Gas to the West wins IJGlobal European Deal of the Year
Mutual Energy’s Gas to the West project won European Transaction – Oil & Gas Midstream – Deal of the Year at recent awards ceremony held by leading infrastructure publication IJGlobal. Jason Murphy, Rahul Narang and Sarah Jane Coe attended the ceremony that took place in The National History Museum in London on 21st March representing Centrus alongside the Mutual Energy team and representatives of LGIM and Pinsent Masons.
Centrus acted as sole Financial Advisor to Mutual Energy on this transaction and has supported the company in the development of its financial and commercial strategy for the Project, from its original bid to be awarded the regulatory licence through to Financial Close. The successful c.£200m finance raising was completed with a single funder, Legal and General Investment Management and will be repaid over c.36 years.
The Centrus team led the advice on developing the deal structure that enabled long-term 100% debt financing for the project with greenfield risk without undermining the credit rating and ultimately the cost to the consumers of NI. Centrus also added value by inter alia, providing advice on various financing structures and options, obtaining a credit rating, selection of a preferred funder and negotiation of documentation.
The investment in Gas to the West will support around 200 jobs during the construction phase and the new gas infrastructure is expected to sustain a significant number of ongoing jobs for installation sub-contractors and other related functions.
The Centrus team in Dublin is very pleased that the success of the project has been recognised with this IJGlobal award and are honoured to have supported Mutual Energy from beginning to end.
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