People

Mark Castillo-Bernaus Baker Botts London
Mark Castillo-Bernaus
Partner

Overview

Mark Castillo-Bernaus is a partner in the Global Projects and Finance Group and is based in the London office.

Mark has acted for lenders, sponsors and borrowers (including major corporations and state-owned entities) in numerous project finance transactions covering a wide range of sectors such as oil and gas, energy, power/renewables, mining/metals and infrastructure. He has particular experience in large complex multi-sourced project financings in Europe, Middle East and Africa involving export credit agencies and development financial institutions and has led on some of the largest project financings to date.

Mark is a leading individual for projects and project financings in Chambers Global (2022-2025), Chambers UK (2015-2025) and The Legal 500 UK (2023-2025).

Admissions & Affiliations

  • Qualified Solicitor, England & Wales, 1998

Education

  • Legal Practice Course, Oxford Institute for Legal Practice 1996
  • Master of Laws, University of Bristol 1995

Experience

Energy and Oil & Gas

  • A major Middle East state owned energy company with respect to the development of a multi-billion-dollar petrochemical project in the Middle East.
  • A major energy group with respect to its proposed development and financing of a multi-billion petrochemical project in Europe.
  • The Sponsors, QatarEnergy and Chevron Phillips Chemical Co, in connection with the US$4.4 billion financing of a world scale integrated polymers complex in Ras Laffan, Qatar, involving financing from commercial and Islamic facilities as well as ECA financing. One of the largest financings to close in the region in 2023.
  • The Sponsors, SIBUR Holding and China Petroleum & Chemical Corporation (Sinopec) on the US$9.1 billion financing of the Amur Gas Chemical Complex (Amur GCC) project in the Amur region, one of the world's largest and most advanced polymer production facilities. One of the largest downstream projects to close in 2021, involving Russian and Chinese commercial uncovered bank and international ECA covered financing.
  • The Lenders, including several Export Credit Agencies and Development Financial Institutions, on the landmark US$25 billion project financing of Mozambique's first onshore LNG development, Mozambique LNG. This is the largest ever foreign direct investment into Africa. Awarded “Global Multilateral Deal of the Year” at the PFI Awards.
  • The Lenders and SACE in a project financing of a urea plant in Togliatti.
  • A major Export Credit Agency in its financing of a refinery project in Kazakhstan.
  • Six Export Credit Agencies (Atradius, Hermes, K-Exim, K-Sure, SACE and UKEF) and a large syndicate of international and regional banks in connection with the development and financing of the US$6.4 billion Liwa Plastics Industries Complex in Oman.
  • Over 13 lender groups, including several export credit agencies, in connection with the financing of the US$27 billion Yamal LNG project in Russia.
  • The sponsors, QatarEnergy and Exxon Mobil, on the US$10.3 billion Barzan Gas Project in Qatar. This deal was awarded 'Global Deal of the Year' by Project Finance Magazine and Middle East Oil & Gas Deal of the Year by Project Finance International.
  • Nord Stream AG in connection with the financing of the US$9 billion Nord Stream gas pipeline through the Baltic Sea (including financing from commercial banks, Euler Hermes, UKF and SACE). This deal was awarded European Gas Deal of the Year by Project Finance Magazine.
  • The sponsors, QatarEnergy and Shell on the US$6 billion Qatargas 4 LNG project financing, Qatar Petroleum and ConocoPhillips on the US$5.8 billion Qatargas 3 project financing (including financing from commercial banks, US Ex-Im Bank and JBIC), and Qatar Petroleum and ExxonMobil on the US$11.2 billion Qatargas 2 project financing (including financing from commercial banks, US Ex-Im Bank and SACE together with an Islamic facility). Qatargas 4 was awarded 'Middle East Oil & Gas Deal of the Year' by Project Finance Magazine, and Qatargas 2 – the largest energy project of any kind at the time – awarded Deal of the Year by Project Finance International.

Power & Renewables

  • Natixis in its financing of a battery storage facility in the UK.
  • A major IOC on its investments in carbon capture projects in the UK.
  • A major ECA in its financing of a portfolio of solar assets in Latin America.
  • The lenders on the financing of a major multi-billion-dollar IPP project in South Africa.
  • The Lenders on the financing and the subsequent two refinancings of the US$2.2 billion Riyadh PP11 independent power project in the Kingdom of Saudi Arabia (including financing by way of commercial loans, Islamic financing instruments and export credit from US Ex-Im Bank). This deal was awarded the Middle East Power Deal of the Year by Project Finance magazine.
  • Investec and a group of lenders in connection with the financing of a 1200 MW CCGT project in Saltend, UK.
  • The Lenders on the financing of a major multi-billion-dollar IPP project in South Africa.
  • The sponsors, ADWEA, TAQA, GDF Suez, Marubeni and Osaka Gas, on the partial bond refinancing of the US$2.3 billion Shuweihat 2 IWPP. This deal was awarded the Middle East Bond Deal of the Year by Project Finance International and Project Finance Magazine.
  • The Lenders, including Goldman Sachs, IDB Invest, IFC and SERV, on the US$1.8 billion financing of a 1,516 MW thermoelectric power plant in Brazil, involving both conventional lending and investment grade secured senior notes.
  • The European Investment Bank on the €700 million financing of an offshore wind farm in Belgium. This deal was awarded Power Deal of the Year by Project Finance International and "Wind Power Deal of the Year" by Project Finance Magazine.

Mining & Metals

  • The sponsors on a US$2 billion iron ore mine project in Africa.
  • The lenders, including commercial banks and export credit agencies US Ex-Im, COFACE, Euler Hermes and K-Exim, in connection with the financing of both Phase I and Phase II of the US$10 billion Emirates Aluminium Project in the UAE. This deal was awarded the Middle East Industrial Deal of the Year by Project Finance International.
  • The sponsors, BHP Billiton, Mubadala, DUBAL and Global Alumina, on the financing of the US$4 billion alumina refinery in the Republic of Guinea, involving over 9 development financial institutions, export credit agencies and commercial banks).

Awards and Community

Ranked as Leading Lawyer for Projects, Chambers UK, 2015-2025

Ranked as Leading Lawyer for Projects, Chambers Global, 2022-2025

Ranked as Leading Partner for Emerging Markets, The Legal 500 UK, 2023-2025


"He is a very eloquent and experienced partner who can steer a negotiation through its difficult phases"

Chambers UK 2024

"Mark leads on some of the largest project financing deals” and “knows how to find a balance between borrower and lender interests in the most efficient manner"

The Legal 500 UK 2022

"Mark Castillo-Bernaus is a very affable and effective lawyer who does some of the biggest-ticket deals. He frequently advises on the financing of LNG and petrochemical projects. He is a very hard worker who is always extremely well prepared."

Chambers UK 2021

"Mark is a 'great team player', who is very strong in cross party negotiations, deal management and detailed documentation work."

Chambers UK 2020

"Mark Castillo-Bernaus has been picked out as “very diligent” by his clients, who also note that he fights alongside you in all your efforts.” “His practice centres on providing representation for lender groups financing energy projects"

Chambers UK 2019