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Arsene and Alvarez & Marsal Tax UK assist TotalEnergies in major acquisition
Arsene,Taxand France and Alvarez & Marsal Tax, Taxand UK, have assisted TotalEnergies in a significant acquisition transaction.
Arsene, Taxand Global Member in France and Alvarez & Marsal Tax, Taxand Global Member in the UK, have assisted TotalEnergies in a significant acquisition transaction.
Arsene and A&M Tax UK assisted on the tax aspects of the transaction which involved TotalEnergies signing an agreement with EIG, a global institutional investment fund in the energy sector, to acquire the entire share capital of West Burton Energy for an enterprise value of £450 million.
The Arsene team was led by Olivier Vergniolle, assisted by Claire Bertrand and Jonathan Alis.
The A&M UK team was led by Andy Murray and Martyn Brown, assisted by Jake Solomon and Sam Collett.
West Burton Energy owns and operates the West Burton B gas-fired power plant, which is located in the county of Nottinghamshire, England, and has three combined cycle turbines (CCGT) for a total capacity of 1.3 GW. Commissioned in 2013, it is one of the most modern in the United Kingdom, where it supplies around 1.8 million homes.
With this acquisition, TotalEnergies adds flexible assets to its renewable electricity generation capacity in the United Kingdom that compensate for the intermittency of renewables and thus provide 24-hour electricity to its customers. Given the size of its portfolio of renewable projects in the country, which currently amount to 1.1 GW gross installed and 4.5 GW under development, TotalEnergies estimates its gas-based power generation capacity requirement at 700 MW; the Company therefore plans to sell 50% of the acquired assets.
In addition, this transaction will enable TotalEnergies to strengthen its trading capabilities in the country’s electricity and gas markets, as well as its ability to provide ever more affordable, available and sustainable energy to its electricity and gas customers’ 300,000 sites in the United Kingdom. Finally, the company will leverage its positions in natural gas production in the country, where it operates 30% of the projects, to supply the plant.
Congratulations to the Taxand team involved in this significant transaction. For further information, please contact Olivier Vergniolle.
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