Prokopiou-backed Pure Energy Signs $1.1 Billion Sale and Leaseback Deal

Watson Farley & Williams (“WFW”) advised CMB Financial Leasing Co., Ltd. (“CMBFL”) on the US$1.1bn sale and leaseback of five 200,000m3 LNG carriers with Pure Energy Limited (“Pure Energy”), which includes pre-delivery and post-delivery financing arrangements on vessels which are to be employed on a long term basis with multiple reputable market leading chartering groups.

Founded in 2008, Shanghai-based CMBFL provides financial leasing solutions to large, medium and small businesses across China. It is a subsidiary of China Merchants Bank, the first joint stock-holding commercial bank owned by corporate legal entities in China.

Pure Energy is controlled by Greek shipowner Mr George Prokopiou, founder of Dynacom Tankers, Sea Traders and Dynagas. It focusses on the adoption of clean energy solutions through sustainable practices and digital innovations.

The WFW Hong Kong Assets Structured and Finance team that advised CMBFL was led by Partner Christoforos Bisbikos and supported by Partner Dora Ying and Associate Jennie Wong.

Lead Partner Christoforos commented: “We are thrilled to be involved in a significant transaction for our long-standing client CMBFL. This transaction is a testament of CMBFL’s capacity to support its clients in capital intensive projects such as this one which involves the financing of very large LNG carriers. This demonstrates our ability in handling complex cross-border transactions”.
Source: Watson Farley & Williams (“WFW”)