WFW advise HSBC UK on Bibby Marine zero emission offshore wind support vessel financing

Watson Farley & Williams (WFW) advised HSBC UK on the financing of Bibby Marine’s innovative zero emission electric Commissioning Service Operation Vessel (eCSOV) announced earlier this month.

HSBC UK’s pre- and post-delivery facility was supported by Cesce, the Spanish Export Credit Agency, with HSBC acting as sole ECA coordinator, facility agent and mandated lead arranger.

The vessel (render pictured), to be built at Astilleros Armon in Vigo, Spain, incorporates pioneering battery technology for market leading zero emission servicing of offshore windfarms, including a 25 MWh battery system for power. Battery systems are also designed to be rechargeable both portside and, significantly, offshore for true zero- emission operation. If offshore charging infrastructure doesn’t exist in the field of operation, power can be provided via a combination of battery and dual-fuel hybrid engines working on zero emission green methanol or conventional fuel.

Armon CEO, Laudelino Alperi said: “This project marks a pivotal moment in the journey towards sustainable maritime operations, and we are proud to partner with Bibby Marine in bringing this groundbreaking vessel to life. The complexity of the eCSOV underscores its importance, not only as a technological challenge but as a statement of commitment to a cleaner and greener future.” 

The cross-border, multidisciplinary WFW Maritime team that advised HSBC UK was led by London Assets & Structured Finance Partner Patrick Kirkby in London and Madrid Asset Finance and Tax Partner Alfredo Cabellos. They were supported by Senior Associates Philip Chope in London and Daniel Refoyo Dominguez in Madrid with additional support from Trainee Matthew Ward in London. UK tax expertise was provided by London Partner Richard Stephens and Associate Tabishe Arshad.

Patrick commented: “We are delighted to have supported longstanding client HSBC and their customer, leading UK operator, Bibby Marine, in this pioneering move in a maritime offering to match the zero emissions ethos of offshore wind infrastructure”.

Alfredo added: “This was a complex structured financing in an area firmly at the intersection of our sectors of transport, energy and infrastructure”.

Norton Rose Fulbright and Uría Menéndez acted as Bibby Marine’s legal counsel.