London office advises Jet2 on sustainable aviation fuel project
United Kingdom | Press release - Business | May 2023
Global law firm Norton Rose Fulbright has advised airline Jet2 plc (Jet2) on fuel offtake aspects of its recently announced major investment into a new sustainable aviation fuel (SAF) production plant to be constructed in the North West of England – one of the first such deals in UK aviation.
The agreement will see Jet2 invest an equity stake in the plant and expect to receive more than 200 million litres of SAF over a 15-year period.
The Fulcrum NorthPoint facility, being developed by Fulcrum BioEnergy Ltd, is a Waste-to-Fuels plant which will be located at the Essar Stanlow Manufacturing Complex in Ellesmere Port, Cheshire. Production of SAF is expected to commence at the plant in 2027, and the SAF to be supplied to Jet2 is expected to achieve net emissions reductions totalling around 400,000 tonnes of CO2 for Jet2 over the life of the agreement.
Norton Rose Fulbright partner Andrew Williams, who advised Jet2, said:
“We are proud to have been able to assist Jet2 on the fuel offtake aspects of this important project. Sustainable aviation fuel is arguably the most critical element of the aviation industry’s energy transition efforts and this transaction represents a very meaningful contribution, not just towards Jet2’s own efforts to mitigate its climate impact but also the development of the UK’s sustainable aviation fuel industry.”
Herbert Smith Freehills advised Jet2 on the equity investment aspects of the transaction.
Norton Rose Fulbright’s market-leading, global aviation practice is comprised of over 200 lawyers who deliver in-depth knowledge of the global aviation industry. The practice holds 11 Tier 1 rankings in the leading legal directories, Chambers and Legal 500, rankings based on the feedback of our clients and peers.
The firm was named the ‘Most Sustainable Aviation Law Firm’ by Airline Economics at this year’s Sustainability Awards for its active role in supporting the development of sustainable finance policies for aviation and its work for clients on sustainability-linked financing deals.
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