Energy

Oil & gas

Saudi Aramco US$11 billion Jafurah midstream lease-and-leaseback deal
Advised Saudi Aramco on a US$11 billion lease-and-leaseback deal, involving its Jafurah gas processing facilities, with a consortium of international investors led by funds managed by Global Infrastructure Partners (GIP), part of BlackRock. As part of the transaction, Jafurah Midstream Gas Company (JMGC) will lease development and usage rights for the Jafurah Gas Plant and the Riyas NGL Fractionation Facility, and lease them back to Saudi Aramco for a period of 20 years. JMGC will receive a tariff payable by Saudi Aramco in exchange for granting the exclusive right to receive, process and treat raw gas from Jafurah.

US$7 billion investment in Port Arthur LNG Phase 2
Advised the co-investors in a Blackstone Credit & Insurance (BXCI) –led investor consortium on a US$7 billion investment in Sempra Infrastructure Partners' Port Arthur LNG Phase 2. Funds managed by BXCI, together with KKR, Apollo-managed funds and Private Credit at Goldman Sachs Alternatives, acquired a 49.9 percent minority equity interest in the project. The investment will advance the development, construction and operation of the Port Arthur LNG Phase 2. The new phase will include two natural gas liquefaction trains, one LNG storage tank and associated facilities with a nameplate capacity of approximately 13 million tonnes per annum (Mtpa) of US-produced LNG to help produce reliable energy to global markets.

Galp Energia's exchange of participating interests in Namibia's Orange Basin
Advised Galp Energia SGPS SA (Galp Energia), a leading Portuguese energy company, on its exchange of interests with TotalEnergies SE (TotalEnergies) in Namibia's Orange Basin. The transaction centers on two of the most significant oil discoveries in Namibia: the Venus Field and the Mopane Field. Under the agreement, Galp Energia and TotalEnergies will exchange Galp Energia's 40 percent participating interest in Petroleum Exploration License PEL83 (containing the Mopane oil field) for TotalEnergies' 10 percent interest in PEL56 and 9.39 percent interest in PEL91 (containing the Venus oil field).

US$3.1 billion Balikpapan Refinery Financing
Advised the subsidiary of Indonesian state-owned oil & gas company Persero on the US$3.1 billion financing for the Balikpapan RDMP project in Indonesia. The lenders included EXIM, KEXIM, K-SURE, SACE and 14 commercial lenders. This won "Energy Project of the Year: Downstream" from Gulf Energy 2024 and "APAC Oil & Gas Deal of the Year–Decarbonization" from IJGlobal 2024.

Eni €4.9 billion acquisition of Neptune Energy
Advised Eni on its €4.9 billion acquisition of Neptune Energy Group Limited. Eni acquired assets comprising Neptune's entire portfolio other than its operations in Germany and Norway. The German operations were carved out prior to the Eni transaction, and the Norwegian operations were acquired by Vår directly from Neptune under a separate share purchase agreement.

US$440 million Terminal Química Puerto Mexico (TQPM) ethane import terminal financing
Advised Terminal Química Puerto México (TQPM), a 50/50 joint venture between Braskem Idesa and Advario, on its US$440 million development bank-supported financing for the construction of an ethane import terminal and pipeline project to supply the Etileno XXI petrochemical complex in Mexico. This was awarded "Latin America Oil & Gas Deal of the Year–Other" from IJGlobal 2024.

Power & renewables

€10.6 billion joint venture to create one of Europe's leading flexible power generation platforms
Advised Energetický a průmyslový holding, a.s. (EPH) on the establishment of a 50/50 joint venture (JV) with TotalEnergies, valued at €10.6 billion. The JV will operate and develop a leading flexible power generation portfolio across selected European markets including Italy, the Netherlands, the UK and Ireland, and France. The transaction involves the sale of a 50 percent interest in EPH's existing flexible power generation assets to TotalEnergies. The portfolio includes gas-fired power plants, biomass assets, battery energy storage systems (BESS) and B2B energy supply activities across Italy, the UK and Ireland, the Netherlands and, subject to consultation, France.

US$1.6 billion project financing of the 583 MW Greater Changhua 4 Offshore Wind Farm, Taiwan
Advised the finance parties, comprising ECAs and commercial lenders, on the i) the US$1.6 billion project financing of the 583 MW Greater Changhua 4 Offshore Wind Farm in Taiwan, as part of Ørsted's 50 percent equity divestment to Cathay Life. This deal won "Taiwan Renewable Energy Deal of the Year – Offshore Wind" at The Asset Triple A Sustainable Infrastructure Awards 2025, "Asia-Pacific Power Deal of the Year" at the PFI Awards 2024 and "APAC Renewable Deal of the Year – Offshore Wind" at the IJGlobal Awards 2024, and ii) approximately US$3.3 billion project financing of Ørsted's 632 MW Greater Changhua 2 Offshore Wind Farm, located off the coast of Changhua County, Taiwan.

£7 billion rights issue by National Grid plc, the largest rights issue in the UK since 2010
Advised Barclays Bank PLC and J.P. Morgan Securities plc, acting as joint sponsors, joint global coordinators, joint bookrunners and underwriters, on a fully underwritten £7 billion rights issue by National Grid plc, the largest rights issue in the UK since 2010. The net proceeds of the rights issue will principally be used to fund a higher-growth investment phase for National Grid, with approx. £60 billion of capital investment expected during the five-year period from full-year 2025 to full-year 2029.

