People

Overview

Peter B. Saba is a Senior Counsel in Baker Botts' Global Projects department. Peter advises clients on all aspects of project development and financing for energy and other infrastructure projects, both domestically and internationally. Drawing on more than 30 years of experience spanning senior positions in Federal government, as General Counsel of global companies, and in private practice at top international law firms, Peter is a recognized leader in global projects, international business transactions and investment, and development. He is skilled in U.S. government and multilateral credit, guarantee, insurance, and equity programs.

Prior to joining Baker Botts, Peter most recently served as the Deputy General Counsel, including periods as Acting General Counsel and Agency Presidential Transition Lead, at the U.S. International Development Finance Corporation (DFC). Peter's prior Federal government experience included serving as the Chief Operating Officer and General Counsel of the Export-Import Bank of the United States (U.S. Ex-Im Bank) and as the Principal Deputy Assistant Secretary for Domestic and International Energy Policy at the U.S. Department of Energy (DOE).

Peter's private sector career included serving as General Counsel of one of North America’s largest metal recyclers and a manufacturer of finished steel products and as General Counsel and Chief Compliance Officer at the U.S. uranium enrichment corporation. Peter also practiced for many years in the energy and global projects group at two leading law firms, where he focused on Federal and multilateral project financing. Peter has also taught courses in International Business Transactions and lectured on project development and financing.

Admissions & Affiliations

  • District of Columbia Bar
  • New York State Bar
  • United States Supreme Court
  • Virginia Corporate Counsel (2022)

Education

  • M.B.A., Duke University 2015
    Fuqua Scholar
  • J.D., Harvard Law School 1985
    cum laude
    Articles Editor, Harvard Journal on Legislation
  • B.A., Economics & Foreign Affairs, University of Virginia 1982
    with highest distinction
    Phi Beta Kappa

