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Collaborating on Net Zero Teesside Power and Northern Endurance Partnership

Aerial view of a blue transporter bridge over the Tees River in Middlesborough. Aerial view of a blue transporter bridge over the Tees River in Middlesborough.

14 December, 2022

We’ve been awarded a contract by BP and its partners to be the Lenders’ Technical Advisor (LTA) for two interdependent sub-projects: Net Zero Teesside Power (NZT Power) and the Northern Endurance Partnership (NEP).

This investment is a key lever in helping to decarbonize major industrial hubs that will enable realistic pathways for the industry to achieve net zero and contribute to the UK’s climate goals.

NZT Power, a joint venture between BP and Equinor, is a first-of-a-kind fully integrated gas-fired power and carbon capture project and a key driving force behind plans to make Teesside the UK’s first decarbonized industrial cluster. This project, enabled by the NEP, plays a key role in positioning the UK one step closer to its net-zero vision.

The NEP project consists of an onshore network of pipelines gathering carbon dioxide from multiple industrial emitters in Teesside and Humberside. Followed by the transportation of the carbon dioxide by pipeline from Teesside and Humberside to an offshore geological storage facility in the Southern North Sea. The sponsor group for NEP is expected to include BP, Equinor, TotalEnergies, Shell, and National Grid.

We’re assessing the projects’ technical risks, proposing mitigation measures where required, and assisting prospective lenders in all technical aspects supporting BP’s objective to secure financing. We bring together subject matter experts from a range of industrial sectors including carbon capture technology, with our project finance advisory team to execute this contract. 

As the LTA, we will support lenders throughout the multi-year contract period, which spans an initial due diligence of the projects leading up to financial close. This will then be followed by periodic project reviews for the lenders through EPC execution, performance testing and the operations phase of the projects.

“It’s time to convert thinking into action and we must act now if we want to unlock our decarbonization ambitions and provide energy security,” said Steve Mabey, Advisian Vice President, EMEA.

“Technologies such as CCUS hold the power to achieve this through enabling more options to lower carbon emissions and accelerating the pace that we deliver energy transition infrastructure.

These projects reinforce our commitment to collaborate with our customers, governments and the wider supply chain in navigating collective sustainability journeys.

Steve Mabey, Advisian Vice President, EMEA