Addleshaw Goddard has advised STAR Capital Partners ("STAR") who have recently announced the completion of the sale of its STAR II funds’ 51% shareholding in ElecLink to Groupe Eurotunnel SE ("GET") for €75 million.
ElecLink was originally established in 2011 as a joint venture between STAR and GET. Since then the shareholders have worked together to bring this strategic infrastructure from an initial idea to a fully developed project ready to be constructed.
Today ElecLink has all the regulatory permissions required to build, own and operate a privately funded 1000MW High Voltage DC electrical interconnector ("the Interconnector") connecting the UK and France through the Channel Tunnel. In addition, the project has secured grid connections, engaged highly credible Engineering Procurement Construction counterparties to construct the link and has the strong support of the European Union through its status as a European Project of Common Interest ("PCI"). ElecLink will soon progress to a capacity auction and financing and, once operational, the Interconnector will contribute to the security of energy supply between the two countries.
The Addleshaw Goddard team was led by corporate finance partner Andrew Carpenter and included legal director Geoff Yates.