Hogan Lovells Advises on £2.7 Bn IEP Financing
16 April 2014
16 April 2014 - Hogan Lovells has advised the Department for Transport (DfT) on the financing of the £2.7 billion East Coast phase of the UK's Intercity Express Programme (IEP) which closed Tuesday 15 April 2014.
The IEP, worth a total of £5.7 billion, comprises the design, build, finance and maintenance of around 122 trains over a period of 30 years. It also provides for construction and upgrade of essential maintenance depots.
The Hogan Lovells team advising the DfT was led by London infrastructure partner Andrew Briggs, supported by leading rail expert Simon Gwynne and PPP finance partner Andrew Gallagher. The team was managed by senior associate Charles Ford, with the assistance of associate Elisabeth Bennett. Additional support was provided by lawyers from the firm's real estate, government regulatory and employment practices; as well as other members of the London infrastructure and rail teams.
Commenting on the financing, Andrew Briggs said:
"This is a significant project for the UK, crucial to securing the future of rail transport. The closing of the East Coast element of IEP is a landmark milestone in the continuing development of UK rail infrastructure".
Hogan Lovells' infrastructure, energy, resources and projects practice, spanning more than 120 lawyers across the globe, combines global reach and local knowledge to help clients deliver effective and sustainable infrastructure projects, advising on more than US$150 billion of closed infrastructure deals over the last two years.