Home / People / Kristy Duane
Portrait of Kristy Duane

Kristy Duane

Co-Head of the CMS Infrastructure & Projects Group

CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
United Kingdom
Languages English

Kristy is a partner and Co-Head of the firm's infrastructure sector group. She advises a wide range of infrastructure clients on their corporate transactions. She has a particular interest and extensive experience advising infrastructure funds on their M&A and capital markets activities in the UK and Europe. Kristy regularly speaks at high profile conferences and events including the Global Infrastructure Investors Summit in London.

more less

"Excellent legal and corporate advice"

Chambers and Partners 2016

Ranked Lawyer for Infrastructure

Chambers and Partners 2016

Relevant experience

  • Atlantis Holdings and AXA Investment Managers-Real Assets in relation to the acquisition of Kohlberg Kravis Roberts & Co. LP’s 33.33% stake in Acciona Energia Internacional, S.A for €445m and partial sale of 13.33% to ACCIONA.
  • John Laing Infrastructure Fund Limited in relation to its £1.45bn takeover by Jura Acquisitions Limited, a company owned by a consortium led by Dalmore Capital Limited and Equitix Investment Management Limited.
  • Aquila European Renewables Income Fund on its €200m IPO and subsequent placing and various acquisitions of solar, wind and hydro assets across continental Europe.
  • John Laing Infrastructure Fund Limited in relation to the £242m placing, open offer, offer for subscription and subsequent £90m and £95m placings to institutional investors.
  • Heathrow Hub Limited on the proposed £13.5bn scheme to extend the existing northern runway at Heathrow Airport.
  • John Laing Infrastructure Fund Limited in relation to the acquisition of debt and equity interests in a portfolio of 5 rail and social accommodation assets, including City-Greenwich-Lewisham Docklands Light Railway (£65m), the £50m disposal of Barnsley Schools BSF and Newham Hospital, acquisition of equity interests in Peterborough Hospital from Brookfield (£26.7m) and a portfolio of 11 assets in schooling; housing; hospitals; street lighting from Mill Group (£123m).
  • Jordan Wind Farm Company on the development of the Tafila Wind Farm in Jordan, a 117 MW wind farm, likely to be the first utility-scale onshore wind farm in the Middle East.
  • Euromoney Institutional Investor plc in relation to the acquisition of Infrastructure Journal (£12.5m) from Top Right Group.
  • Quintain Estates and Development plc on the unwinding of the existing joint venture arrangements with Lend Lease in relation to the Greenwich Peninsula development and class 1 circular and joint venture with Knight Dragon.
  • US Shipping Group in relation to the proposed investment and joint venture with a British shipping company.
  • Carbon Trust in relation to the Siemen Financial Services or Carbon finance scheme and collaboration agreement.
  • Pacific Agrifoods Limited on PAF’s acquisition of a 66.7% interest in Interflour Holdings Limited (Asian flour mill and Vietnamese grain terminal operator).
  • London Climate Change Agency and the Mayor’s office on the establishment of the Better Buildings Partnership, a London commercial property owners’ sustainability/climate change initiative.
  • Liberum Capital and Renaissance Capital in relation to the £147m AIM float of Ncondezi Coal Company Limited and subsequent £23.4m placing.
more less

Memberships & Roles

  • Trustee, Friends of UWA in the UK & Europe.
more less


  • 1997 - LLB, University of Western Australia, Perth.
  • 1997 - BSc, University of Western Australia, Perth.
more less


