Debevoise & Plimpton

The question of Debevoise & Plimpton’s prominence in ­energy circles was raised late last year when London-based partner Peter Rees quit the firm to join Royal Dutch Shell.


Sarah Fitts
Sarah Fitts

That might not be the firm’s chosen method of raising its profile, but it will surely be ­hoping to pick up at least a few crumbs from the oil and gas ­giant following Rees’s arrival.

Energy is not Debevoise’s number one sweet spot – the corporate-heavy New York firm is better known in the ­insurance and financial services sectors, coupled with its core specialism of private equity – but that’s not to say the blue-blood outfit does not feature in this market.

The firm’s energy group, headed by corporate partner Sarah Fitts and Latin American group member Maurizio Levi-Minzi, has broad experience in power, oil and gas development and transport in particular.

And while Debevoise remains best known for its deal-doing capabilities, the firm’s ­experience in the sector spans multiple disciplines, including project finance, bankruptcy, tax, antitrust and regulatory.

Indeed, Debevoise made a push to raise its profile in ­energy circles last year when, primarily via Fitts, it became an active member of the American Council on Renewable Energy, the body that promotes ­renewable energy. The firm subsequently invited Fitts to join its leadership council.

Indeed, Fitts has been one of the prime movers behind ­ensuring Debevoise sits at the top table when it comes to ­securing prime energy-related matters.

“I’ve been ­focused on ­energy and natural resources for 20 years, since I joined Debevoise in 1991 and worked on the Sakhalin Island oil and gas ­development project in ­Russia just after perestroika,” says Fitts. “A few years ago, when we saw that clients were looking for energy specialisation, I organised an energy practice group that brought partners together in new and creative ways to ­leverage what we’re good at on behalf of clients, backed by decades of ­experience in the ­energy space.”

Outside the US and Latin America, Debevoise’s primary focus is Russia. Indeed, it is fair to say that the natural resources market in Russia is one of two cornerstones of the firm’s ­practice, the other being work for private equity clients, both in terms of structuring funds and advising on acquisitions in the sector.

Debevoise’s Russian ­exposure stretches back to the early 1990s when a group of New York-trained partners ­relocated to Moscow just as the former ­Soviet Union began to open up.

“Our presence grew organically at first and then we began adding partners,” recalls ­corporate partner and former deputy presiding partner Chris Smeall. “Opening the office was a critical step.”

The practice, built on major oil and gas projects such as Sakhalin 1, 2 and 3, continues to be spearheaded by Moscow senior partner Dmitri ­Nikiforov, a lawyer who recently worked on four large-scale oil and gas development projects in various regions of Russia. Even today, relatively few of the big New York firms have such a significant presence in Russia as Debevoise.

The firm is representing ­Norilsk Nickel in connection with the proposed spin-off of its gold mining assets. It also ­secured a role in December 2010 for Uralkali on its $23.9bn Russian potash merger with Silvinit and was counsel in four out of the 10 largest private equity funds to close in 2010, one of which – the $4bn Alinda Infrastructure Fund II – was infrastructure-focused.

The firm is currently ­considering opening an office in Latin America. Currently, the Latin America practice is ­serviced primarily by a number of partners including Levi-Minzi, Michael Gillespie, Paul Rodel, Ivan Mattei and Greg Gooding.

Back in the US, Debevoise is targeting transactions in the electric power market, believing that the energy industry is at an inflection point, similar to what happened to the telecoms ­industry in the early days of the internet.

Star partners

Sarah Fitts, Maurizio Levi-Minzi, Dmitri Nikiforov, Chris Smeall

 

Top three sectors

Electricity/power

Renewables

Oil and gas

Top three geographical regions

The US

Russia

Latin America

Top deals/projects

Sale of an interest by Sithe Global Power in Goreway Station near Toronto

Client: Sithe Global Power

Lead partner: Sarah Fitts

Mitsui and Anadarko Petroleum’s $1.4bn Marcellus Shale gas project

Client: Mitsui

Lead partner: Chris Smeall

US Department of Energy’s $1.45bn loan guarantee for the Solana solar project

Client: US Department of Energy

Lead partner: Ivan Mattei