Grandall Law FirmRelease Date: 2021-06-02
On 20 May, ALB officially announced the 2021 ALB China Law Awards, and State Power Investment Corporation (SPIC)'s acquisition of Brazil GNA which is advised by Grandall won the Energy & Resources Deal of the Year. LIU Ji, executive partner and director of Grandall Beijing, attended the award ceremony on behalf of Grandall.
On August 8, 2020, SPIC, through its Brazilian energy company, signed an equity acquisition agreement, a subscription agreement and a co-development agreement with PRUMO Brazil, a company held by the US-based EIG Global Energy Fund, BP and Siemens, regarding GNA, a large-scale gas project in Porto Açu, Brazil, whereby, SPIC will acquire a 33% stake in the GNA Phases I and II power projects and the right to participate in future project investments in GNA Phase III and Phase IV.
GNA Phase I and Phase II power plants are the largest natural gas-fired power projects in Latin America. Grandall Hangzhou has acted as the legal advisor for the overseas company of China Power International Development Limited and SPIC Brazil branch with SUN Tingjuan, MA Yue, FANG Si, and FANG Lei constituting the Chinese legal team for this project and provided the whole legal services.