Wragge & Co’s PFI team has advised consortium, Community Lighting Partnership (CLP), in reaching financial close on two street lighting PFI projects within the same week.
The separate contracts with Oldham Metropolitan Borough Council and Rochdale Metropolitan Borough Council have a combined value of £70m. Under the 25-year agreements, consortium CLP, comprising Pell Frischmann and Telereal Trillium, will oversee the replacement and maintenance of more than 48,000 street lights in the Oldham and Rochdale areas.
Partner David Fennell led a cross-firm team advising CLP on the PFI projects. Barclays Bank and National Australia Bank provided financial backing.
David Fennell said: “Having worked with CLP for more than three years, we understand its business and have established an effective way of working together.”
Pinsent Masons advised Oldham Metropolitan Borough Council and Rochdale Metropolitan Borough Council. Ashurst LLP advised lenders Barclays Bank and National Australia Bank.