Burges Salmon advises on creation of joint venture for decarbonisation project
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Danny Lee
Burges Salmon has advised on the creation of a joint venture (JV) vehicle for Peak Cluster, a carbon capture project that aims to secure a sustainable future of 40 per cent of the UK’s cement and lime industry within a low carbon future, with a focus on supporting manufacturing facilities within Derbyshire and Staffordshire.
The JV brings together leading producers in the cement and lime industry Breedon, Tarmac, Holcim and SigmaRoc, together with Progressive Energy and Summit Energy Evolution, as experts in industrial decarbonisation.
Established on a performance-based vesting model, the JV boasts a £59.6 million equity raise, including a landmark £28.6 million equity investment made by the National Wealth Fund to support the development of Peak Cluster’s planned carbon dioxide transportation pipeline.
Burges Salmon’s Edinburgh-based corporate and M&A team advised Peak Cluster, led by partner Danny Lee and senior associate Katie Carter.
Mr Lee said: “We are proud to have played a role in the creation of the Peak Cluster JV, a flagship project that aims to secure a decarbonised future for 40 per cent of the UK’s cement and lime industry.
“The investment from the National Wealth Fund is a testament to the project’s ambitious vision and its potential to drive significant positive change within the industry. Our extensive experience in industrial decarbonisation projects and the establishment of successful joint ventures made us well-suited to support our client throughout this lengthy and complex process.”
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