Slaughter and May advises Centrica on its £70 million investment in Highview Power

Slaughter and May advised Centrica plc (“Centrica”) on its strategic partnership and £70 million investment in Highview Power. Centrica’s investment comprises £25m of convertible debt at Highview Enterprises Limited, being the Highview Power holding company, and £45 million of debt funding at the Carrington Liquid Air Energy Storage (“LAES”) project level, phased over the project construction.

Centrica’s investment forms part of a £300 million funding package led by Centrica and the UK Infrastructure Bank alongside a syndicate of investors including Rio Tinto, Goldman Sachs, KIRKBI and Mosaic Capital. This investment will be used to construct and develop the first commercial-scale LAES plant in the UK, based in Carrington, Manchester. Once operational, it will be one of the world’s largest LAES facilities.

Energy and Infrastructure
Oliver Moir Partner
Corporate
Robert Innes Partner
Robert Longman Associate
Charlie Edmonds Associate
Financing
Azadeh Nassiri Partner
Adrian Barrus Senior Counsel
Philippa Harris Associate
Tax
Sarah Osprey Partner
Gabrielle Pereira Associate
Pensions, Employment and Incentives
Xiwan Wei Associate
IP
Duncan Blaikie Partner
Issy Spiro Associate
Competition
Lisa Wright Partner
Jessica Staples Senior Counsel
Stuart Houston Associate