Dentons in Poland advised TAURON Polska Energia S.A. in clinching a financing deal with Bank Gospodarstwa Krajowego (BGK) worth one billion Polish zlotys. This is BGK’s biggest financing transaction ever, without precedent in the bank’s history.

The agreement to organize and guarantee a bonds issue was executed by BGK and TAURON on July 31, 2013. The bonds will be issued to finance investment projects to be implemented as part of the investment strategy of the TAURON Group until 2020. The agreement is an element of the Polish Investments Program.

International law firm Simmons & Simmons has advised Mainstream Renewable Power on its joint venture with pan-emerging markets investor Actis for delivering 600 megawatts of wind and solar projects in Chile.

The joint venture is 40% owned by Mainstream and 60% by Actis. Projects developed by Mainstream will be purchased by the joint venture. Mainstream will manage construction and operation of the projects.

Slaughter and May advised the Kuwait Foreign Petroleum Exploration Company k.s.c., a wholly owned subsidiary of the Kuwait Petroleum Corporation, in relation to its US$750,000,000 credit facility.

HSBC Bank Middle East Limited, J.P. Morgan Limited, National Bank of Kuwait S.A.K., The Bank of Tokyo-Mitsubishi UFJ, Ltd and The Royal Bank of Scotland plc acted as initial mandated lead arrangers with National Bank of Kuwait S.A.K. as agent.

The Law Office of Bader Saud Al Bader and Partners advised on Kuwaiti law matters.

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Energy specialist firm HFW has advised the Hellenic Republic Asset Development Fund on the privatisation of the Greek national gas transmission system operator, DESFA.

The disposal of the Greek State's stake in DESFA is part of the multi-billion privatisation programme being implemented by the Greek Government.

Herbert Smith Freehills has advised the financiers on the A$189 million project financing of the 106.8 MW Taralga wind farm, located 45 km north of Goulburn, New South Wales.

The project, a joint venture between Spain’s Banco Santander (Santander) and renewable energy group CBD Energy (the sponsors), represents Santander’s first step into the Australian renewable energy market.

AGL has achieved financial close on its Nyngan and Broken Hill solar PV power stations. Herbert Smith Freehills advised AGL on the projects, working closely with AGL to assist it achieve this significant milestone.

The power stations will have a combined capacity of approximately 155 MW and cost around $450 million. The Nyngan power station (102 MW approx.) will be the largest in the Southern Hemisphere, incorporating some 1,350,000 solar PV panels.

Baker & McKenzie has advised Nacap Australia Pty Ltd and its Holland-based shareholder AFR Investments B.V. on the sale of Nacap to Quanta Services. Nacap is a leading pipeline and construction company and long-time client of Baker & McKenzie.

Allen & Overy said today that the EUR1.4 billion project bond to finance the Castor underground gas storage facility in Spain underlined the market innovation designed to meet Europe's EUR2 trillion need for new infrastructure by 2020.

The Castor underground gas storage facility is jointly owned by Spanish construction company ACS and Canadian oil and gas company Dundee Energy. The facility will provide a 1.9 bcm strategic reserve (1.3 bcm of useful gas) for the Spanish gas system, representing a 30% increase in Spain’s current underground gas storage capacity.

Creditors of Edison Mission Energy on Wednesday asked an Illinois bankruptcy judge for permission to sue the company's nonbankrupt parent, Edison International, based on claims that it sucked all the value out of its subsidiary until it was no longer of use.
 
The official committee of unsecured creditors argued in a court filing that EME itself cannot bring suit against its parent because of a conflict of interest, and that it should be allowed to do so in the interest of maximizing value to the estate.
 

Charles Russell has advised AIM listed Europa Oil & Gas (Holdings) plc on its successful High Court challenge of a Planning Inspector’s decision dismissing its appeal against Surrey County Council’s refusal of consent for an exploratory conventional hydrocarbon well at Holmwood, last Thursday.