Watson Farley & Williams (“WFW”) has supported CREDITAS Group (“CREDITAS”) on its acquisition of InterGen Projects (UK) Limited (“InterGen”) and its UK business from InterGen’s parent company.
InterGen is one the largest independent power producers in the UK with around 2,800 MW in operation between three combined cycle gas turbine (“CCGT”) plants and one open cycle gas turbine (“OCGT”) plant. Under the new ownership structure, CREDITAS will assume ownership of all InterGen’s UK sites as well as its growth projects, Edinburgh headquarters and employees. Also included in the assets acquired by CREDITAS is a 450 MW battery energy storage system project due to commence operations in 2025.
CREDITAS has been active in the energy sector since 2013 and its energy division is the fourth largest energy distributor in the Czech Republic. It primarily targets ownership interests in companies engaged in the production, distribution and trading of electricity, gas and heat.
The London Energy team that advised CREDITAS was led by Projects Partner Daisy East and Corporate Partner Jan Mellmann, working closely with Partners, Chris Kilburn (Corporate), Solange Leandro (Competition) and Nick Walker (Planning and EHS). Senior Associates Nerina Erasmus and David Bath and Associate Jamie Tiru provided assistance on corporate matters, Senior Associate Valentina Keys on EHS law and Senior Associates John Rosmini and Peter Rutledge on real estate matters. Senior Associate Marianne Anton provided regulatory assistance. In advising CREDITAS, WFW worked closely with David Vosol and Marc Mueller, partners in bpv Braun Partners in the Czech Republic.
Daisy commented: “We are delighted to have advised CREDITAS on this important acquisition which enables it to expand its footprint outside of the Czech Republic and into the UK market. This deal highlights our multi-disciplinary expertise in sector, including on major corporate energy acquisitions”.