Landmark green project bond refinancing of world's largest single-site solar project
Advised Sweihan PV Power Company PJSC (SPPC) on the issuance of its US$700.8 million 3.625% senior secured amortizing green project bonds due 2049. The issuance is the first green project bond in the MENA region. It is also the first green bond offering for a UAE renewables project to international investors and is a critical part of the Emirate of Abu Dhabi's energy transition strategy. The UAE has a target to meet more than 50 percent of its power needs from renewables by 2050, which is part of the country's Energy Strategy 2050 to reduce carbon emissions by 70 percent.

Calpine US$16 billion sale to Constellation Energy
Advised Calpine on its US$16 billion sale to Constellation Energy. The agreement creates the largest and most reliable clean energy provider in the US, with a diverse, coast-to-coast portfolio of zero- and low-emission generation assets. The cash and stock transaction, which comprised 50 million shares of Constellation stock and US$4.5 billion in cash plus the assumption of approximately US$12.7 billion of Calpine net debt, creates the US's largest clean energy provider, and opens opportunities to serve more customers coast-to-coast with a broader array of energy and sustainability products.

US$12 billion acquisition of power portfolio from LS Power
Advised NRG Energy on its US$12 billion acquisition of a 13 GW natural gas generation portfolio, and the CPower commercial and industrial virtual power plant platform from LS Power.

Banobras and FONADIN approx. US$6 billion acquisition financing for a portfolio of 13 power plants
Advised Banobras and FONADIN on the financing of the US$6.2 billion acquisition of an 8.5 GW Iberdrola portfolio of 13 power plants in Mexico by the Mexican government. This was awarded "Latin America Market Impact of the Year" and "Latin America Energy Transition Acquisition of the Year" by IJInvestor 2024, "Americas Loan Deal of the Year" by IFLR 2025, "Banking & Finance Deal of the Year" by Latin Lawyer 2025, "Infrastructure Financing of the Year" and "Power Financing of the Year" by LatinFinance 2025 and "Latin America M&A Loan Deal of the Year" by Global Banking & Markets 2024.

Energy transition

NEOM Green Hydrogen Project, the world's largest green hydrogen facility
Advised NEOM Green Hydrogen Company on the landmark US$8.4 billion NEOM Green Hydrogen Project. It is the world's first utility-scale green hydrogen facility and the largest greenfield renewables project in history. The project, which will be powered by 4 GWs of solar and wind energy, is expected to produce up to 600 tonnes per day of carbon-free hydrogen. The financing involved a syndicate of 21 commercial banks, export credit agencies and development finance institutions.

SAFCO Ventures
Advised SAFCO Ventures on the US$141.9 million combined debt and equity raise for a sustainable aviation fuel facility in Sheikhupura, Pakistan. This is the first SAF project financing anywhere in the Middle East, Central Asia and Asia-Pacific, and among the first DFI bankable SAF offtake arrangements in all of Asia-Pacific.

Melbourne Renewable Energy Hub Stage A
Advised Equis on reaching equity and contractual close for the AUD 1.1 billion Stage A of the Melbourne Renewable Energy Hub, which comprises a 600 MW/1,600 MWh battery that will be one of the biggest batteries in the world. The transaction included a AUD 245 million equity investment from the Victorian State Electricity Commission (SEC). The Melbourne Renewable Energy Hub is the first project funded by the SEC.

Beccs Stockholm, one of the world's largest carbon capture facilities
Advised Stockholm Exergi on the financing to build one of the world's largest carbon capture facilities. Stockholm Exergi's planned facility, Beccs Stockholm, will be built at the bio-combined heat and power plant in Värtahamnen. The facility already produces sustainable electricity and district heating from forestry residues, delivering reliable and dispatchable electricity while keeping Stockholmers warm through a 3,000-kilometer-long district heating network. By adding carbon capture and storage of biogenic CO₂, Stockholm Exergi will create even greater climate benefits.

Raízen second-generation ethanol-to-gas facilities in Brazil
Advised the arrangers on a first-of-a-kind US$617 million green future flow financing to support the construction of second-generation ethanol (E2G) facilities in Brazil being developed by Raízen. This was awarded "Latin America ESG Power-to-X Deal of the Year" by IJGlobal 2024 and "Sustainable Infrastructure Financing of the Year" by LatinFinance 2024.

STRATOS, the world's largest direct air capture (DAC) facility
Advised Occidental Petroleum on its joint venture with and US$500 million investment from BlackRock for the development of the STRATOS direct air capture (DAC) facility in Texas. This was awarded "CCS/CCUS/Carbon Removal Project of the Year" by Gulf Energy Information 2024 and "North America Power to X Deal of the Year" by IJGlobal 2024.

ATOME Energy first-of-a-kind green hydrogen fertilizer project in Paraguay
Advised ATOME on all ongoing development and financing arrangements for its first-of-a-kind Villeta green hydrogen fertilizer project in Paraguay, including the signing of a US$465 million EPC agreement and the negotiation of a long-term committed offtake agreement with a price floor, the first of its kind in the green hydrogen and green ammonia sectors.