DLA Piper has advised Samsung Construction & Trading Corporation ("Samsung") on their 15% investment in the Don Valley Power Project ("Project") in Yorkshire which forms part of a $4.8 billion carbon capture and storage ("CCS") project.
The Project consists of a 650-megawatt integrated gasification coal-fired power plant which will capture at least 90 percent of the power station's carbon dioxide emissions.
The plant will capture about five million tonnes of carbon dioxide a year, using the gas to recover about 150 million barrels of oil under the North Sea before the CO2 is permanently stored in the oil fields. In addition to its investment Samsung will carry out the engineering, procurement and construction contract for the onshore part of the Project.
Trevor Butcher, Energy and Infrastructure partner, commented: "We have been delighted to advise Samsung Construction & Trading Corporation on what is an important deal not only for the UK energy industry but for the UK's burgeoning relations with South Korea.
The Don Valley Power Project and the broader carbon capture and storage project that it forms part of are very well advanced and Samsung's investment and broader role in the project will further enhance the prospects of it leading the way in the sector.
Carbon capture and storage projects such as Don Valley are an essential part of the generation mix providing reliable low carbon generation on the sort of scale that will be crucial to the UK's future power needs."
The matter involved a cross-practice team consisting of lawyers from London, Birmingham, Leeds and Sheffield.
The transaction was led by Trevor Butcher, supported by Finance & Projects partners Tresna Tunbridge and Irene Hurrel, associate Paul Shields, solicitor Rhodri Evans, trainees Marc Hecht and James Carter, Real Estate partners Howard Bassford and Chris Marks, associate Lee Gordon, Litigation & Regulatory partners Michael Kim and Teresa Hitchcock, barrister Noy Trounson, Corporate partner John Campion, and solicitor Daniel Shilvock.
(Press Release by DLAPiper)
