Clifford Chance has advised the transmission system operator ONTRAS Gastransport GmbH on its acquisition of a 16.5 percent fractional ownership in the EUGAL pipeline project. The vendor is GASCADE Gastransport GmbH, which has had sole responsibility for the project to this point. Two further transmission system operators, Fluxys Deutschland GmbH and Gasunie Deutschland Transport Services GmbH, also each acquired a 16.5 percent fractual ownership at the same time.

Global law firm Norton Rose Fulbright has advised Canadian Solar on the proposed investment by investment manager Foresight Group in a portfolio of three solar farms in Queensland.

The portfolio comprises the 17MW Longreach project, the 30MW Oakey 1 project and the 70MW Oakey 2 Project. The Longreach and Oakey 1 Projects are currently under construction and are expected to be connected to the grid during the course of 2018.

De Brauw has adviced Odfjell Terminals B.V. on the sale of its shares in Singapore Tank Terminal.

Nature of transaction
Odfjell Terminals B.V. has entered into an agreement with a fund managed by Macquarie Infrastructure and Real Assets to sell its 50% ownership in Oiltanking Odfjell Terminal Singapore Pte Ltd for a price around USD 300 million. This implies an enterprise value of around USD 330 million for Odfjell Terminals B.V.’s share in the Singapore terminal.
Value of transaction
USD 330 million
De Brauw involvement

The firm’s corporate team has advised energy storage and clean fuel company, ITM Power plc (an AIM quoted company), on its placing and open offer to raise approximately £29.4 million.

The placing and open offer was arranged by Investec Bank plc and approved by the shareholders of ITM Power plc on 19 October 2017.

Herbert Smith Freehills’ full service project finance team has advised Kennedy Energy Park Pty Ltd (KEP) in relation to the construction, offtake, grid connection and project financing of the Kennedy Energy Park, located in the Flinders Shire in central north Queensland, which reached financial close on 18 October 2017. The project is expected to be fully operational within twelve months.

Herbert Smith Freehills’ full service project finance team has advised Kennedy Energy Park Pty Ltd (KEP) in relation to the construction, offtake, grid connection and project financing of the Kennedy Energy Park, located in the Flinders Shire in central north Queensland, which reached financial close on 18 October 2017. The project is expected to be fully operational within twelve months.

In a landmark judgment, the Court of Appeal has today dismissed UBS's appeal and upheld the 2014 decision of the High Court in favour of the Leipzig Water Authority, KWL by a 2:1 majority. UBS brought the appeal in an effort to overturn the High Court ruling (reached following a 15 week trial), in which Mr Justice Males described UBS's dealings with KWL as "a case study in how not to conduct investment banking in an honest and fair way".

Norton Rose Fulbright has advised the e-mobility pioneer Voltabox AG on its initial public offering which took place on 13 October. The shares of Voltabox AG, a subsidiary of paragon AG, are traded on the prime standard regulated market of the Frankfurt stock exchange since last Friday. The initial public offering was supported by Bankhaus Lampe AG as sole global coordinator and was accompanied by Hauck & Aufhäuser Privatbankiers AG as joint bookrunner.

Herbert Smith Freehills is delighted to have advised WorleyParsons Limited (WorleyParsons) on its A$322 million underwritten 1 for 10 pro rata, accelerated non-renounceable entitlement offer of shares in WorleyParsons (Shares), announced to the ASX on 9 October 2017 (Offer).The Offer consists of an accelerated institutional rights issue and a retail rights issue, at an issue price of A$13.00 per new Share.

Dentons has advised Swiss-based global energy and commodity group Mercuria Energy Group on its acquisition of Noble Americas Gas and Power Corp, the North American gas and power division of Singapore-listed commodity trader Noble Corp. The deal closed on September 29, 2017.

The Dentons team was led by Competition and Antitrust partner Adam S. Goodman, who provided Canadian regulatory advice and Banking and Finance partner Michael Henriques, who advised on financing.