Financial close was reached on September 17, 2015 for a combined heat and power (CHP) plant in Cramlington, Northumberland, UK.
The 27.7MW CHP plant will generate 213GWh each year, enough to power 52,000 homes, and will operate under a 12 year PPA and O&M contract. The £138 million plant is to be financed by £48 million of equity, provided by John Laing and Green Investment Bank. In addition, £90 million of debt has been provided by Barclays and the Danish export credit agency EKF.
In support of the transaction, Operis was pleased to provide tax & accounting advice to the project’s sponsors and the project developer, Estover Energy. Operis also undertook a full model audit of the financial model representing the transaction.