China General Nuclear Power Corporation 's ('CGN') investment into the UK's first new nuclear power station for a generation which signs today, sees the culmination of three years of work for law firm Ashurst on this ground breaking project.
Ashurst is advising CGN on its investment into Hinkley Point C, the establishment of a broader UK partnership for the development of new nuclear power stations at Sizewell in Suffolk and Bradwell in Essex and a key joint venture designed to bring Chinese nuclear technology to the UK for future projects.
Commenting, co-head of corporate and CGN relationship partner, Robert Ogilvy Watson said:
"Being so closely involved in the largest ever in-bound investment by China into the UK in such an important sector of the British economy has been a fascinating challenge. The opportunities for the UK in the supply chain will create significant new employment and industrial opportunities in Britain and foster closer commercial relationships between Britain, China and France.
The new legal framework for future foreign investment in Britain's critical infrastructure which the UK Government plans to introduce will align the legal framework in this country more closely with that in other advanced Western economies. How exactly this is introduced and applied to other critical sectors remains to be seen. However, this project certainly paves the way for Britain to engage with foreign investors in a post-Brexit environment and Ashurst has been at the forefront of it."
Utilities partner David Wadham added:
"The experience China brings to nuclear development is considerable given the massive new build nuclear program underway there. Britain has a pressing need to develop new generation capacity to meet the Government's aims of maintaining security of supply and reducing carbon emissions. Hinkley Point C and China's involvement in the UK electricity industry can contribute significantly towards those aims. Ashurst is involved in all aspects of the UK electricity sector, including nuclear, renewable and gas-fired generation, as well as transmission and distribution. In the nuclear sector, Ashurst is advising on other new build projects in the UK and is advising CGN on the Cernavoda nuclear project in Romania. "
The core Ashurst team led by partners Robert Ogilvy Watson and David Wadham included: partners Nikhil Markanday (finance), Neil Cuninghame (EU Law and regulatory), Christopher Bates (IP and technology) and Nicholas Gardner (tax); senior associates Mary Seely (corporate), Anthony Johnson (utilities) and Nacim Bounouara (finance); and associates Hugh Nolan (Hinkley), Samantha Hall (finance) and Will Glover (Sizewell and Bradwell). Overall a team of 50 Ashurst lawyers has advised on the transaction.
Clifford Chance (led by John Wilkins) are acting as legal advisers to EDF SA and Herbert Smith Freehills (led by Julia Pyke) are advising EDF Energy Limited and NNB (the Hinkley project company).
