Hogan Lovells advises UKIB on £300 million financing of UK's first commercial-scale liquid air energy storage plant

The investment will enable the construction of one of the world’s largest LAES facilities in Carrington, Manchester, using Highview Power’s proprietary LAES technology. Once complete, it will have a storage capacity of 300 MWh and an output power of 50 MWs per hour for six hours. Construction will begin on the site immediately, with the facility operational in early 2026.

The Hogan Lovells core team was led by London infrastructure and energy partner Andy Gallagher and included energy partner Scott Tindall, and a senior associate and counsel team consisting of Ed Wallis, Charles Ford, Bisher Barghoti, Lauren Bruce and Mark Nash. The wider Hogan Lovells team included real estate partner Nick Roberts; senior associates Emma Preece and David Wood; and tax and incentives partner Fiona Bantock and senior associate Callum Fowers. A separate team led by partner Kit Johnson advised the agent and security trustee on financing aspects. 

Commenting on the transaction, Andy said: "Our involvement in this transaction is another example of Hogan Lovells being at the forefront of the global energy transition movement and at the centre of the UK’s efforts to decarbonise. Being involved in a first of a kind commercial-scale LAES project, which will drive regional economic growth and contribute to the UK’s energy security, is something that we are very proud of."