Global law firm Norton Rose Fulbright, working in conjunction with pioneering Spanish law firm Uría Menéndez, has advised Bibby Marine on a financing package with HSBC UK to support the development of its previously announced zero-emission electric Commissioning Service Operation Vessel for servicing offshore wind farms.
The multi-million euro financing made available by HSBC UK is backed by Cesce, the Spanish Export Credit Agency. HSBC acted as sole ECA coordinator, mandated lead arranger and facility agent.
Zero-emission operation
The design also allows for direct offshore charging, enabling true zero-emission operation
The vessel, which will now be built at Astilleros Armon in Vigo, Spain, will be equipped with a powerful 25 MWh battery system, rechargeable via dual-fuel hybrid engines powered by methanol or diesel. The design also allows for direct offshore charging, enabling true zero-emission operation.
If offshore charging is unavailable, the dual-fuel methanol engines provide an alternative method to recharge the battery system, ensuring operational flexibility and zero-emission operation with green methanol.
Norton Rose Fulbright team
The Norton Rose Fulbright team was led by partners Andrew Williams and Philip Roche, supported by senior associate Oliver Webber. Partner Matthew Hodkin and associate Elisabeth Trotter advised on tax aspects.
The Uría Menéndez team advising on Spanish law matters was led by partner Carlos López-Quiroga and counsel José Sánchez-Fayos, with the support of junior associate Andreea Croitor. Partner Guillermo Canalejo Lasarte, supported by senior associate Blanca García Velloso, advised on Spanish tax aspects. Watson Farley & Williams advised HSBC UK.
