Wragge & Co PFI team advises on £70 million Oldham and Rochdale street lighting PFI projects
Wragge & Co's PFI team has advised consortium, Community Lighting Partnership (CLP), in reaching financial close on two street lighting PFI projects within the same week.
The separate contracts with Oldham Metropolitan Borough Council and Rochdale Metropolitan Borough Council have a combined value of £70 million. Under the 25-year agreements, consortium CLP, comprising Pell Frischmann and Telereal Trillium, will oversee the replacement and maintenance of more than 48,000 street lights in the Oldham and Rochdale areas.
Partner David Fennell led a cross-firm team advising CLP on the PFI projects. Barclays Bank and National Australia Bank provided financial backing.
David Fennell said: "Wragge & Co's extensive PFI expertise, sector insight and ability to provide full-service support ensured both projects achieved a successful close, despite a challenging PFI market. Having worked with CLP for more than three years, we understand its business and have established an effective way of working together."
Pinsent Masons advised Oldham Metropolitan Borough Council and Rochdale Metropolitan Borough Council. Ashurst LLP advised lenders Barclays Bank and National Australia Bank.
Supporting David Fennell on the projects were PFI associates Simon Chappel and Georgina Spearing, and solicitors Elizabeth Williams and Hannah Coad. Partner Kieron Dwyer, associate Joe Levin and solicitor Sarah-Jane Hogg from the Energy and Infrastructure Finance team advised on the finance documentation. The firm's employment, pensions, construction and real estate experts also provided specialist advice.
CLP has been in operation for more than three years. The consortium organisations came together with the aim to provide innovative solutions and services for street lighting projects across the UK. Wragge & Co has worked with CLP since 2008 and previously advised the consortium on reaching financial close on the £30 million Blackpool street lighting and traffic signals PFI project.
Wragge & Co's 25-lawyer PFI team advises local government and government departments, contractors, sponsors and funders on PFI, PPP and international projects. Highlights of transport-related PFI projects include advising Amey Plc on reaching a successful commercial and financial close on the £2.7 billion Birmingham Highways maintenance and management PFI project. The team is also currently advising Amey plc on its bids for the Sheffield Highways and Isle of Wight Highways PFI projects.
For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Rebecca Davies on +44 (0)121 685 3819, Gayle Biddle on +44 (0)121 685 2708 or Amy Richards on +44 (0)121 260 9973
This press release may contain information of general interest about current legal issues, but does not give legal advice.