5 October, 2016
Eversheds has advised a consortium of Chinese banks, led by China Development Bank Corporation (CDB), on key aspects of the financing of the £16 billion Hinkley Point C nuclear new-build project (HPC).
The Eversheds team, comprised of partners Alex Doughty (London), Jay Ze (Beijing), Samuel Chau (Hong Kong) and associates Kang Qiao (Beijing) and Lim Jian Liang (London), advised on the initial c. £4 billion credit facilities, with a further c. £4 billion to follow.
HPC, Europe's largest infrastructure project, will be constructed near the existing Hinkley Point B station in Somerset and is scheduled for completion in 2023. It is expected to provide seven per cent of the UK’s electricity needs and operate for 60 years.
Alex Doughty commented:
“Hinkley Point C is one of the most complex project financings currently underway anywhere in the world. It has been an extremely challenging and interesting piece of work, involving the development of innovative financing structures. This project is an outstanding example of an Eversheds team working together across our global network. My thanks to everyone for their hard work in bringing this initial financing phase to a successful close.”
Rob Pitcher added:
“Our work on Hinkley confirms that Eversheds reaffirms our position as one of the leading international energy and finance firms. Hinkley Point C is a ‘once in a generation’ project and it has been instrumental in putting Eversheds at the forefront of large-scale energy projects in the UK, in Europe and around the world.”
Jay Ze noted:
“China Development Bank is a strategically important client of the firm. Our work on Hinkley means we are now well-positioned to target further instructions from them. I would like to highlight the success of our cross-centre team and express my thanks for their outstanding legal and project management skills.”
