The Energy and Infrastructure Finance team from independent UK law firm Burges Salmon has advised Lloyds Bank Plc in relation to the financing of a major Net Zero project installing at GlaxoSmithKline’s Irvine production site in Ayrshire, Scotland, a subsidy-free 20MW solar photovoltaic generating station along with a subsidy free 8MW wind generating station. The projects will be built by the Farm Energy Company.
The Irvine production facility currently accounts for 40% of the CO2 emissions of GSK’s UK manufacturing facilities due to its large-scale fermentation and distillation operations, but the projects will, once built, save 10,000 tonnes of CO2 each year, as they involve an innovative grid structure, combined with GSK committing to purchase the power generated by each project under long term power purchase agreements.
The Burges Salmon team that advised Lloyds Bank on the deal was led by Banking and Finance partner Graham Soar and Head of Renewable Energy Ross Fairley, with support from colleagues including Alison Logan, Rosie Lord and Alec Whiter from across the firm’s Energy and Infrastructure sector group.
Graham Soar comments: “In another great example of successfully delivering our Net Zero services to clients, we are delighted to have advised the Lloyds team on this significant renewable energy sector investment. This major investment will help GSK secure renewable power generation to support the target of sourcing 100% of global electricity usage from renewables by 2025, and we’re pleased to have played our part in achieving this ambition.”