Lachlan  Poustie

Lachlan Poustie

Partner

Lachlan acts for corporates, sponsors, export credit agencies, development finance institutions and commercial lenders on the development and financing of highly complex mining, energy and infrastructure projects. 
Over his 20-year career he has advised on first-in-kind transactions across Europe, Asia, Africa and the Middle East and has developed a particular expertise in emerging markets.

Experience

Representative matters

The Glencore and SNIM-sponsored El Aouj Mining Company on all aspects of its multi-billion-dollar integrated iron ore project in Mauritania. The project involves the development and project financing of the mine, processing plant, power production, water supply and railway and port capacity expansion. This project will ultimately be one of the largest mines and the first major project financing completed in the country.

The Dow Chemical Company on the $10.5 billion financial and commercial restructuring of its joint venture with Saudi Aramco in relation to the $20 billion world-scale integrated Sadara chemicals complex in Saudi Arabia. The project involved a large number of ECAs, including K-EXIM, K-Sure, Hermes, US Ex-Im and UKEF, more than 30 commercial banks and multiple Islamic tranches.

The lenders on the $12.5 billion joint venture for the Jazan IGCC / ASU project. This project is one of the largest project financings in 2021. 

Agratas Limited (a subsidiary of Tata Sons) on their plans to establish a global battery cell gigafactory in the UK with a capacity to produce 40 GW of cells annually. The investment of over £4 billion will deliver electric mobility and renewable energy storage solutions for customers in UK and Europe.

The 11 commercial and multilateral lenders and hedging counterparts on the long-running restructuring of the concessions and project financing in respect of the Enfidha and Monastir airports in Tunisia.

The lenders and SACE on the $3.5 billion SACE-backed 2023 financing for Borouge in relation to the Borouge 4 chemicals complex in Abu Dhabi.

Anglo American on its joint venture with Vale S.A. involving the acquisition by Anglo American Minério de Ferro Brasil S.A. (Anglo American Brasil) of the Serra da Serpentina iron ore resource, which is expected to be integrated into Anglo American’s existing Minas-Rio mine complex in Brazil. 

Anglo American on the Quellaveco integrated copper project in Peru.

The lenders on the development and financing of the $1.69 billion 720 MW Karot Hydropower Plant in Pakistan.

The lenders (including BNP Paribas, Crédit Agricole Corporate and Investment Bank, Natixis, Nedbank and Société Générale) and BPI France on the potential BPI France-backed financing of the refurbishment of the 1,840 MW Koeberg Nuclear Power Station in South Africa.

Sasol Group on its sale of 49% shareholding in the 175 MW gas-fired Central Termica de Ressano Garcia (CTRG) IPP in Mozambique.

The multilateral lenders on the potential financing of the 540 MW combined cycle gas-fired Qua Iboe IPP Power project and related transmission infrastructure in Nigeria.

The mezzanine lenders (multilateral and development financing institutions) on the 461 MW Azura-Edo IPP in Nigeria. Azura was the first fully-financed private sector power plant in Nigeria and the first project for which various of the mezzanine lenders have provided mezzanine debt.

The lenders (including AFDB, FMO and EAIF) on the financing of the 126 MW TOPL diesel-fired power plant in Ghana.

The commercial and multilateral lenders on the Gulf power project in Kenya.

A multilateral lender on the financing of Ghana Grid Company’s electrical substation and the expansion of its existing Kpong-Volta transmission lines.

A multilateral lender on a green hydrogen project in Poland with Polenergia.

A multilateral lender on the €100 million financing of OCP for the development of four solar photovoltaic power generation plants in Morocco.

Société Générale on its BPI France-backed financing of the 1,000 MW Tehri pumped hydro storage plant in India.Proparco, as mezzanine lender, on a €20 million mezzanine loan to finance a 72 MW wind farm in Krnovo, Montenegro.

The lenders on the project financing of a bulk water production facility in Rwanda.

The lenders (including KFW and AFD) on the Hermes-backed financing of a cargo terminal for Ethiopian Airlines.Maersk/APM Terminals and Bolloré Transport & Logistics, as sponsors, of the new 1.2 million TEU Côte d’Ivoire Terminal in Abidjan.

Bolloré Transport & Logistics, as sponsors, of the new 1 million TEU Port of Dili in East Timor.

A leading Japanese gas company on its bid on a French Territories Gas to Power project.

A multilateral institution, as grant provider and collaboration partner to DEK Vaccines Limited, on their development of a local COVID-19 vaccine manufacturing facility in Ghana.

The commercial lenders on the multi-ECA supported financing of the construction of the third blast furnace in the existing integrated steel plant, in Djan-jin, Korea, for Hyundai Steel Company.

The commercial, multilateral and development finance lenders on the $1.6 billion EGA/GAC integrated bauxite mining and infrastructure project in Guinea.

The multilateral and development finance lenders on multiple rounds of financing for SETRAG in relation to the progressive refurbishment of the 680 km “transgabonnais” railway line in Gabon used by multiple mining companies.

Orion Mine Finance on its financing for HPX to support mining activities in Guinea.

Nevada Copper on the commercial and financial restructuring of the Pumpkin Hollow underground copper mining project, which consists of a project financing from KfW IPEX-Bank, supported by a UFK guarantee, an advanced payment agreement from Concord Resources, a stream financing with Triple Flag and a cost overrun facility.

Pro bono

Advised The Nature Conservancy (TNC) on the creation of “Blue Bonds” to refinance $500 million of Gabon’s national debt which will generate an expected $163 million in new funding for ocean conservation.

Speaking Engagements

  • Speaker, Rise of OEMs: Lessons Learned, Mining Indaba, February 2024
  • Speaker, Financing Projects with Jurisdictional, New Technology and other Challenges, 8th Annual Trends in Mining Finance Conference, May 2023 
  • Speaker, Contractual and Legal Provisions Relevant to COVID-19, Africa Insight Webinar Series, June 2020

Leadership Positions And Professional Affiliations

  • Vice President of the Board of Trustees, British Section of the Lycée international de Saint-Germain-en-Laye
Recognition
Lachlan is highly experienced, fully available and very involved
Chambers Global, 2024
Lachlan Poustie is a partner with excellent contacts and very effective negotiation skills. He was able to involve the right people on our file and his expertise in project financing in Africa was extremely useful. He was able to carry out a particularly complex file and advise us on how to move forward
Legal 500 EMEA, 2022

Awards

  • Up and Coming Lawyer for Africa-wide Project Finance, Chambers Global, 2024
  • Next Generation Partner, Legal 500 EMEA, 2023
  • Highly Regarded for Project Finance, IFLR 1000, 2023

Qualifications

Admissions

England & Wales, 2012
Paris, 2011
Victoria, 2004

Academic

L.L.B., Monash University, 2003
BComm., Monash University, 2003

Languages

English, French
Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.