Taylor Wessing advises Carbon Trust Investments Limited on its investment in tidal energy company Marine Current Turbines

27-Jan-2010  |  Corporate, Energy & Environment, Financial Institutions & Services, IT & Telecoms, Technology, Media & Telecoms


European law firm Taylor Wessing LLP has acted for Carbon Trust Investments Limited for the first time.  The work related to Carbon Trust Investments Limited's investment into British tidal energy company Marine Current Turbines (MCT). Carbon Trust Investments Limited led a group of investors, which included Bank Invest, EDF Energy, High Tide and several private investors, raising a total of £3.5m for MCT. 

MCT is the developer of SeaGen, a pioneering grid-connected system that extracts energy from tidal currents.  MCT installed the 1.2MW SeaGen, the world’s first commercial scale tidal steam turbine, in Strangford Lough in Northern Ireland in 2008, and the turbine has now been successfully operational for over six months. Part of the £3.5m raised will go towards supporting the SeaGen Strangford Lough and MCT is also looking at exporting its technology abroad.

Taylor Wessing advised Carbon Trust Investments Limited on all aspects of the investment, which was drawn from its new £18m fund provided by the Department of Energy and Climate Change and designed specifically for investment into UK clean energy companies. Partner Simon Walker led the Taylor Wessing team, assisted by associate Charles Fletcher.

Simon Walker comments:

“We are delighted to have completed our first transaction for Carbon Trust Investments Limited. “This transaction is a great example of Taylor Wessing’s expertise in the clean technology sector, helping organisations at the forefront of investing in new technologies such as the Carbon Trust.”

Laurence Graham acted for Marine Current Turbines.


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Lawyers Simon Walker

 


Notes to editors

For more information or to speak to Simon Walker, please contact Rohit Grover or Marian Jennings at Spada:

Tel:      +44 (0)20 7269 1430
Email:  mariajennings@spada.co.uk

Taylor Wessing LLP is a leading law firm providing support for commercial organisations doing business in Europe, the Middle East and China.

www.taylorwessing.com