Norton Rose Fulbright advises Shell on US$926m sale

Global law firm Norton Rose Fulbright has assisted Shell’s in-house legal team with the disposal of the company’s upstream interests in the Western Desert in Egypt to Cheiron Petroleum Corporation and Cairn Energy Plc for a base price of US$646m, with additional payments of up to US$280m between 2021 and 2024, subject to oil price and exploration results.

Shell’s asset sale in Egypt includes its stake in 13 onshore concessions and its share in the Badr El-Din Petroleum Company (Bapetco). Completion is subject to government and regulatory approvals and is expected to occur in the second half of 2021.

The London-based team was led by senior associate Andrew Davies, supervised by corporate energy partner Hussain Kubba, and supported by associate Jarrett Whitehead. Partner Fiona Millington also provided ECM support.

Hussain Kubba commented: “This high-profile deal in Egypt forms part of Shell’s wider strategy to diversify its Upstream portfolio. We have recently seen a number of significant M&A transactions in the Egyptian Oil & Gas sector, and this transaction further demonstrates our deep bench of experience in terms of both the sector and jurisdiction.”

Maarten Hillen, Senior Legal Counsel at Shell, commented: “As in previous transactions, cooperation with Norton Rose Fulbright was seamless and very effective. The team knows Shell’s ways of working, with a strong focus on in-house support, and added real value to the areas that were material to this transaction.”

Dentons advises the European Federation of Energy Traders

Dentons acted as Ukrainian legal counsel to the European Federation of Energy Traders (EFET) and provided a legal opinion on the enforceability of the EFET General Agreement concerning the delivery and acceptance of natural gas and its collateral arrangements.

EFET promotes competition, transparency and open access in the European energy sector. It currently represents more than 100 energy trading companies, active in over 27 European countries.

Kyiv-based partners Natalya Selyakova and Maksym Sysoiev led the Dentons team, with significant support from Counsel Nadiya Shylienkova, Senior Associate Artem Lukyanov, and Associate Artur Savin.

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Kirkland Represents Bluescape in $115M Equity Investment in Evergy

Kirkland & Ellis represented Bluescape Energy Partners LLC in a common equity investment of approximately $115 million in Evergy Inc. Additionally, C. John Wilder, Executive Chairman of Bluescape, and former U.S. Senator Mary L. Landrieu, will join the Evergy board effective March 1. As part of the transaction, Evergy’s Finance Committee charter has been amended to include competitive analysis and benchmarking of key operating, customer, financial and sustainability performance metrics.

The Kirkland team was led by transactional partners Shubi Arora and Enoch Varner, and associate Josh Teahen; capital markets partner Julian Seiguer; and debt finance partner Arthur Lotz.

Read the Evergy press release

Hogan Lovells boosts Jakarta practice

International law firm Hogan Lovells is pleased to announce that Mochamad Kasmali will be joining the Hogan Lovells DNFP office in Jakarta as a Corporate & Finance partner in the Infrastructure, Energy, Resources and Projects practice. Mochamad has held both in-house and private practice executive roles and most recently was Managing Partner with one of the leading Indonesian domestic firms.

Mochamad is a mining and oil and gas specialist with more than 23 years of experience acting for clients in the energy and resources, mining, power and environmental sectors, on a wide range of corporate matters, including employment. He has advised on some of the biggest infrastructure and M&A projects in Indonesia and for some of the biggest mining companies in the world, including Newmont and BHP.

Commenting on Mochamad’s appointment, Global Head of the Hogan Lovells Corporate & Finance practice David Gibbons, said: “Mochamad’s arrival represents the latest step in our plan for the building out and strengthening of the Indonesian practice which is an increasingly important and attractive region for corporate work, particularly in the global energy and resources sector. Mochamad’s wealth of experience brings enhanced capability to the team supporting both regional clients with operations in APAC as well as domestic Indonesian companies.”

Mochamad Kasmali added: “I am delighted to be joining the Corporate and Finance practice at Hogan Lovells. The firm’s global footprint as well as its integrated nature, particularly across South East Asia, provides the ideal platform for me to further develop my practice and seamless legal service to my clients.”

Eversheds Sutherland advises Magnetar Capital on latest acquisition

Eversheds Sutherland is pleased to announce that it represented alternative asset manager Magnetar Capital in the acquisition of international property and investment group Lendlease’s renewable energy business unit, which will operate under the name Vesper Energy moving forward.

Since its start in 2015, Vesper Energy has commercialised over 680 MW of utility-scale solar projects in the US. Working closely with communities and customers, the company develops, builds and operates high-quality, high value assets that contribute to a sustainable, decarbonised electrical grid. Its current customers include municipalities, higher education institutions, large corporations and integrated electric utilities.

Vesper Energy has an existing 3 GW solar and 2.5 GWh energy storage development pipeline across the US, encompassing 20 unique projects. The company plans to begin construction on three new projects in 2021 in California, Ohio and Pennsylvania.

“We are excited to extend Magnetar’s existing renewables franchise into the rapidly growing utility-scale solar and storage market in North America,” said Adam Daley, co-head of Energy and Infrastructure at Magnetar. “This investment complements our existing solar portfolio companies and reflects our continued commitment to providing growth capital to businesses actively reducing carbon emissions.”

Eversheds Sutherland Partner Thomas H. Warren led the deal team, which also included Partners Michael Gurion and Madeleine M. L. Tan as well as Associates Alistair W. J. McMaster and Alyssa N. Walker.

White & Case advises Calpine on $1.5 Billion of senior notes offerings

Global law firm White & Case LLP has advised Calpine Corporation on the private placement of $650 million in aggregate principal amount of its 4.625% senior notes due 2029 and $850 million in aggregate principal amount of its 5.000% senior notes due 2031. Each offering was upsized at pricing from an initial tranche size of $500 million. White & Case also advised on concurrent tender offers to repurchase and redemptions of the company’s 5.550% senior notes due 2024 and 5.750% notes due 2025.

Calpine is America’s largest generator of electricity from natural gas and geothermal resources and one of the largest retail providers of power.

The White & Case Capital Markets team was led by partners Gary Kashar and Andrew Weisberg, and included partner David Dreier, counsel Isaac Tendler and Heidi Schmid, and associates Abigail Simon, Cesar Briceno Lopez, Kate Warrick, Ami Shin, Appy Ali, Kyle Ezzedine and Robin Heszkel (all in New York).