White & Case LLP, a renowned international law firm, has provided legal counsel to Highview Power, a trailblazer in long-duration energy storage, on a substantial £300 million investment. This investment, comprising both debt and equity, marks the first step in Highview Power's plan to establish a series of commercial-scale liquid air energy storage (LAES) plants in the United Kingdom. Highview Power's cutting-edge cryogenic energy storage technology sets it apart as a pioneer in the field.
Richard Butland, Co-Founder & CEO of Highview Power said:
“We are delighted to have the support of the White & Case team in bringing about this strategic investment partnership. Our first project in Carrington will be the foundation for our full-scale roll-out in the UK and expansion with partners to share this British technology internationally.”
“We have supported Highview Power on this landmark energy transition project,” said White & Case partner Kamran Ahmad, who led the Firm’s deal team “It is brilliant to see LAES technology developed in the UK almost 20 years ago deployed. It promises to revolutionize energy systems by offering generators and grid operators long duration storage capacity.”
The funding round of £300 million in debt and equity was spearheaded by the UK Infrastructure Bank (UKIB) and Centrica, with the participation of an equity syndicate composed of both existing and new investors such as Sumitomo Heavy Industries, Rio Tinto, Goldman Sachs, KIRKBI, and Mosaic Capital. This financial support will facilitate the development of a cutting-edge LAES plant in Carrington, Manchester, which is set to become one of the largest in the world. Upon completion, the plant will boast a storage capacity of 300 MWh and an output power of 50 MW per hour for a duration of six hours.
The White & Case team in London which advised on the transaction was led by partner Kamran Ahmad and included partners Jonah Anderson, Nicholas Greenacre, Tim Hickman, Katie Hicks, Richard Hill, Marc Israel and Will Smith, counsel Lis Blunsdon and associates Jonathan Toffolo, Jake Seal, Yoon So Lee, Kate Kelliher and Sofia Wake-Walker.
Published by www.lawyer-monthly.com - June 18th, 2024
