Watson Farley & Williams (“WFW”) advised VPI on securing a loan facility from a syndicate of UK and international banks to refinance existing debt for its UK combined combustion gas turbine portfolio of over 2GW, including plants at Damhead Creek, Rye House, Shoreham and Blackburn.
Headquartered in London, VPI is a leading power company operating eight sites and developing multiple others across the UK, Ireland and Germany, with a combined capacity of approximately 3.5 GW.
The WFW London Energy team that advised VPI was led by Global Energy Sector Head Henry Stewart, supported by Associates Oli Baines and Ellen Mackie and Trainee Sam Gunnewicht. Real Estate advice was provided by Partner John Rosmini, Counsel Charlotte Williams and Associate Emily Harper. Partner Emmanuel Ninos and Associate Ben Harvey offered project development expertise, whilst Partner Andy Savage, Senior Associate David Bath and Associate Jonathan Ford advised on corporate law matters. Partner Solange Leandro provided regulatory advice, and Partner Nick Walker and Associate Hamish Ungless advised on the environmental and planning aspects of the transaction. Partner Rob McBride and Associate Kristina Buckberry provided hedging advice and Partner Richard Stephens and Associate Tabishe Arshad led on tax law matters.
Henry commented: “We’re delighted to have advised VPI on the refinancing of its UK CCGT portfolio. This financing reflects investor confidence in the portfolio’s ability to provide flexible, reliable capacity to support the energy system and the continuing role of gas turbine plants in the UK’s energy transition”.
