Image of Etienne Gelencser

Etienne Gelencsér


Etienne primarily focuses on finance transactions, including project and structured finance and he regularly represents both financial institutions and corporate clients.
He also focuses on the representation of sponsors and investors in private equity transactions, including fund formation, fund investment and related portfolio acquisitions. Etienne represents sponsors and lenders, private equity, leading financial institutions, including Japanese export credit and development financial institutions, commercial financial institutions, trading houses and corporates.


Representative matters

DITO Telecommunity Corporation as borrower and developer on the US$3.9 billion long-term financing of its Philippines-wide 4G/5G-ready telecommunication network project, one of the largest project financed telecoms deals in Asia to date. Awarded “Best Project Finance Deal of the Year – Southeast Asia” and received a commendation for “Best Infrastructure Deal of the Year – Southeast Asia” by FinanceAsia Achievement Awards 2023; and “Finance Deal of the Year” by Asian Legal Business Philippine Law Awards 2023.

Japan Industrial Partners on its offshore fund structuring and fundraising in connection with a JIP-led consortium’s successful tender offer for Toshiba Corporation. Shortlisted for “Private Equity Deal of the Year” by Asia Legal Awards 2024; and “Domestic Deal of the Year” by IFLR Asia-Pacific Awards 2024.

JBIC as lender to Hitachi’s consortium for the development and financing of the PPP Subway Project in Ontario. Japanese sponsor for the development of a global green ammonia procurement strategy. Commercial lenders on the refinancing of the PT UPC Sidrap Bayu Energi Onshore Wind Farm in Indonesia. Awarded the “Renewables – Onshore Wind Refinancing” by IJGlobal Awards 2020. [READ MORE]

JBIC and the commercial lenders on the financing of an FSRU designed to supply LNG to a power project in Senegal.

Published Work

  • Gelencsér, Etienne, Co-author, (2021) “Japan – Key link in hydrogen value chain”, Project Finance International; and Energy & Infrastructure Insight – Summer 2021 – Issue 4 (the firm)
  • Gelencsér, Etienne, Co-author, (2020) “Taiwan offshore wind – challenged by headwinds?”, Energy & Infrastructure Insight – Autumn 2020 – Issue 3 (the firm)
Clients comment that "Thanks to his extensive legal knowledge, Etienne Gelencsér proposed numerous solutions which were highly helpful in solving deadlocks in tough negotiations"
Chambers Asia-Pacific, 2024
Clients comment that "I was very impressed with how he approached clients and lender's counsel unlike a typical lawyer. He was not too rigid, and tried to find solutions from a commercial as well as legal point of view"
Chambers Asia-Pacific, 2024


  • “Leading Lawyer” in Projects & Energy: International in Japan, Chambers Asia-Pacific, 2011-2024
  • “Leading Lawyer” in Investment Funds: Registered Foreign Lawyers in Japan, Chambers Asia-Pacific, 2011-2024
  • “Leading Lawyer” for Projects, Infrastructure & Energy in Vietnam, Chambers Asia-Pacific, 2024
  • “Leading Lawyer” for Projects and Energy and Investment Funds in Japan, Foreign Firms in India, and Foreign Desks in Myanmar, The Legal 500 Asia Pacific, 2024
  • “Highly Regarded” for Project Finance and Banking, IFLR1000, 2017-2024
  • Recognized for Private Equity, Private Funds and Venture Capital Law; Project Finance and Development Practice in Japan, Best Lawyers, 2022



Solicitor, New South Wales, 1998

Solicitor, England & Wales, 2002

Registered Foreign Lawyer (England & Wales), Japan, 2009


Bachelor of Laws (LL.B.), Murdoch University, 1997

Bachelor of Arts (Japanese Major) (B.A.), Murdoch University, 1997


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.