Herbert Smith Freehills advised InterGen on the development and project financing of its 300 megawatt Spalding open cycle gas turbine (OCGT) development project in Lincolnshire, England.
InterGen won a fifteen-year capacity market agreement, at £22.50/kW per annum, to construct a 300MW OCGT at its existing Spalding site at the T-4 capacity market auction In December 2016. The expansion is on land adjacent to the existing power station and will generate enough electricity for approximately one million homes. The OCGT plant is targeted to be operational in 2019.
The £100 million, Spalding OCGT development is the first, and only, large-scale thermal plant with a 15 year capacity market agreement to be project financed.
Herbert Smith Freehills acted on the deal with a team led by partners Sarah Pollock (picture) and Matthew Job.
Consilium Advisory acted as Intergen’s financial adviser. Linklaters advised the lender group comprised of Santander and Nord LB.
Law Firms: Herbert Smith Freehills;