Herbert Smith Freehills is advising AGL on its A$1.505 billion acquisition of the assets of Macquarie Generation , including the 2,640MW Bayswater Power Station, the 2,000MW Liddell Power Station, the 50MW Hunter Valley Gas Turbine and the Liddell Solar Farm (MacGen Assets), and associated A$1.2 billion capital raising and A$350 million debt funding.
MeyGen has secured the funding from The Crown Estate and the Scottish Government for the first phase of its Pentland Firth tidal renewable energy project.
The MeyGen project, which is the largest tidal scheme to have been consented in Europe, will ultimately consist of up to 400 Megawatts of generating capacity, enough energy to power 400,000 homes. The project is situated in approximately 3.5km2 of the Inner Sound of the Pentland Firth off the north coast of Scotland between Caithness on the Scottish mainland and the Island of Stroma.
Ashurst has advised Shanks and Interserve on the £213 million funding for the development of a mechanical biological treatment facility and waste gasification plant in Derby under their 30 year PPP waste services contract with Derby City and Derbyshire Country Councils. The funding will be provided by the UK Green Investment Bank, Bayern LB and Sumitomo Mitsui Banking Corporation with sponsor commitments from Shanks Group plc and Interserve Group plc.
Shearman & Sterling advised Marathon Oil Corporation on the negotiation of a deep-water off-shore oil exploration and production-sharing contract with the Government of Gabon.
Marathon Oil Corporation (NYSE: MRO), through its wholly owned subsidiary Marathon Oil Exploration Limited, has signed a deepwater exploration and production-sharing contract (EPSC) for Gabon offshore Block G13, named Tchicuate.
The Shearman & Sterling team was led by Christophe Asselineau, head of the firm’s Paris Project Development & Finance Group.
Burges Salmon has advised renewable electricity company Good Energy Group PLC on its disposal of a consented solar project.
The disposal comprised the sale of its 100 per cent shareholding in a group subsidiary which holds the consented 49.9MW solar site in West Raynham, Norfolk to a member of the Trina Solar group which completed at the beginning of August.
The solar project was sold for between £3.4 million and £6.8 million. The final figure will depend on when the site is commissioned.
Ashurst advised Lamprell plc, a leading provider of diversified engineering and contracting services to the onshore and offshore oil and gas and renewable energy industries, on a US$ 600 million facilities agreement. The new arrangements will replace the Lamprell group's existing facilities with a US$ 350 million facility, comprising a US$ 100 million term loan, US$ 50 million for general working capital purposes and US$ 200 million of working capital for project financing.
Linklaters LLP has advised Speyside Renewable Energy Partnership Ltd on the successful development and financing of the Speyside combined heat and power plant project in Scotland. The construction of the project will be funded by a public bond issue, guaranteed by Infrastructure UK (“IUK”), which has been launched today. This will be the first project finance bond issue guaranteed by IUK in the biomass sector.
Speechly Bircham has acted as legal adviser to The Renewable Power Exchange Ltd (RPE) on its investment in the wind farm development in East Lothian, Scotland known as Ferneylea 1.
RPE is a unique business that has been set up to both generate renewable energy and to work on projects that supply people living on low incomes or in fuel poverty within the UK. Ferneylea 1 will comprise a two turbine, 1.5 MW site in East Lothian, Scotland, and is the first in RPE's pipeline of renewable energy opportunities.
Norton Rose Fulbright has advised Tauron Polska Energia S.A. in the process of establishing a joint venture TAMEH Holding with ArcelorMittal Poland.
Norton Rose Fulbright has advised the Australian Renewable Energy Agency (ARENA) on a A$164 million 56MW solar photovoltaic power plant to be constructed at Moree, New South Wales. ARENA is to provide A$101.7 million in grant funds to Moree Solar Farm Pty Ltd. The project will also be partially funded by a A$47 million loan from the Clean Energy Finance Corporation.