Hogan Lovells major project transactions recognised at the IJGlobal Awards 2024

The winning deals include:

Market Impact Award – Europe: Carrington Liquid Air Energy Storage

Hogan Lovells advised National Wealth Fund (previously UK Infrastructure Bank) on all aspects of the project financing of Highview Power's (HVP) first-of-a-kind commercial-scale liquid air energy storage (LAES) plant in the UK. Hogan Lovells also advised NWF on its significant equity investment in HVP. The financing and investment enables the construction of one of the world’s largest long duration energy storage (LDES) facilities. This is a landmark project that will serve as a benchmark for the development of zero carbon storage technology worldwide, including the planned roll-out of further LAES plants by HVP in the UK. 

Integrating LDES solutions into the grid is viewed as vital to delivering the UK’s long-term energy strategy. The technology can store renewable energy for up to several weeks, longer than battery storage, when there is a surplus of supply and discharge energy to the grid during periods when renewable power generation is low. HVP’s technology will also provide stability services to the National Grid, which will allow for the long-term replacement of fossil fuel-based power plants for system support. 

Once complete, it will have a storage capacity of 300MWh and an output power of 50MWs per hour for six hours. 

The Hogan Lovells team on the matter was led by Andrew Gallagher (Partner, Infrastructure, Energy, Resources, and Projects (IERP), London) and Scott Tindall (Partner, IERP, London). To learn more about this project, click here.

Transport Deal of the Year – Africa: Blaise Diagne International Airport Additional Facility 2024

Hogan Lovells advised the Lenders (Standard Chartered Bank, Société Générale, Ninety One, Bridge Bank, Ecobank, EDC Investment Corporation (EIC), Banque Internationale pour le Commerce et l’Industrie du Sénégal, CBAO Groupe Attijariwafa Bank, Banque Atlantique, The Mauritius Commercial Bank Limited, Sanlam Life Insurance Limited and FirstRand Bank Limited) on a €300m senior secured credit facility for the development of Aéroport International Blaise Diagne SA (AIBD), the main Senegalese international airport. Hogan Lovells previously advised the Lenders during the project financing for the construction of the airport, which has now been operating since 2017.

The Hogan Lovells team on the matter was led by Olivier Fille-Lambie (Co-Head of Africa Practice, IERP, Paris) and Bruno Cantier (Partner, IERP, Paris). To learn more about this project, click here.

Gigafactory Deal of the Year – Europe: Dunkirk Battery Gigafactory

Hogan Lovells advised Verkor on its record financing of over €2bn to launch a high performance battery gigafactory in Dunkirk (France) and accelerate future sustainable mobility. This financing, being a mix of equity, debt and subsidies, is the largest equity raise for a French start up, with more than €850m raised in Series C. In addition to the equity fundraising, Verkor has obtained the approval of European Investment Bank for €600m debt support and French strategic project government backing for c.€650m.

These giga projects reflect an ambition to achieve carbon neutral transportation in an incredibly short timeframe. They require a unique set of skills, mixing tech, infrastructure, complex contracts (so called off-take agreements which are required to support financing), regulatory and asset back financing capabilities with a particularly large number of stakeholders with distinctive business cultures ranging from large strategic players, state owed parties and PE players. They also require a strong backing from local government who will guarantee the repayment of the financing under certain conditions enabling those projects to be funded. Hogan Lovells is uniquely qualified to navigate these challenging deals successfully.

The Hogan Lovells team on the matter was led by Matthieu Grollemund (Partner, Private Equity, Paris) and Hélène Parent (Partner, Private Equity, Paris). Bruno Cantier (Partner, IERP, Paris) and Perrine Limousin (Counsel, IERP, Paris) contributed on the negotiation of the anchor offtake contract between Verkor and Renault and on the negotiation of the €650m public funding agreements with BPI and the local authorities. To learn more about this project, click here.

Global Head of IERP, Tobias Faber said: “Our team works at the forefront of the market, in particular in the energy transition sector and delivering outstanding market-first projects and financings. We’re proud to have supported our clients on these award-winning projects, spanning energy transition and traditional infrastructure. This recognition highlights the strength of our global network and diverse client base. As the infrastructure and energy markets evolve at an unprecedented pace, we’re excited to be expanding our team, earning accolades, and advising on some of the most significant, sophisticated, and innovative deals worldwide.”