Foot Anstey advises Tees Valley on the creation of UK’s largest private wire electricity network

A multi-disciplinary team from national law firm Foot Anstey has advised the South Tees Development Corporation (STDC) and its associated group companies on the disposal of its private wire electricity network at the Teesworks Estate to a newly established joint-venture company, Steel River Power Limited.

The acquisition of the network by Steel River Power Limited, a joint venture between Steel River Energy Limited and North West Electricity Networks (UK) Limited, will allow for a significant investment (in excess of £100m) to be made towards the expansion and upgrade of the existing network. The transaction will create significant opportunities for employment and further the ambitious development plans for the Teesworks Estate. Once completed the network will be the largest private wire network in the UK.

Foot Anstey was appointed by STDC and its associated companies to support with key aspects of the transaction. This included the corporate structuring and negotiation of the relevant asset transfer agreement. The firm also handled real estate matters, including the disposal of the necessary parcels of land where the private wire network was sited, in addition to the preparation, review and negotiation of the multitude of commercial contracts between the existing and future tenants on the Teesworks Estate and those entities that are involved in the operation of the private wire network. Additionally, the team provided guidance on employment matters and offered regulatory advice related to the private water network on site.

Karl Bradford (Corporate) led the corporate transaction. Mark Li (Real Estate) oversaw real estate aspects, with support from Kutahya Cherry, Ed Johnson, and Hannah Coppen. Mark Greatholder and Aliki Zeri led on commercial contracts, working with the Energy Projects team members: Liam Henderson, Colin Shear, Abigail Phillpotts, and Shauna McGinn. Nathalie Ingles provided employment advice, while Nathan Peacey and Alexandra Hammond offered regulatory support.

Emma Simson, Chief Legal Officer at TVCA commented: “Foot Anstey’s expertise and commitment has been crucial to this transaction’s success. Their team has consistently delivered, managing complex negotiations with the highest level of professionalism.”

John Barnes, Chief Operating Officer at South Tees Development Corporation commented: “Foot Anstey has been an invaluable partner in this venture. This transaction is a pivotal step in advancing our vision for Teesworks, setting the foundation for significant economic growth and job creation in the region. The new private wire network will be a catalyst for lasting change.”

Ian Stubbs, Client Partner for South Tees Development Corporation and Head of Foot Anstey's Energy & Infrastructure sector commented: "Being part of a project that marries innovation with real social impact has been a highlight for our team, and we look forward to seeing the project’s long-term impact.”