Press Release
17 April 2008
McGrigors advises HSBC on £30million wind farm project financing
National law firm McGrigors LLP has once again demonstrated its expertise in the renewable energy sector as sole adviser to HSBC on a £30 million project financing for the construction of a wind farm.
The farm will be built in Durham by West Durham Windfarm Limited, a wholly owned subsidiary of HJ Banks Limited. Turbines for the wind farm will be provided by the German group RePower and electricity generated from the site will be sold to utility group E.ON.
Euan McVicar, a partner in McGrigors’ energy and infrastructure team, said, “We are very pleased to have been involved in working with HSBC helping to secure the financing which will see the construction by the HJ Banks Group of 12 turbines, each generating around 2MW of renewable electricity in the North East. We are also delighted that this is the second wind farm project we have brought to close in conjunction with the HSBC team in the last 6 months. The wind energy market will undoubtedly play a significant role in helping the government to achieve its climate change targets and we look forward to taking on more work in this area.”
David Stearns, a Director in HSBC’s Project and Export Finance team, said, “HSBC is proud to have acted as Sole Lead Arranger on this strategic renewable energy project for our longstanding client, the HJ Banks Group. McGrigors played an essential role in the success of the deal - providing experienced partners and strong, specialized teams across the full suite of finance and project documents.”
The McGrigors team was led by Partners Euan McVicar and Stephen Tobin. McGrigors energy team comprises over 40 lawyers across five UK and international offices, advising on all sectors of the energy industry. It is currently advising on renewable projects across the UK and Europe.
For further information please contact:
Andy Peat
Communications Manager
Telephone - +44 (0) 20 7054 2710
Mobile - +44 (0) 7894 835 386
Email - andy.peat@mcgrigors.com