LirIC HVDC Interconnector - Financial Advisory Service

{
  "buyer": {
    "id": "GB-PPON-PWJV-7322-MWTR",
    "name": "TI LirIC Limited"
  },
  "date": "2025-08-13T10:05:09+01:00",
  "id": "048267-2025",
  "initiationType": "tender",
  "language": "en",
  "ocid": "ocds-h6vhtk-0586b7",
  "parties": [
    {
      "address": {
        "country": "GB",
        "countryName": "United Kingdom",
        "locality": "London",
        "postalCode": "EC2V 7DA",
        "region": "UKI31",
        "streetAddress": "17th Floor,, 88 Wood Street,"
      },
      "contactPoint": {
        "email": "dan.chepa@tinv.com",
        "name": "Dan Chepa",
        "telephone": "+447535477231"
      },
      "details": {
        "classifications": [
          {
            "description": "Private utility",
            "id": "privateUtility",
            "scheme": "UK_CA_TYPE"
          }
        ]
      },
      "id": "GB-PPON-PWJV-7322-MWTR",
      "identifier": {
        "id": "PWJV-7322-MWTR",
        "scheme": "GB-PPON"
      },
      "name": "TI LirIC Limited",
      "roles": [
        "buyer"
      ]
    }
  ],
  "tag": [
    "tender"
  ],
  "tender": {
    "aboveThreshold": true,
    "awardPeriod": {
      "endDate": "2025-11-05T23:59:59+00:00"
    },
    "description": "This Tender Notice coincides with the launch of the procurement process for the Financial Advisory requirements in relation to the LirIC HVDC Interconnector located between Scotland and Northern Ireland (NI).\nThis Tender Notice is linked to a Request to Participate (RTP) event in the Delta eSourcing platform where potential bidders are asked to provide certain information in order to proceed to the later ITT stage.\nPrevious publications: None\nThe LirIC Project:\nTI LirIC Limited is engaged in the development of a 700MW High Voltage Direct Current (HVDC) electricity interconnector project that will connect the Great Britain (GB) and Irish (I-SEM) transmission networks. This project is called the \"LirIC\" Project (https://tinv.com/intercon-projects/liric/).\nThe project will link grid connection points in the GB and Northern Irish transmission grids.\nThe LirIC interconnector shall utilise Voltage Source Converter (VSC) technology and the configuration shall be a Symmetrical Monopole. The rated DC voltage shall be +/-320 kV.\nThe link shall be bi-directional and shall have a rated power (receiving end) of 700 MW\nThe LirlC Project components:\nThe main components of the LirIC Project will comprise:\n\u2022 HVDC to HVAC VSC Converter Stations in both Scotland and Northern Ireland with associated civil and building works; and\n\u2022 Two 320kV HVDC Cables onshore and offshore between Scotland and Northern Ireland over a route of approximately 140km, plus\n\u2022 One 400kV HVAC Cable connection from the Scottish converter station to the Scottish grid over a route of approximately 1km.\nThe Project has been awarded an \u0027in principle\u0027 cap and floor arrangement in Great Britain by Ofgem and a transmission licence in Northern Ireland. The Project is targeting a Financial Close in September 2027.\nPreliminary Market Engagement:\nTI LirIC Limited has conducted some preliminary market engagement prior to the publication of this Tender Notice and will allow additional time for engagement during the RTP stage up to the questions for clarification deadline currently set as 27th August 2025. Any requests for a 30 min engagement call should be addressed to TI LIrIC Procurement: dan.chepa@tinv.com and brian.dunn@tinv.com\nRequest to Participate (RTP):\nRespondents wishing to participate are requested to register in Delta eSourcing (via the link https://www.delta-esourcing.com).[Access Code 6ZRZ4495U9]\nThe Link to the Request to Participate event can also be found in this Tender Notice.\nAny questions relating to the RTP must be sent through the Delta message center.\nInformation relating to the scope and each Lot can be found below in this Tender Notice.\nBidders will only be allowed to choose one Lot or both Lots.\nFor the avoidance of doubt, TI LirIC Limited does not consider itself to be bound by the Procurement Act 2023 or any associated procurement legislation (together, \"UK procurement legislation\"). Accordingly, the procurement for the award of Converter Stations and Civil \u0026 Building Works as further described in this notice and any associated documents (the \"Procurement\") is not, nor does it purport to be, subject to UK procurement legislation. For the avoidance of doubt, interested suppliers are put on notice that the publication of this document and any other document that relates to this Procurement is published voluntarily and nothing in this document, or any other document that TI LirIC Limited publishes in relation to this Procurement should be construed as purporting to give rise to rights or obligations under UK procurement legislation.\nFor more information about this opportunity, please visit the Delta eSourcing portal at: \nhttps://www.delta-esourcing.com/tenders/UK-UK-London:-Financial-consultancy-services./6ZRZ4495U9\nTo respond to this opportunity, please click here: \nhttps://www.delta-esourcing.com/respond/6ZRZ4495U9",