CMS In­fra­struc­ture In­dex: Ac­cel­er­at­ing trans­form­a­tion
The in­fra­struc­ture mar­ket has re­mained re­si­li­ent in the face of COV­ID-19. The CMS In­fra­struc­ture In­dex has ranked 50 coun­tries by their at­tract­ive­ness for in­fra­struc­ture in­vest­ment and it paints a very pos­it­ive pic­ture. Singa­pore tops the lead­er board, bolstered by the un­veil­ing of its Green Plan 2030 which aims to ad­vance sus­tain­able de­vel­op­ment and re­duce the coun­try’s car­bon foot­print. There are big spend­ing plans in every re­gion as gov­ern­ments seek to close in­fra­struc­ture gaps, re­cov­er from the pan­dem­ic and stim­u­late their eco­nom­ies.   Please click through the re­port or down­load the pdf ver­sion at the bot­tom of this page.
Fore­word: Ac­cel­er­at­ing trans­form­a­tion
The in­fra­struc­ture mar­ket has re­mained re­si­li­ent in the face of COV­ID-19, save the ob­vi­ous area of trans­port. Gov­ern­ment stim­u­lus pack­ages around the world prom­ise fur­ther activ­ity with the UK, US and EU, for ex­ample, out­lining am­bi­tious in­fra­struc­ture spend­ing pro­grammes.  As is of­ten the ques­tion, will these even­tu­ate? COV­ID-19 has also provided the back­drop for tough­er con­trols on for­eign in­vest­ment. The likes of the UK, France and Aus­tralia have either in­tro­duced laws for the first time or re­duced the thresholds for vot­ing rights or trans­ac­tion val­ues.  However, that is not the case for all mar­kets. Pri­or to the pan­dem­ic, pro­tec­tion­ism ap­peared to be de­clin­ing in the Middle East, CEE and APAC where the need for for­eign cap­it­al is great­er.  It is too early to tell what im­pact such reg­u­la­tions will have on cap­it­al flows in de­veloped mar­kets but on cur­rent trans­ac­tion levels, it ap­pears to be lim­ited. Nev­er­the­less, it is vi­tal that in­fra­struc­ture in­vestors are fully aware of the broad scope of the con­trols when con­sid­er­ing their in­vest­ment plans.There is sig­ni­fic­ant at­ten­tion on di­git­al in­fra­struc­ture and the pan­dem­ic demon­strated the need for in­vest­ment in a bal­anced range of tech­no­lo­gies. Cloud ser­vices and satel­lite con­nectiv­ity will in­crease to de­liv­er high speed in­ter­net any­where in the world. In­fra­struc­ture has al­ways played an im­port­ant role in ESG, and these con­sid­er­a­tions are now the rule, not the ex­cep­tion. Net Zero plays a big part in gov­ern­ment policy; dis­clos­ures are now man­dat­ory re­quire­ments and pro­jects that will re­duce car­bon emis­sions are be­ing sup­por­ted. In­vest­ment strategies are also be­ing shaped by stake­hold­ers as they start to voice their con­cerns, in­clud­ing by way of share­hold­er act­iv­ism and lit­ig­a­tion. The CMS 2021 In­fra­struc­ture In­dex has ranked 50 coun­tries by their at­tract­ive­ness for in­fra­struc­ture in­vest­ment and it paints a very pos­it­ive pic­ture. Singa­pore tops the lead­er board, bolstered by the un­veil­ing of its Green Plan 2030 which aims to ad­vance sus­tain­able de­vel­op­ment and re­duce the coun­try’s car­bon foot­print. There are big spend­ing plans in every re­gion as gov­ern­ments seek to close in­fra­struc­ture gaps, re­cov­er from the pan­dem­ic and stim­u­late their eco­nom­ies. In­fra­struc­ture mar­kets re­main buoy­ant and there is no sign of slow­ing down. Thank you to GIIA, who col­lab­or­ated with us through­out, our re­search part­ners Cap­it­al Eco­nom­ics and our in­ter­viewees for giv­ing up their valu­able time to share their views on the in­fra­struc­ture sec­tor in their re­spect­ive mar­kets.
Spot­light on the United King­dom
