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.

Sponsors for the development and financing of a large-scale LNG terminal and power complex in Vietnam.

Sponsor for the development of LNG procurement strategy for Vietnam.

Japanese investor in the investment in a global hydrogen fund.

Sponsors in respect of the development and financing of the Thilawa LNG to Power project in Myanmar.

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

Mong Duong Finance Holdings B.V. in its offering of US$678.5 million 5.125% Senior Secured Notes due 2029 and execution of a US$402.7 million Senior Secured Loan Facility provided by an international syndicate of commercial bank lenders, for the purpose of acquiring all of the outstanding project financing loans of AES Mong Duong Power Company. Awarded “Bond Deal of the Year Asia Pacific” by Project Finance International Asia Awards 2019, “Asia Pacific Refinancing Deal of the Year by IJGlobal Awards 2019, “Asia-Pacific Power Refinancing Deal of the Year” by Proximo Awards 2020, and “Deal of the Year” by Asian-Mena Counsel 2019.

Japanese financial institutions in connection with an investment in global infrastructure debt instruments through a separately managed account and a standalone syndicated fund.

DBJ and Showa Shell in connection with their investment in South Field combined-cycle gas turbine power generation project in the State of Ohio, U.S.

DBJ in connection with their investment in Linden combined-cycle gas turbine project in the State of New Jersey.

JBIC and Mizuho Bank as lenders and Nippon Export and Investment Insurance (NEXI) in relation to the development and original financing and subsequent refinancing of the 350 MW solar power project in Andhra Pradesh, India. This deal was “‘Commended’ in Managing Complexity & Scale” by FT Asia-Pacific Innovative Lawyers Awards 2018.

DBJ in connection with their investment in Cricket Valley Energy Centre LLC, a combined-cycle gas turbine power generation project in the state of New York.

J-Power, PT Adaro Energy Tbk and Itochu in the development and financing of the US$4.3 billion 2,000MW Central Java IPP, a greenfield coal-fired power project in Central Java in Indonesia. Awarded “Power Deal of the Year” by Project Finance International in 2016, “Asia Pacific Power Deal of the Year” by IJGlobal Asia Awards 2016 and “Project Finance Deal of the Year” by IFLR Asia Awards 2016.

A State Authority in the MENA region on the financing of a US$25 billion nuclear new build project and negotiating the EPC, Fuel Supply, O&M, and Radioactive Waste Treatment Contracts.

SunEdison in the sale of SunEdison Japan and related solar energy assets in Japan.

JBIC and the commercial lenders providing finance supporting numerous bids and ultimately the winning bidder of the US$3 billion 2,520 MW and 136.5 MIGD Facility D IWPP in Qatar.

JBIC and the commercial lenders providing finance supporting numerous bids for the Facility E IWPP in Qatar.

Erdenes Oyu Tolgoi LLC, a Mongolian state-owned company, regarding joint venture and financing matters for the US$10 billion Oyu Tolgoi copper and gold project, the largest financial undertaking in Mongolia’s history and one of the largest mine financings completed to date, which project is jointly owned by Rio Tinto and Erdenes. Awarded “Asia Pacific Mining Deal of the Year,” by Project Finance International 2015.

K-Sure, KoFC, JBIC and other lenders in relation to the Cochrane power project in Chile involving the construction of two 236 MW coal-fired power plants being developed by AES and Mitsubishi.

Various investors and developers on the financing arrangements and the structuring of publicly traded companies formed to own operating and development of renewable projects in Japan and Asia.

Japanese governmental institutions in the structuring and investment into a global infrastructure fund focused on investments in mega-infrastructure projects.

JBIC in its 30% equity investment in JX Nippon Oil Exploration (EOR) (a subsidiary of JX Nippon Oil & Gas Exploration Corporation) in connection with the development of the cogeneration, carbon capture sequestration and enhanced oil recovery project in West Ranch oil field in Texas with NRG Energy Inc.

JBIC, NEXI and commercial lenders supporting Mitsui and PEMEX subsidiary MGI Enterprises on their bid for the development of the Sasabe-Guayma pipeline in the States of Sonora, Mexico.

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.