Global legal practice Norton Rose Fulbright has advised Deutsche Bank, Danske Bank and EKF, the export credit agency of Denmark, in relation to a new 40MW biomass facility at Stockton-on-Tees, Teesside.
The project was originally developed by Eco2 and Temporis Capital and was acquired by Glennmont Partners immediately prior to the financing taking effect. Deutsche Bank and Danske Bank are providing the long term senior debt for the £160m project, with a partial risk cover from EKF.
This is Norton Rose Fulbright’s second biomass transaction with Deutsche Bank and EKF this year having previously advised them on the project financing of a new £160m 40MW biomass facility at Port Talbot, South Wales. The team also advised on iCON Infrastructure’s acquisition of the Rothes CoRDe biomass facility earlier this year and continues to advise the project company owned by iCON and 2OC in relation to the Beckton bioliquid facility.
Richard Hill, partner, Norton Rose Fulbright, comments:
“This marks yet another UK biomass project taking off, which will provide a sustainable energy source. Interest in biomass energy is gaining pace and it is becoming increasingly international as a market; it is certainly an area of growth in the UK’s overall energy mix.”
Mark Dennison, of counsel, Norton Rose Fulbright, comments:
“The transaction reached financial close within two months of our appointment. This is particularly significant given the geographical spread of the parties and the overall deal complexity. It is testament to the quality of our team who were able to advise quickly on their respective areas of experience.”
The cross practice Norton Rose Fulbright team was led by Richard Hill and the project was managed by Mark Dennison. The team also included Rob Marsh, Nazli Okusluk and Laurence Judges (finance), Nigel Dickinson and Charlotte Brown (derivatives), Katie Liszka and Dan Newcombe (engineering, procurement and construction and operations and maintenance), Andrew Hedges, Matt Eccles (regulatory and fuel supply), Wasim Khan, Charles Pinkerton and Alex Common (real estate), Richard Sheen, Clementine Hogarth and Nathan McKinnon (corporate), Caroline May, Duncan Field, Emilia Richards and Katie Whicher (planning and environmental).
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