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Addleshaw Goddard has advised Hitachi Europe Limited and Hitachi Rail Limited, in relation to its joint venture with British transport operator FirstGroup plc, for the leasing of approximately 1,000 electric bus batteries valued at approximately £100m.
Hitachi is a Tokyo-based conglomerate engaged in the development, manufacturing and sales of products and provision of services, with its Green Energy and Mobility (GEM) sector providing power grids, renewable energy, nuclear power and rail systems.
FirstGroup is a leading private sector provider of public transport services in the United Kingdom.
As part of the arrangement, a 50:50 joint venture, NextGen AssetCo, will purchase the batteries which will then be leased to FirstGroup Energy Limited for eight years (with a two-year extension right). Hitachi ZeroCarbon will also provide battery and charging management services for the buses powered by the batteries.
The Addleshaw Goddard’s core team included James Dawson, Andrew Smith, Tom Crill, Ashley Varney, Andrew Carter and Oliver Millerchip.
Dawson said: “This is a groundbreaking agreement and we are thrilled to have assisted Hitachi in finalising its partnership with FirstGroup, which has the potential to significantly advance sustainable bus travel and the move to decarbonisation. We’re pleased to have brought our team’s experience of this sector and our understanding of new solutions in sustainable transportation to this transaction, which is hugely positive for all parties.”
