Ashurst has been acknowledged in three prize-winning deals at the PFI Awards, held on 30 January in London. The awards were presented in recognition of the Lundin Petroleum financing, Carrington Power's CCGT development and Agility trains consortium's financing of the Intercity Express Programme (IEP).
Ashurst advised Lundin Petroleum on its fully committed 7-year senior secured revolving credit facility of US$ 2.5 billion, the project was awarded the European Oil & Gas Deal of the year accolade. The facility will provide the necessary financial flexibility to carry out Lundin Petroleum's development and exploration projects in Norway, including the Edvard Grieg and Brynhild developments.
Energy partner, Huw Thomas, commented:
"We are very pleased to have advised Lundin Petroleum on this major financing transaction which demonstrates the firms strength in advising on multi-jurisdictional reserve based lending transactions. This deal is a benchmark for other RBLs in terms of structure and success in the market. We are delighted that the importance of the deal has been recognised with this award."
The firm also advised RBS, Lloyds, Santander, BBVA, HSBC and KfW as lenders to Carrington Power Limited in relation to the development of an 884.6MW combined cycle gas turbine (CCGT) power plant in Carrington, Manchester. Société Générale provided a letter of credit facility. This project was named European Power Deal of the Year.
Antony Skinner, energy partner, said:
"Not only is this is the first CCGT power plant in the UK since Severn Power (Financial Close 23 March 2008) but it will be amongst the most efficient generators of electricity in the UK. To be involved in such a pathfinder deal which has been recognised in this way is a great honour."
In addition, Ashurst advised the funders to the Agility trains consortium on the successful £2.5 billion financing of the first phase of the IEP, which included the manufacture of 57 new high speed trains and three maintenance depots. This deal was awarded the European PPP Deal of the Year award.
This project also included Japan Bank for International Co-operation's first lending into a UK PFI, and Nippon Export and Investment Insurance's first insurance product for a UK PFI Project.
Commenting on the deal, head of energy, transport and infrastructureMark Elsey said:
"We are delighted to have been involved in some of the most complex projects to have been successfully closed over the last year. These deals demonstrate the breadth of our practice and cement our position at the cutting edge of the wider projects market."
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