Operis advises on preferred bidder appointment for Guy’s and St Thomas’ NHS Foundation Trust Energy as a Service project 10 Jul 2026

Operis is pleased to have advised Meridiam and Dalkia Energy Services on the tax and accounting aspects of Guy’s and St Thomas’ NHS Foundation Trust’s Energy as a Service (EaaS) project, following the announcement that the consortium has been selected as preferred bidder.

The project will see the development of a district energy network at St Thomas’ Hospital in London under an innovative Energy as a Service model. The framework agreement also provides the potential for future modernisation projects across the Trust, subject to the necessary approvals.

Meridiam, supported by Dalkia Energy Services as delivery partner, will be responsible for the design, construction, operation and maintenance of the assets. The initial framework agreement spans eight years, with individual call-off contracts expected to run for significantly longer periods.

Operis acted as tax and accounting advisor throughout the transaction, supporting the proposed commercial structure alongside Amberside Advisors (financial), Capsticks (legal), Buro Happold (technical) and EcoVate Group (procurement).

Daniel Adams, Head of Tax & Accounting at Operis, said:

“It was great to advise Meridiam and Dalkia on how the proposed structure could achieve off-balance sheet treatment from both a Trust and Office for National Statistics perspective and consider the applicability of the project qualifying as a service concession arrangement.”

This appointment marks an important milestone for the project and demonstrates the value of bringing together specialist expertise across financial, legal, technical, procurement, tax and accounting disciplines to support the delivery of complex infrastructure transactions.

Congratulations to Meridiam, Dalkia Energy Services and the wider team on reaching this important milestone.