Global law firm Norton Rose Fulbright has advised Pavilion Energy Pte Ltd (Pavilion Energy) on the acquisition of a portfolio of LNG supply contracts from European energy utility company Iberdrola.
The portfolio comprises of around four million tonnes per annum (mtpa) of Iberdrola's long-term sale and supply LNG contracts. It also includes long-term regasification of approximately two mtpa at the Grain LNG Terminal (UK), regasification access in Spain, and the Spanish-France border pipeline capacity, as well as the time-charter of a newbuild MEGI LNG vessel. In a related transaction, both parties have also concluded a gas sales agreement for Pavilion Energy to supply natural gas to Iberdrola Generación Espana.
The Norton Rose Fulbright cross-border team advising Pavilion Energy was led by Singapore energy partner Ben Smith and included Singapore partners Stephen Begley and Colin Rice, London partners Nick Prowse, Hussain Kubba, Stephen Rigby and Wasim Khan, and Brussels partner Christian Filippitsch. The deal team also included Singapore senior associates Ben Swift and Laura Hamilton, associate Francesca North and international trainee SuZanne Yap. Assistance was provided in London by consultant Joosje Hamilton, Of Counsels Alex Neovius and Lucy Bruce Jones, senior associate Charlotte Tullis and associates Inga Aryanova and Suncica Miletic.
Garrigues law firm advised on Spanish law aspects of the deal, led by Álvaro Valle, and Iberdrola was advised by Clifford Chance.
Ben Smith, who focuses on oil and gas transactions, commented:
"We were delighted to support Pavilion Energy on this transformative deal which gives Pavilion Energy a portfolio of prime assets primarily in Europe and the Atlantic Basin. This transaction will help Pavilion Energy grow its LNG trading business with global reach, scale and flexibility. Iberdrola is not the only European utility company looking to decarbonise its business and we anticipate that many Asian LNG players will be interested in similar transactions to this one as a way of gaining access to the highly liquid gas markets of Europe."
Norton Rose Fulbright has one of the largest and most dynamic energy practices in the world. The firm is ranked as a leading firm for energy and natural resources in the latest editions Chambers Asia Pacific and Legal 500 Asia Pacific (Singapore).