The CMS Warsaw Tax team has been advising the consortium of Saipem (ENI Group) and Techint since the start of the project in 2011. The team was involved in setting up the consortium, as well as in management and internal financial settlement matters. The project, consisting in the construction of a Liquefied Natural Gas (LNG) terminal in Swinoujscie, on Poland’s Baltic coast, is valued at EUR 692 million.
Ashurst has advised Xcite Energy Limited ("Xcite Energy") on its US$135 million senior secured bond issue issued by its 100% UK subsidiary Xcite Energy Resources Limited ("XER") and a placement of shares in Xcite Energy.
The Ashurst team on the bond was led by structured oil and gas financing partner Huw Thomas, supported by consultant Stephen Edlmann and aassociates Alex Bartho, Hugh Nolan and Letitia Bryan
On the equity element, the Ashurst team was led by partner Nicholas Williamson, supported by associate Deena McCabe.
Hogan Lovells has advised MOL Group on the acquisition of six UK North Sea licences from Premier Oil UK Limited for US$130 million, subject to adjustment, announced on 30 June 2014.
MOL Group has signed a Sale and Purchase Agreement to acquire interests in six Central North Sea offshore licences and related assets; including a balanced mix of existing and new production, as well as both operated and non-operated exploration opportunities in the Scott, Telford and Rochelle fields. The transaction is subject to certain third party and regulatory consents.
The Linklaters Warsaw energy & infrastructure team acted for TERNA ENERGY Group, the Greek renewable energy sources company, which acquired three independent wind farms in northern Poland.
Lawyers advised on all aspects of the transaction, including drafting and negotiating the transaction documents, up to its closing. The first two projects were successfully closed in mid May 2014. The third one is expected to be closed in due course after the fulfilment of certain conditions precedent.
The High Court has overturned a decision by Communities Secretary, Eric Pickles, to block a planned solar farm at a disused airfield in Suffolk proposed by Lark Energy. DLA Piper acted on behalf of Lark Energy on what is expected to be a test case for the renewable energy sector.
Slaughter and May, working with Norwegian firm BA-HR, advised Det norske oljeselskap ASA on the acquisition of Marathon Oil Norway from Marathon Oil Corp in a transaction that values Marathon Oil Norway at US$ 2.7 billion. The transaction, announced on 2 June 2014, is subject to regulatory approvals and is expected to complete in Q4 2014.
Marathon Oil Norway owns 13 licence interests (10 operated) on the Norwegian Continental Shelf and had net production of approximately 80,000 boe per day in 2013.
Ashurst successfully represented AGL Energy Limited in the landmark decision by the Australian Competition Tribunal (ACT) to grant merger authorisation for AGL's proposed acquisition of Macquarie Generation.
The acquisition of Macquarie Generation had initially been rejected by the Australian Competition and Consumer Commission (ACCC) due to competition concerns, leading AGL to seek merger authorisation from the Tribunal - the first time the Tribunal has made a decision under this regime since it was introduced by then Federal Treasurer Peter Costello in 2007.
Charles Russell LLP has successfully advised Europa Oil & Gas Limited, subsidiary of the AIM listed exploration and production company focused on Europe (Europa Oil & Gas (Holdings) plc), in the Court of Appeal, against an appeal by the Leith Hill Action Group (LHAG) of a High Court judgment.
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised IKAV Global Energy S.à r.l. (“IKAV”) on the acquisition of seven rooftop photovoltaic plants from REC Systems Italy S.r.l. i.L. The rooftop plants have an installed capacity of 4.5 MWp and are located in Piedmont, Italy.
Baker & McKenzie recently advised Pacifico Energy K.K. on the JPY 10.98 billion non-recourse project financing of its 32 MW solar power generation facility in Kumenan City, Okayama Prefecture, Japan. The loans were provided by The Bank of Tokyo-Mitsubishi UFJ, Ltd. and The Chugoku Bank, Ltd.
This non-recourse project financing for a foreign sponsor is a key development in Japan's growing renewable energy sector, which has seen a burst of solar project activity by both Japanese and foreign companies since Japan's solar feed-in tariff scheme was introduced in 2012.