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Lorenzo Parola

Lorenzo Parola

Partner

Lorenzo is a Partner in the Milan Office. He is admitted both as a Solicitor of England and Wales and to the Italian Supreme Court (Corte di Cassazione).

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Experience

Lorenzo is a leading energy and energy technology lawyer in Italy having been involved in some of the most complex and “first of a kind” transactions in the sector. 

He advises infrastructure funds, utilities and oil majors in domestic and cross-border M&A transactions in the oil & gas, power, renewables, energy transition and energy digitization sectors. He has a substantial track-record on power projects and gas infrastructures (CCGT and renewables plants, merchant interconnector lines, LNG regas terminals, gas pipelines and storages). He is recognised as an unparalleled expert in industry specialty contracts such as such as PPAs, tolling arrangements, take-or-pay GSAs and LNG SPAs, pipeline transportation agreements, EPC contracts, energy efficiency contracts, physical and financial energy trading, including CO2, blockchain and smart contracts. He is instructed, either as counsel or arbitrator, in the context of national and international arbitrations pertaining to gas sales agreements and in the construction sector.

He is recognised as a leading expert by various international industry publications such as Chambers Europe (Band 1), Legal500 (Leading Individual), Who’s Who Legal Energy, Energy and Environment Expert Guides (Top Practitioner), Milano Finanza (Elite Lawyer), LegalCommunity (Star Individual), Acritas Star Lawyer and Best Lawyers (Energy Lawyer of the Year for the City of Milan). He is the only Italian lawyer ever appointed four times as Energy Lawyer of the Year (2014, 2016, 2017 and 2020) and twice as M&A Lawyer of the Year (2018 and 2019) by the Italian leading legal magazine LegalCommunity and three times as Energy Sector Professional of the Year (2011, 2017 and 2019) by the legal magazine TopLegal

Lorenzo has represented:
 

M&A

  • Sorgenia in the process of its sale to a fund managed by F2i SGR, Italy's largest independent infrastructure fund manager and Asterion Capital Partners
  • Marguerite II in the acquisition, through two special purpose vehicles, of  minority interests in Medea and Gaxa, Italgas group companies operating, respectively, in the gas distribution and supply sector in Sardinia region
  • Edison in the acquisition of Gas Natural Vendita Italia and of a long-term GSA for the import of 11 TWh of gas from Shah Deniz II field in Azerbaijian
  • Eiser Infrastructure in the sale of Società Gasdotti Italia, the second largest Italian gas transportation operator, to Macquarie and Swiss Life
  • Osaka Gas in their first Italian investment through the creation of a joint-venture with Erogasmet in the gas distribution sector
  • Edison (EDF's group) in the sale to the Italian infrastructure fund F2i of a majority shareholding in E2i owning renewable assets (wind and PV) for an aggregate capacity of 600MW, as well as in the related plant management and offtake agreements (2014 PFI Europe Renewables Deal of the Year)
 

PROJECTS

  • Representing Sorgenia in the process of its sale to a fund managed by F2i SGR, Italy's largest independent infrastructure fund manager and Asterion Capital Partners
  • Interconnector Italia in the first ever project financing of a merchant interconnector project (Italy-France) under law No. 99/09 (2017 PFI Power Deal of the Year, 2018 TXF Perfect 10 Deals of the Year by Trade & Export Finance and 2018 LegalCommunity Energy Deal of the Year)
  • Trans-Adriatic Pipeline AG in the contractual and regulatory aspects of the TAP (Trans-Adriatic Pipeline) project development, with a particular focus on the application for TPA exemption, on administrative and international law issues (conventions with local authorities, intergovernmental agreements) and on contracts with Snam Rete Gas and Stogit
 

TRADING

  • Representing HIGAS, owner of the first small scale LNG terminal in Italy, in the sale of LNG both via truck and pipeline
  • Representing Edison in the LNG SPA with Venture Global as well as in the back-to-back LNG SPA with EDF for the offtake of LNG from Calcasieu Pass
  • Represented TrailStone Group in the first ever long-term (10 years) PPA in Italy for the offtake of power from a non-subsidized, market parity PV plant
  • Several traders in cases of alleged market manipulation under REMIT and in the implementation of the MAR and MiFID II compliance programs
  • BNP Paribas in the first ever Italian inventory financing secured by a pledge over gas in storage
  • Carnival Corporation in the framework agreement with Shell for the supply of LNG to the new class of cruise ships of Aida Cruises and Costa Crociere

 

Background

Lorenzo joined Herbert Smith Freehills in 2019 after working for other market-leading international law firms. He graduated with a law degree from the Catholic University of Milan.

He is a Visiting Professor at various masters and advanced university courses (LL.M. in Law of Internet Technology of Bocconi University, Master Course in Energy Management and Energy and Finance of MIP – Business School Polytechnic of Milan, II Level Master in Energy Efficiency and Industrial Sustainability of Turin Polytechnic). Together with Public Affairs Advisors and Ref-e, he founded the Italian PPA Committee, a network dedicated to the theme of market parity power purchase agreements that gathered more than 60 members among which energy producers, purchasers, traders and financial institutions.