Hogan Lovells Advises King's Cross Central on Innovative Green Energy Project
21 October 2010
LONDON, 21 October 2010 - Hogan Lovells has advised long standing client the King's Cross Limited Partnership on a unique and innovative project to supply sustainable space heating services to the £2 billion, 8 million square feet King's Cross Central development - London’s most significant mixed development.
The project involved the establishment of an Esco - an energy services company with responsibility for the design, construction, financing and operation of a combined heat and power system, consisting of generation assets and a distribution network to supply the space heating services. Hogan Lovells advised the King's Cross Limited Partnership on all aspects of the transaction, notably risk allocation, financing and construction issues.
The Esco is a joint venture with Inexus, who were advised by Pinsent Masons.
The project will play a vital role in reducing the carbon emissions from the King's Cross Central development, with current forecasts estimating that the reduction could be as much as 60% as against 2000 levels.
The King's Cross Limited Partnership was advised by Infrastructure and Project Finance Partner, Philip Brown and Of Counsel James Larmour. Gill McGreevy (Partner) and Stella Bliss (Senior Associate) advised on property issues.
Commenting on the deal, Philip Brown, Partner at Hogan Lovells said:
"We are delighted to have advised the King's Cross Limited Partnership on this ground breaking project which will play a key role in ensuring the success of the King's Cross Central development. There are very few precedents for this type of project, which required real creativity from our team to develop bespoke solutions to achieve our client's objectives. With the focus on driving down carbon emissions, there is likely to be an increasing demand for innovative energy solutions such as this."
Clare Hebbes, Project Director added:
"Throughout the project Hogan Lovells have provided a highly responsive and supportive service and took the lead in structuring this innovative and complex transaction."