Eversheds advises Chinese investor on Hinkley Point financing
Eversheds has joined the list of firms taking a lead role on the £16bn Hinkley Point C nuclear power station, advising stated-owned China National Nuclear Corporation (CNNC) on its investment.
June 04, 2014 at 07:33 PM
3 minute read
Eversheds has joined the list of firms taking a lead role on the £16bn Hinkley Point C nuclear power station, advising stated-owned China National Nuclear Corporation (CNNC) on its investment.
The Somerset-based project, which was given the final go-ahead last October and aims to reduce the UK's reliance on fossil fuels, is due for completion in 2024 and will comprise two reactors to capable of producing 3,200 MW of energy.
Last year developer EDF Group and the UK government agreed on key commercial terms for the project, with a final consortium of industrial partners including EDF, AREVA, China General Nuclear Corporation (CGN) and CNNC.
It was announced that the state-owned Chinese companies, who already operate nuclear power projects in other parts of the world, will together take a 30-40% interest in the project.
Eversheds tendered for the project last November shortly after opening its Beijing office in May with the hire of Morgan Lewis & Bockius lawyer Ingrid Zhu-Clarke as office head and former Uria Menendez special counsel Jay Ze as a partner.
The UK firm had long been seeking to get a bigger slice of Chinese outbound work, having already established a China practice group in Europe headed by Sharon Shi, who was replaced by Paris-based Virginie Deslandres in June when she left the firm for a general counsel role at Shanghai Environment Group.
Leading for CNNC on the Hinkley project is M&A partner Jay Ze in Beijing, working alongside corporate finance partner Rob Pitcher in London, who is the head of the Eversheds' energy and natural resources sector group and also the UK Nuclear energy team.
Other firms to have taken roles on the project include Herbert Smith Freehills (HSF) and Pinsent Masons, HSF having advised EDF on the planning application and Pinsents acting for local authorities.
Nuclear power projects are gradually attracting more attention from international law firms generally as they look to boost revenues in markets such as Asia.
In February this year Shearman & Sterling launched a global nuclear power practice with the hire of Pillsbury Winthrop Shaw Pittman's international nuclear group head George Borovas in Tokyo, following in the footsteps of Milbank which has had a global nuclear power group for some time. Latham also does work in this area but the practice falls under its energy-power industry group.
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