Commercial / Projects Transactions
Recent Transactions and Deals
We have recently worked with our clients on a range of successful and high profile transactions including those featured below.
| We are providing ongoing post-contract advice to West Sussex County Council in relation to its 25 year multi-million pound waste handling and recycling contract ('Reclaim') which was awarded to Viridor (West Sussex) Limited on 5 March 2004 following an EU procurement process. This scheme was one of the first dedicated recycling contracts to be procured under the PFI with credits received from DEFRA. |
| We are currently advising West Sussex County Council on the procurement of a ca. £100 million 'Materials Resource Management Contract' (MRMC). The project is concerned with providing a long-term solution to the end disposal of waste in the county, dovetailing with the Reclaim Contract and exploring different types of technology and funding structures. The Authority's preference is to fund all or part of the MRMC through the exercise of its Prudential borrowing powers, perhaps involving a mix of both public and private sector funding. This project is exploring relatively unchartered territory in PFI / PPP schemes, being the relationship between this “hybrid” funding structure and the standard allocation of risk on PFI / PPP Schemes, under the watchful eye of DEFRA. |
| M&A is advising Neath Port Talbot County Borough Council in relation to ongoing litigation pertaining to its Materials Recovery and Energy Centre (MREC). We conducted litigation defending the Council against a claim from the external funder, the Bank of Scotland regarding a charge over the assets of the project. This two year legal battle prompted 79 Freedom of Information Act requests. The bank was unsuccessful in its £44 million claim and lost its action to recover the assets. |
| We are now instructed by the Council in respect of the re- procurement of the initial scheme, involving a 25 year contract to accept, treat, transfer and dispose of municipal waste arising in the county and in the county borough of Bridgend. This scheme is one of the first waste schemes to be procured following the new competitive dialogue procedure. The project is complicated by the sale of the existing operating company and assets from the existing facilities. |
| We are advising a consortium, including the shareholders of Black Bag Energy Limited, a privately owned business set up by Davies Brothers (Waste) Limited and the Knight family, on a project involving the construction of an autoclave and power generation plant at Tythegston in South Wales. The scope of our advice to the consortium members includes advice in relation to commercial and property arrangements for the scheme, which will involve a major equity contribution from an institutional investor. |
| We recently advised West Sussex County Council on the April 2008 completion of a variation to an existing PFI scheme, involving the addition of a new £4 million multi-purpose facility and associated services at one of three schools provided under the original scheme. Additional PFI credits were secured by the Council from the DCFS to fund construction. The contractor was the BAM Group and funder Sumitomo Bank. |
| M&A advised on the £110 million development of a luxury holiday village in Pembrokeshire. This was Wales' largest grant funded project in 2006 and involved a complex finance structure of private and public funding. |
| We have advised Western Log Limited on its joint venture with the Cardiff based renewables group Eco2 Limited, to build Wales' first biomass power station. The £33 million project will generate 13.8 megawatts of electricity, burning clean wood in a state of the art combustion system to be constructed in Margam, Port Talbot. We acted for the joint venture company on the project, which also involved agreeing institutional debt and equity funding. |
| Our client, Celtic Energy, was the successor to British Coal in Wales on opencast mining. We are acting for Celtic Energy in relation to a major new landfill site (20 million cubic metres) with one of the top five waste players. |
| M&A is a long standing adviser to the Capita Group Plc. We were instructed to advise on their PPP partnership with Salford County Council in relation to the privatisation of its estate department involving over 500 employees and a ca £100 million service contract. |
Pennant Walters | Since 2006, we have advised Pennant Walters (a consortium including Pennant Wind Limited and Walters Mining Group) on a number of matters, including a joint venture with HSBC Infrastructure Fund Management Limited, in relation to the development of three wind farm projects. We have also been engaged to provide further planning advice on these projects. Pennant Walters, who have a wind farm development portfolio of over 100MWe in Wales, have instructed us on five wind farm projects. We are carrying out all work associated with the projects, including securing option agreements, land and title issues, negotiating section 106 agreements and advising on planning issues. One such project, at a site near Banwen and Glyn Neath, will include the erection of 15 wind turbines generating a total of 45MWe. |
