White & Case advises West Burton Energy on £350 million refinancing of UK CCGT and battery storage facility
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Global law firm White & Case LLP has advised West Burton Energy and its wholly owned subsidiary West Burton B Limited (together WBE) on the £350 million refinancing of its 1332MW Combined Cycle Gas Turbine (CCGT) and 49MW Battery Energy Storage System plant located in Nottinghamshire, UK.
"We have been working with the WBE team since we advised EIG on its acquisition of WBE in 2021," said White & Case partner Carina Radford, who led the Firm's deal team. "The strong support this refinancing received from the lending market marks another step in WBE's fantastic success story."
WBE is owned by funds managed by EIG, a leading institutional investor in the global energy and infrastructure sectors with over US$45 billion in capital committed to energy investments worldwide.
The refinancing package was supported by commitments from Bank of China, Deutsche Bank, Investec, MUFG, Nomura, Santander and Starwood. In parallel with the refinancing, White & Case also advised WBE on negotiating new trading arrangements with EDF Energy and a tolling arrangement with Shell Energy Europe for a portion of the CCGT's generating capacity.
The proceeds of the refinancing will be used to repay the remaining debt which was put in place when EIG acquired WBE from EDF Energy in August 2021, to pay a dividend and to fund opportunities to grow WBE's flexible generation and storage platform.
The White & Case team which advised on the transaction was led by partner Carina Radford (London) and included partners Caroline Miller Smith, Victoria Landsbert, Lindsey Canning and Ingrid York (all London), local partner Nathaniel Crowley (Hong Kong), counsel Lis Blunsdon (London), and associates Miles Tonkin, Gabrielle Goodrow, Victoria Delacey, Amy Detheridge and Lily Teh (all London).
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