ESG drives in­vest­ment pri­or­it­ies The en­vir­on­ment­al, so­cial and gov­ernance agenda is also evid­ent in tar­gets for green­house gas emis­sions. Planned le­gis­la­tion com­mits the UK to cut­ting emis­sions to 78% be­low 1990 levels by 2035.In­vest­ment in re­new­ables will re­ceive a boost when the fourth Con­tracts for Dif­fer­ence al­loc­a­tion round opens in Decem­ber, aim­ing to award up to 12GW of new ca­pa­city (more than double that of the pre­vi­ous round).The sec­ond­ary mar­ket for re­new­ables has seen con­tin­ued activ­ity, with deals such as the sale of the trans­mis­sion as­sets for the Hornsea One and Wal­ney Ex­ten­sion wind farms for GBP 1.2bn and GBP 450m re­spect­ively, the sale of waste-to-en­ergy busi­ness Whee­lab­rat­or UK, and KKR’s GBP 4.2bn ac­quis­i­tion of waste and re­source man­age­ment com­pany Vi­ridor.The Na­tion­al In­fra­struc­ture Strategy also sup­ports in­vest­ment in oth­er areas re­lat­ing to cli­mate change, such as nuc­le­ar power (in­clud­ing small mod­u­lar re­act­ors) and flood de­fences, as well as new­er tech­no­lo­gies such as hy­dro­gen, car­bon cap­ture and stor­age, and char­ging in­fra­struc­ture to ac­cel­er­ate the ad­op­tion of elec­tric vehicles. Ma­jor road and rail pro­jects Pro­spects for rail in­vest­ment are mixed. The Lon­don-Birm­ing­ham HS2 line was giv­en the go-ahead in Feb­ru­ary 2020, and in the au­tumn opened GBP 12bn of con­tracts to sup­pli­ers. A GBP 1.6bn rail link from Heath­row to south Lon­don will be opened to in­vestors in the sum­mer of 2021 – un­usu­ally it will be en­tirely fin­anced and built by private in­vestors and fully fun­ded from rev­en­ues re­couped from ac­cess charges paid by train op­er­at­ors. But budgeted pub­lic fund­ing for rail in­vest­ment in the years to 2024/25 has been re­duced by GBP 1.0bn to GBP 9.4bn, and a lack of vis­ib­il­ity on the pro­ject pipeline lim­its the private sec­tor’s abil­ity to plan.The Na­tion­al In­fra­struc­ture Strategy en­vis­ages ‘re­cord in­vest­ment in stra­tegic roads’ in Eng­land, with over GBP 27bn to be spent by 2025 on up­grades and sig­ni­fic­ant pro­jects, such as the new Lower Thames Cross­ing, which will be Bri­tain’s longest road tun­nel, and the con­tro­ver­sial Stone­henge tun­nel on the A303. Ad­di­tion­al fund­ing will be al­loc­ated for pro­jects else­where in the UK. A reg­u­lat­ory boost for tele­coms The Na­tion­al In­fra­struc­ture Strategy has scaled back the gov­ern­ment’s pledge to roll out full-fibre broad­band to the whole of the UK. The tar­get is now for at least 85% of premises to have ac­cess to gig­abit-broad­band by 2025. But oth­er de­vel­op­ments are more en­cour­aging for tele­coms in­vestors.In March 2021 Of­com, the tele­coms reg­u­lat­or, re­laxed price con­trols on fibre for Open­reach, BT’s broad­band net­work which is also used by oth­er ser­vice pro­viders. Of­com also in­tro­duced meas­ures to stop Open­reach re­strict­ing in­vest­ment by oth­er pro­viders through its com­mer­cial prac­tices. Both BT and its com­pet­it­ors now have am­bi­tious plans to ex­pand their net­works.Of­com’s latest round of spec­trum auc­tions in April in­creased the ca­pa­city avail­able for mo­bile ser­vices by nearly 20%.
ESG Reg­u­la­tion – 2021 and bey­ond – How in­vest­ment banks can ad­vise their...
2021 will mark the end of the pre­vi­ous, primar­ily vol­un­tary, re­gime for ESG mat­ters and the start of reg­u­la­tion for is­suers, spon­sors and nomads. This note de­tails key reg­u­la­tions com­ing in­to force in...
CMS In­fra­struc­ture In­dex re­veals pos­it­ive trends in in­fra­struc­ture sec­tor
In­fra­struc­ture In­dex re­veals pos­it­ive trends in in­fra­struc­ture sec­tor CMS pub­lishes its bi­en­ni­al glob­al In­fra­struc­ture In­dex which ranks 50 coun­tries in or­der of in­fra­struc­ture in­vest­ment at­tract­ive­ness­Ger­many...
Con­nec­ted Fu­tures - the im­plic­a­tions of tech­no­lo­gic­al trends on Scot­land’s...
In our Glob­al In­fra­struc­ture Re­port “Con­nec­ted Fu­ture” we high­lighted the tech­no­logy – driv­en trans­form­a­tion of the in­fra­struc­ture sec­tor. The Scot­tish Gov­ern­ment has re­cently pub­lished “The Im­plic­a­tions...
An­nu­al Re­view 2018 – 2019