Experience

  • Led the DFC legal team that drafted the initial agreements establishing the U.S.-Ukraine Reconstruction Investment Fund and worked with U.S. Department of Treasury team on the structuring and negotiation of those agreements*
  • Advised on and drafted the Administration’s legislative proposal on DFC’s reauthorization*
  • Led the DFC legal team supporting DFC’s portfolio management, distressed projects and workouts, political risk insurance, and technical assistance*
  • Led the process for interagency review and Board approval leading to record-breaking $12 billion of investments across more than 180 transactions in Fiscal Year 2024 and nearly $3 billion for 22 transactions in Q1 of Fiscal Year 2025, including:
    • Up to $553 million loan to the Lobito Atlantic Railway in Angola for the upgrade and rehabilitation of more than 800 miles of rail and a mineral port to ensure the reliable transport of critical minerals*
    • Up to $126 million loan to PT Medco Cahaya Geothermal to finance the development of approximately 31.4 MW of geothermal power generation in East Java, Indonesia*
    • A $50 million equity investment in TechMet to support the development of the Phalaborwa Rare Earths project*
    • A $350 million loan to Enerjisa Enerji Uretim A.S. to finance the development, construction, and operation of nine onshore wind power plants in Western Turkey*
    • A $50 million equity investment in PI Fund V (Ontario), L.P. to increase investments in Latin America infrastructure with a primary focus on Brazil, Colombia, Peru, and Mexico*
    • An up to $150 million loan in partnership with IDB Invest and other development finance institutions to V.tal – Rede Neutra De Telecomunicações S.A. (“V.tal”), along with an up to $480 million (80 percent) guaranty to Deutsche Bank for its purchase of V.tal infrastructure debentures, to support the expansion of fiber optic networks across Brazil*
    • $1 billion in political risk insurance to enable a debt conversion in Ecuador that will strengthen economic resilience and support the Amazon Biocorridor Program*
  • As General Counsel of Centrus Energy Corp. (formerly USEC Inc.):
    • Coordinated all activities related to project financing of the American Centrifuge Project, including applying for financing from the DOE loan guarantee program and establishment of alternative financing mechanisms to maintain the centrifuge program*
    • Established a joint venture for advanced centrifuge machine manufacturing and served on its Board*
    • Negotiated restructuring of $530M of debt and $115M of preferred stock and “pre-arranged” Chapter 11 filing*
    • Obtained a unanimous U.S. Supreme Court decision on a critical international trade case; successfully resolved a long-standing Department of Justice investigation and licensing and compliance matters at DOE and NRC*
  • As Chief Operating Officer and General Counsel of U.S. Ex-Im Bank, led or played a key role in most of the Bank's major accomplishments over a four-year period, including:
    • Congressional reauthorization of the Bank's Charter*
    • Design and implementation of a major reorganization of the Bank's structure to separate the business development and credit and risk management functions in order to enhance internal controls and focus on customer service*
    • Development of a $500M short-term, letter of credit insurance facility to support the Trade Bank of Iraq and led international collaboration efforts through the OECD resulting in 15 other nations signing similar framework agreements providing over $2B to facilitate the rebuilding of Iraq*
    • Negotiation of multilateral and bilateral agreements including a Framework Agreement for sovereign credits with the Ministry of Finance of the People’s Republic of China, a Memorandum of Understanding with the State Export-Import Bank of the Ukraine, and a Co-Financing Agreement with SACE, the Italian export agency, to partner in sales to buyers in third countries* 
    • Participated in multilateral meetings at the OECD, including on the negotiation of a common approach for evaluating environmental impacts of projects financed by export credit agencies requiring compliance with the more stringent of host country, World Bank or regional development bank standards*
    • Initiated and organized an innovative conference in Jordan to address key trade, development and investment finance issues in the Broader Middle East and North Africa which was among the largest gatherings of government officials, trade and development agency representatives and the private sector ever conducted in the region*
    • Major project finance transactions such as the BTC pipeline, Sakhalin II oil and gas project, Reliance telecom, and Chartered semi-conductor financings and major restructurings such as the Paiton and Jawa power projects*
  • Represented the Millennium Challenge Corporation in the negotiation of compacts and related agreements, the Japan Bank for International Cooperation on various matters, and U.S. Ex-Im Bank on the financing of a project in Brazil*
  • Advised the Nuclear Energy Institute and Constellation Energy/UniStar in connection with the implementation of U.S. government insurance and loan guarantee programs at DOE for the development of advanced nuclear power plants*
  • Represented the lenders in the $125M acquisition financing of a portfolio of California power plants in a deal that was recognized as the North American Portfolio Financing Deal of the Year in 2006 (Project Finance magazine); seller in proposed sale of a 50% interest in and $700M debt issuance for the recapitalization of a portfolio of 14 energy, industrial and utility related projects; and developer in $730M of financing facilities for the development and construction of a 600 MW natural-gas fired electric generating facility in New Mexico*
  • Representing developers, negotiated and successfully closed over $1B in export credit agency and multilateral agency financings for infrastructure projects in Asia, Africa, Latin America and Turkey*
  • Represented the developer in the negotiation of project and financing agreements for the Songas - Songo Songo Gas to Power Project in Tanzania supported by multilateral financing from the International Development Agency and the European Investment Bank*
  • Acted as developers counsel on the financing of a 440 MW hybrid merchant power and cogeneration project in Texas and as lenders counsel on stadium projects for the Detroit Tigers and Denver Broncos*
  • Represented lenders in the financing of the acquisition of an NHL franchise, developer in the sale of its interests in the Songas project in Africa, and acquirer in the proposed management buy-out of a multi-billion dollar portfolio of international projects*

*Prior to joining Baker Botts


Awards and Community

Poets & Quants for Executives: Best Executive MBA, 2015

Listed in Chambers USA, 2006-2008

Secretary of Energy's Meritorious Service Award, 1990


“‘Supremely proactive’ former U.S. Ex-Im Bank general counsel Peter Saba is merited for his ability to communicate complex issues with clarity, ‘inspiring a high degree of confidence’ and ‘providing a tactical slant.’”
Chambers USA, 2007

“Another new entrant to the tables is the ‘technically excellent’ Peter Saba, who clients report has ‘superb strategic and tactical skills.’ Clients are also drawn to his ability to offer ‘creative solutions to complex problems’ in an efficient and straightforward manner.”
Chambers USA, 2006