, Expert Guides to the World’s Leading Energy Lawyers 2015 (Asia Thought Leadership)

  • “Banking on Pakistan’s Wind” Project Finance International, 14 December 2011 (co-author)

Presentations

  • “Workshop on Credit Enhancement Strategies for State-Owned Electricity Offtakers”, presented to the Government of Myanmar, Ministry of Electric Power, August 2013