Cross­ing bor­ders is both the theme of this year’s CMS An­nu­al Re­view and a guid­ing idea that we had when we es­tab­lished CMS 20 years ago. At that time, we de­cided to cre­ate a high-qual­ity, ex­pert and mul­tijur­is­dic­tion­al law firm. This Re­view shows what we’ve achieved over the last year in pur­suit of this goal.Since 1999, work­ing across bor­ders has be­come a daily task for all our law­yers. We are one of the most in­ter­na­tion­al law firms, with more than 70 of­fices in over 40 coun­tries. Our 4,800 leg­al ex­perts world­wide work as one team across jur­is­dic­tions, prac­tice areas and sec­tors to en­sure that you get clear, ac­tion­able and busi­ness-fo­cused ad­vice. You can read about our mul­tijur­is­dic­tion­al sup­port for cli­ents in the stor­ies through­out this An­nu­al Re­view. For ex­ample: an in­ter­na­tion­al CMS team ad­vised Ad­vance / Ne­w­house Part­ner­ship on its pur­chase of Stage En­ter­tain­ment, one of the world’s largest theatre pro­du­cers and own­ers. Our law­yers spe­cial­ising in cor­por­ate, me­dia, real es­tate, tax, em­ploy­ment, IP, com­pet­i­tion and bank­ing all worked on the trans­ac­tion.Glob­al­isa­tion con­tin­ues to im­pact the busi­ness en­vir­on­ment pro­foundly, as do the key is­sues on the glob­al agenda such as the US trade talks with China, Brexit and the con­sequences of cli­mate change. With our glob­al firm struc­ture and mind­set, we help you an­ti­cip­ate the prob­lems you face in your daily op­er­a­tions. On page 28, you can read what some of our part­ners around the world have told us about the chal­lenges their cli­ents are cur­rently fa­cing.An­oth­er ma­jor factor shap­ing our daily work is the im­pact of tech­no­logy on all busi­nesses. This year, our an­nu­al event in Da­v­os on the oc­ca­sion of the World Eco­nom­ic For­um (see page 18) fo­cused on how in­creased di­git­al­isa­tion is af­fect­ing con­ven­tion­al busi­ness mod­els.Today, in­tro­du­cing more ad­vanced tech­no­lo­gic­al tools in­to leg­al prac­tice is a must in or­der to meet cli­ents’ qual­ity and ef­fi­ciency ex­pect­a­tions. For CMS, it is about more than just us­ing ar­ti­fi­cial in­tel­li­gence soft­ware or di­git­al tools. To us, in­nov­a­tion means de­vel­op­ing tech­no­logy to of­fer our cli­ents new high-qual­ity ser­vices and to provide new ways of de­liv­er­ing all our leg­al of­fer­ings. Our scale and pres­ence across many jur­is­dic­tions, coupled with our deep un­der­stand­ing of cli­ent needs in their loc­a­tions, means that we are very well qual­i­fied to de­vise such solu­tions. On page 16, some of our key in­nov­at­ors de­scribe the ways in which our tech­no­logy is be­ne­fit­ting cli­ents.I hope you find some in­ter­est­ing and thought-pro­vok­ing stor­ies in this year’s An­nu­al Re­view and wish you an en­joy­able read. My col­leagues in the CMS ex­ec­ut­ive team and I are al­ways happy to hear from you if you have any com­ments or ques­tions.Cor­neli­us Brandi, Ex­ec­ut­ive Chair­man
New re­port | Con­nec­ted Fu­ture: in­vest­ment op­por­tun­it­ies in the rad­ic­ally...
Tech­no­logy-driv­en trans­form­a­tions are not only dis­rupt­ing our every­day lives, but are also rad­ic­ally trans­form­ing the in­fra­struc­ture sec­tor. On the one hand, in­nov­a­tion is driv­ing an up­grade of ex­ist­ing...
Con­nec­ted Fu­ture
Tech­no­logy-driv­en trans­form­a­tions are not only dis­rupt­ing our every­day lives but are also rad­ic­ally trans­form­ing the in­fra­struc­ture sec­tor. On the one hand, in­nov­a­tion is driv­ing an up­grade of ex­ist­ing...
UK Cor­por­ate Gov­ernance Code 2018: Prac­tic­al Im­plic­a­tions
In Ju­ly 2018 the Fin­an­cial Re­port­ing Coun­cil (FRC) re­leased the 2018 edi­tion of the UK Cor­por­ate Gov­ernance Code. The new Code is de­scribed as “short­er and sharp­er” than its pre­de­cessor and has been...
A Brexit bump in the road for in­fra­struc­ture
The 2017 CMS In­fra­struc­ture In­dex, titled ‘A New Dir­ec­tion’, shows that the UK has fallen from first to fourth in a glob­al rank­ing of at­tract­ive­ness as a des­tin­a­tion for in­fra­struc­ture in­vest­ment...
Glob­al In­fra­struc­ture In­vest­ments Op­por­tun­it­ies - CMS In­fra­struc­ture In­dex
The 2019 In­fra­struc­ture In­dex is now avail­able.  Click here to view Bridging Con­tin­ents, the 2019 In­fra­struc­ture In­dex. Cre­at­ing an at­tract­ive en­vir­on­ment for in­vestors in in­fra­struc­ture is no easy...