Global law firm, Norton Rose Fulbright, working in conjunction with leading Spanish law firm, Uría Menéndez, has advised Bibby Marine on a financing package with HSBC UK.
The package’s purpose is to support the development of Bibby Marine’s previously announced zero-emission, electric commissioning service operation vessel for servicing offshore windfarms.
The multi-million euro financing made available by HSBC UK has been backed by Cesce, a Spanish export credit agency. HSBC acted as sole ECA co-ordinator, mandated lead arranger, and facility agent.
The vessel, which will now be built at Astilleros Armon in Vigo, Spain, will be equipped with a powerful 25 MWh battery system, rechargeable via dual-fuel hybrid engines powered by methanol or diesel. The design also allows for direct offshore charging, enabling zero-emission operation. If offshore charging is unavailable, the dual-fuel methanol engines provide an alternative method to recharge the battery system, ensuring operational flexibility and zero-emission operation with green methanol.
The Norton Rose Fulbright team was led by Partners, Andrew Williams and Philip Roche, supported by Senior Associate, Oliver Webber. Partner, Matthew Hodkin, and Associate, Elisabeth Trotter, advised on tax aspects. The Uría Menéndez team advising on Spanish law matters was led by Partner, Carlos López-Quiroga, and Counsel, José Sánchez-Fayos, with the support of Junior Associate Andreea Croitor. Partner, Guillermo Canalejo Lasarte, supported by Senior Associate, Blanca García Velloso, advised on Spanish tax aspects.
Watson Farley & Williams advised HSBC UK.
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