Linklaters advises on new £190m renewable electricity plant on the Thames
24 March 2015, London: Linklaters LLP has advised Investec Bank plc, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. and EKF (the Danish Export Credit Agency) on the limited recourse financing of a waste-wood fired biomass power plant, located at the Port of Tilbury, Essex.
The sponsors are Aalborg Energie Technik a/s, ESBII UK Limited and UK Green Investment Bank plc. The agreement marks ESB’s first investment in the UK’s waste and biomass sector.
The Tilbury Green Power facility is expected to generate 300 GWh of green electricity per year, enough to power more than 70,000 homes, when it is commissioned in early 2017.
Richard Coar, Projects partner at Linklaters, said: “We are pleased to have been involved in the financing of another important transaction in the biomass sector. Base load renewable transactions such as Tilbury are significant in that they support both the UK’s low carbon economy and help to meet the 2020 targets, whilst avoiding the intermittency issues associated with other forms of renewable generation. We look forward to working with all the parties who have made Tilbury a success, together with our other clients, to close a number of other dedicated and CHP biomass transactions prior to the expiry of the RO support regime. Looking further ahead, we are certainly hopeful that CHP biomass transactions have a future as part of the CfD regime.”
The Linklaters LLP team was led by Energy and Infrastructure partner Richard Coar and included Real Estate partner Mark Burgess-Smith and an Energy and Infrastructure team comprising Elizabeth Charlesworth, David Leeming and Thomas Chappatte. A separate Linklaters LLP team led by partner Jeremy Gewirtz and senior associate Daniel Turgel advised the UK Green Investment Bank plc in its capacity as a shareholder in the project.