London, 19 December 2024, Mizuho recently supported the financing of two key projects within the East Coast Cluster – the Northern Endurance Partnership (NEP) and Net Zero Teesside Power (NZT Power).
Acting as Mandated Lead Arranger and Hedging Bank for both NEP and NZT Power's financing facilities, and documentation, technical and E&S bank for NZT Power, with a combined value of around £8 billion.
Mizuho’s involvement in these transactions underscores its commitment to the financing of sustainable development and decarbonisation. Mizuho’s involvement will enhance NEP’s ability to finance and execute complex CCS projects, including the East Coast Cluster, which was selected by the UK government as one of the country’s first two carbon capture clusters.
The ECC's initiatives include developing offshore CO₂ storage infrastructure to reduce industrial emissions across Teesside and Humber, which collectively account for about 50% of the UK's industrial cluster emissions.
NEP, distinguished as the first project-financed carbon storage initiative globally, is creating a CO₂ transportation and storage network to back NZT Power and other ECC ventures. This collaboration between BP, Equinor, and TotalEnergies will transport CO₂ via a pipeline system to the Endurance saline aquifer, located 145 km offshore beneath the North Sea, capable of permanently storing up to four million tonnes of CO₂.
When complete, NZT Power is expected to be the world’s first gas-fired power station with carbon capture.
NZT Power is forecasted to generate up to 742 megawatts of low carbon dispatchable power, equivalent to the annual average electricity requirements of around one million homes in the UK. The project is also expected to create and support more than 3000 construction jobs and 1000 jobs during operation.
Dexter Maitland, Head of Power and Energy Transition: “At Mizuho, we acknowledge the essential role that finance plays in advancing the energy transition. Our commitment is evidenced by our strategic financing of the Northern Endurance Partnership (NEP) and Net Zero Teesside Power (NZT Power), showcasing our dedication to supporting the real economy's transition. This initiative will achieve substantial emissions reductions and establish a global benchmark for the adoption of carbon capture and storage (CCS) as a dependable solution for decarbonizing major emitting sectors.”
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About Mizuho EMEA
Mizuho EMEA provides corporates and institutions in the region with unparalleled access and expertise in Japan and Asia, and supports clients with their corporate and investment banking, and asset management needs. Headquartered in London and with a presence in 16 countries throughout the region, our client base includes leading corporations, financial institutions and state owned entities. We are a strategic financial partner with a focused objective of helping our clients to connect, succeed and grow.
Mizuho’s presence in EMEA is an integral part of the Japan-based Mizuho Financial Group, Inc. Mizuho Financial Group is one of the largest financial institutions in the world, offering comprehensive financial and strategic services through its subsidiaries. The group has over 900 offices and 60,000 employees worldwide in nearly 40 countries throughout the Americas, EMEA, and Asia. As of 31 March 2024, its total assets were US$2 trillion.
Learn more about Mizuho in EMEA: www.mizuhoemea.com