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Herbert Smith Freehills advises Norske Skog Golbey, Veolia and Pearl Infrastructure Capital on the launching of the industrial ecology project of Golbey's paper mill

13 July 2022 | Paris
Deals and cases


International leading law firm Herbert Smith Freehills has advised Norske Skog Golbey, one of the 5 business units of the Norwegian group Norske Skog, the French group Veolia (through its subsidiary Veolia Industries Global Services) and Pearl Infrastructure Capital, a specialised investment fund dedicated to financing environmental infrastructure projects, on the launching of the "Green Valley Energie" project, based on Golbey's paper mill, in the Vosges, France. The partners are starting the construction of a cogeneration biomass unit to support the site's transition. The project contributes to the decarbonisation of the industrial activity and to the reduction of the site's dependence on natural gas.

This project aims at meeting the Golbey site's growing energy needs through renewables and competitive energies, by using biomass and saving about 210.000 tons of CO2 a year. The € 200 million investment was closed on 8 June 2022. Pearl Infrastructure Capital is the main investor (80%), alongside Norske Skog Golbey (10%) and Veolia (10%).

Herbert Smith Freehills has advised Norske Skog Golbey, Veolia Industries Global Services and Pearl Infrastructure Capital, with a team composed of partner Christophe Lefort, of counsel Thomas Herman, and associate Anna Zoumenou, on project matters; partner Christopher Theris, and associates Giuliano Lastrucci and Ornella Youkharibache on corporate matters; partner Régis Oréal, and associates Joëlle Chetrit, Ouerdia Amrouche and Jessy Laberty, on financing aspects; and partner Bruno Knadjian and associate Romain Martinez, on tax matters.

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