Martin Stewart-Smith

Counsel

London + 44.20.7039.5150

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Martin Stewart-Smith is a highly experienced energy transactions and regulatory lawyer with more than 35 years' experience all over the world on a wide range of projects and transactions in the energy sector.

Martin has advised project developers, sponsors, lenders, host governments, and energy regulators across the energy sector from multibillion dollar upstream oil and gas developments, liquefied natural gas (LNG) projects, and downstream refining and commercialization to energy transition projects such as carbon capture and storage and green and blue hydrogen projects. He also has advised on project development and project financing of conventional gas-fired power projects, both onshore and offshore wind farms as well as solar PV (photovoltaic) and other renewable technologies. He has extensive experience in energy regulation, particularly in the United Kingdom in relation to licensing and all applicable industry codes and their modification in natural gas and in electricity. He also drafted the energy laws of several major countries during and after his two-year secondment to the World Bank in Washington, D.C.

Prior to joining Jones Day in 2025, Martin advised on many matters, including Oman LNG in relation to long-term LNG sale and purchase agreements and joint marketing arrangements for LNG optimization and issues related to the Beyond 2024 Project and National Gas Transmission in relation to the Scottish Cluster/Acorn Carbon Capture and Storage (CCUS) project and on the drafting of legal text and commentary on various proposed key modifications to the Uniform Network Code (UNC), the industry wide code to which all shippers and users of the United Kingdom national gas transmission system are a party, relating to charging methodologies.

Experience

The following represents experience acquired prior to joining Jones Day.

Advised the Hellenic Republic Asset Development Fund (Government of Greece) in relation to the joint sale with Pan European Group of 50.1% of Hellenic Petroleum S.A. (ELPE:ATH) (alongside Goldman Sachs and National Bank of Greece as financial advisors), the largest ever privatization in Greece at more than $2.2 billion.

Advised on the development of three new cross-border electricity projects in the United Kingdom third window cap-and-floor mechanism (each project being 1,400MW) as follows: Tarchon (Germany-GB); Cronos (Belgium-GB), and Aminth (Denmark-GB); the total construction cost of these three major European interconnector projects is in excess of $3 billion.

Advised the sponsors on the 1300MW HVDC and 500kV AC CASA 1000 cross-border electricity transmission project as project counsel across four countries, including IGAs (intergovernmental agreements), HGA (host government agreements), standard form PPAs (power purchase agreements), and master agreement and the financing plans with the World Bank and other funding agencies. This onshore cross-border interconnector is under construction.

Advised a Japanese energy company on the sale of its interests in the £1.9 billion West of Duddon Offshore Wind Farm in the Irish Sea.

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