Clifford Chance has advised Italian company Enel Green Power SpA and its South African subsidiary on the financing of the Gibson Bay wind farm in South Africa by KfW IPEX-Bank in a total volume of 2.1 billion South African Rand (around EUR 160 million).
A part of the financing is secured by an export credit guarantee (Hermes guarantee) by the Federal Republic of Germany.
White & Case LLP has advised Saudi Arabian Oil Company (Saudi Aramco) on its landmark US$10 billion revolving credit facilities.
The US$10 billion facilities replace the existing US$4 billion facilities, signed in 2010. The facilities are divided into two US dollar conventional tranches (in an aggregate value of US$7 billion) and two Saudi Riyal murabaha tranches (in an aggregate value of US$3 billion). The shari'ah compliant murabaha facilities represent the largest ever Saudi Riyal financing of its kind.
RWE AG has achieved a first success in the legal dispute with Rustenburg Co. Ltd.: The district court of the city of Essen (Germany) rejected the damage claim brought by Rustenburg Co. Ltd. against RWE AG on 24 March 2015. Rustenburg Co. Ltd. belongs to the Russian Sintez Group and had claimed around €674m from RWE AG.
Sintez Group and RWE AG had planned a joint acquisition of the Russian energy supplier TGK-2 in 2008. RWE AG discontinued the mutual plan, which Rustenburg Co.
Burges Salmon’s Corporate team has advised the energy storage and clean fuel company, ITM Power plc, an AIM quoted company, on the acquisition by JCB Research and Valebond Consultants Limited (a company owned by Jo Bamford) of a strategic shareholding in ITM by way of a subscription for, in aggregate, 16,186,460 new ordinary shares at 30 pence per share (£4.856 million). The investment makes them, in aggregate, ITM’s largest shareholder.
Dentons advised Geo Renewables on the sale of shares in a company the owner and operator of a 38 MW wind farm in Wroblew in central Poland, to IKEA Group.
Eversheds has advised FMC Technologies, on an agreement with France-based Technip, to form an exclusive alliance and to launch Forsys Subsea.
The 50/50 joint venture will unite the skills and capabilities of the two subsea industry leaders, and define the way subsea fields are designed, delivered and maintained.
Bringing together FMC Technologies and Technip, Forsys Subsea will have the technical capabilities, products and systems to significantly reduce the cost of subsea field development.
Clifford Chance advised Petrotec AG in connection with an application for revocation of admission to trading of its shares on the regulated market (so-called delisting).
After approval of the application for revocation of the admission by the Frankfurt stock exchange, Petrotec AG's shares would then no longer be traded on any regulated market of any stock exchange.
The Petrotec Group, domiciled in Borken, is an industrial producer of waste-derived biodiesel and reached sales of EUR 167.2 million in its fiscal year 2014.
Eversheds has advised AES Corporation (AES) on the sale of its equity interest in the IPP4 Al-Manakhir power plant in Jordan, to Nebras Power QSC (Nebras).
The firm worked with AES to negotiate the agreement with Nebras, a subsidiary of Qatar Electricity and Water Company (QEWC), to sell 40% of its 60% equity interest in the IPP4 Al-Manakhir plant which has a capacity of 241 MW. Eversheds also advised AES on its ongoing shareholder relationships with the equity stakeholders.
Slaughter and May advised Puma Energy in connection with its proposed acquisition from Murco Petroleum Limited, a subsidiary of Murphy Oil Corporation, of the Milford Haven facility in Wales, three inland terminals at Westerleigh, Theale and Bedworth and Murco's wholesale and distribution business in the UK.
Wragge Lawrence Graham & Co's energy specialists have advised Primrose Solar (Primrose) on a 104 MW transaction with EDF Energy, one of the UK’s largest energy companies.
Primrose has signed long-term Power Purchase Agreements with EDF Energy for five of its existing solar farms, which includes the UK's largest, in Hampshire. These farms total 104 MWp (Megawatt Peak) of capacity, enough to power approximately 31,500 average homes.
Partner Gus Wood led on the deal, with support from associate Alexandra Poynter.