Ashurst advises John Laing on its investment in the world’s first large-scale green hydrogen steel plant
18 October 2024
18 October 2024
The technology solution and service of the WTP equipment is undertaken by Aquatech, a market-leading provider of zero liquid discharge and industrial water treatment services. The WTP will supply demineralised water to the electrolysers used to create green hydrogen and purified water used in system cooling, as well as treating wastewater from the steel mill, returning 99.9% of the process water back to the system. Construction of the WTP started in 2023 and is due to be operational in 2026.
This significant, long-term investment strengthens John Laing’s position in Europe as the first sole sponsor and equity investor in critical ancillary infrastructure services for a large-scale green steel plant. John Laing led the structuring of a Water Treatment Services Agreement under which the WTP will receive availability payments from Stegra. John Laing also secured non-recourse project finance including equity and ECA Green Domestic Guarantee supported senior debt financing.
The Ashurst team was led by partner Katie Williams, supported by senior associates Harriet Gray, Anthony Gray and Ian Hedberg and associates Ciaran Rutherfurd, Divya Deivanayagam and Amelia Gordon. Partner Jason Radford, senior associate Scott Vanderwolf and associate Elnaz Cadogan advised on the corporate aspects of the transaction.