DWF advised on the property transactions, energy management agreement and grid sharing arrangements entered into by Discovery Park Limited with the joint venture between the fund Copenhagen Infrastructure Partners (CIP) and the contractor Burmeister & Wain Scandinavian Contractor A/S (BWSC), worth £160million. CIP and BSWC have acquired 100% of the biomass plant project with BWSC overseeing the construction, operation and maintenance of the project.
The biomass plant is expected to be commissioned during the summer of 2018 with a capacity of 27.8MW and will be primarily fired by virgin wood sourced in the UK. The project has been developed by Estover Energy Limited and will produce enough power to service 50,000 households as well as secure supplies for Discovery Park.
The team at DWF was led by real estate partner Andrew Flounders and renewable energy specialist Christian Hellmund with support from corporate partner David Gilchrist and numerous others in DWF’s renewable energy team.
Paul Barber, Managing Director, Discovery Park, said:
“The signing of this deal is great news for Discovery Park and in agreeing terms for a £160million investment is a vote of confidence in this site’s ongoing success. We’ve worked with DWF for a number of years and they never fail to please. The team is efficient, trusting and innovative in finding solutions when problems arise in order to see a successful outcome.”
“This has been the sort of transaction that reminds us all why we aspired to be lawyers – a truly challenging project intellectually and administratively, requiring stamina and commitment, with the opportunity to work hand-in-glove with a loyal and appreciative client in Discovery Park Limited and eventually helping to deliver a very rewarding and successful outcome.”
“It has been a real pleasure to work with the Discovery Park team to bring this exciting biomass project to a successful completion. This deal highlights DWF’s ability, knowledge and experience advising on complex energy and renewables transactions and demonstrates the high calibre of our renewable energy team and its offering.”
DWF’s circa 50-strong renewable energy team leverages in-depth knowledge and experience in the renewables sector to deliver legal advice in a commercial context and has been involved in a number of significant deals and their financing in the sector for a number of years in the UK and internationally.
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