    "documents": [
      {
        "description": "Not published",
        "documentType": "conflictOfInterest",
        "id": "conflictOfInterest"
      },
      {
        "datePublished": "2025-08-13T10:05:09+01:00",
        "description": "Tender notice on Find a Tender",
        "documentType": "tenderNotice",
        "format": "text/html",
        "id": "048267-2025",
        "noticeType": "UK4",
        "url": "https://www.find-tender.service.gov.uk/Notice/048267-2025"
      }
    ],
    "enquiryPeriod": {
      "endDate": "2025-08-27T12:00:00+01:00"
    },
    "expressionOfInterestDeadline": "2025-09-10T12:00:00+01:00",
    "id": "TI-ITT00010 - LirIC - FA",
    "items": [
      {
        "additionalClassifications": [
          {
            "description": "Financial consultancy services",
            "id": "66171000",
            "scheme": "CPV"
          }
        ],
        "deliveryAddresses": [
          {
            "country": "GB",
            "countryName": "United Kingdom",
            "region": "UKI31"
          }
        ],
        "id": "LOT A",
        "relatedLot": "LOT A"
      },
      {
        "additionalClassifications": [
          {
            "description": "Financial consultancy services",
            "id": "66171000",
            "scheme": "CPV"
          }
        ],
        "deliveryAddresses": [
          {
            "country": "GB",
            "countryName": "United Kingdom",
            "region": "UKI31"
          }
        ],
        "id": "Lot B",
        "relatedLot": "Lot B"
      }
    ],
    "legalBasis": {
      "id": "2023/54",
      "scheme": "UKPGA",
      "uri": "https://www.legislation.gov.uk/ukpga/2023/54/contents"
    },
    "lots": [
      {
        "awardCriteria": {
          "criteria": [
            {
              "description": "Further information",
              "name": "Cost \u0026 Commercials (Further information and final weighting at the ITT Stage)",
              "numbers": [
                {
                  "number": 40,
                  "weight": "percentageExact"
                }
              ],
              "type": "cost"
            },
            {
              "description": "Further information",
              "name": "Technical, Experience, Methodology and Scope (Further information and final weighting at the ITT Stage)",
              "numbers": [
                {
                  "number": 60,
                  "weight": "percentageExact"
                }
              ],
              "type": "quality"
            }
          ]
        },
        "contractPeriod": {
          "endDate": "2027-09-30T23:59:59+01:00",
          "startDate": "2025-11-14T00:00:00+00:00"
        },
        "description": "Description: The minimum scope requirements for the debt raising process is tabled below.  Please expand on and confirm your acceptance of each of these requirements by explicitly stating so within your response.  \n1.Financing Prep \u0026 Bankability Review \n2.Regulatory Liaison \n3.Financial Model Update \u0026 Sensitivities \n4.Funding Plan (Cap \u0026 Floor Scenarios) \n5.Lender Search, Screening \u0026 Adviser Appointment \n6.Appointment of Lenders\u2019 Advisers \n7.ECA Financing Strategy \n8.Debt Marketing Materials \n9.Data-Room Management \n10.Competitive Process \u0026 Mandate \n11.Investment-Committee Materials \n12.Documentation \u0026 Financial Close \n13.Post-Close Handover: Pack \u0026 Training\n14.Project Management, Governance \u0026 Reporting",
        "id": "LOT A",
        "selectionCriteria": {
          "criteria": [
            {
              "description": "Specified in the pre-selection stage (RTP).",
              "type": "economic"
            },
            {
              "description": "Specified in the pre-selection stage (RTP).",
              "type": "technical"
            }
          ]
        },
        "status": "active",
        "title": "Debt Raising (Core Requirement)",
        "value": {
          "amount": 5000000.0,
          "amountGross": 6000000.0,
          "currency": "GBP"
        }
      },
      {
        "awardCriteria": {
          "criteria": [
            {
              "description": "Further information",
              "name": "Cost \u0026 Commercials (Further information and final weighting at the ITT Stage)",
              "numbers": [
                {
                  "number": 40,
                  "weight": "percentageExact"
                }
              ],
              "type": "cost"
            },
            {
              "description": "Further information",
              "name": "Technical, Experience, Methodology and Scope (Further information and final weighting at the ITT Stage)",
              "numbers": [
                {
                  "number": 60,
                  "weight": "percentageExact"
                }
              ],
              "type": "quality"
            }
          ]
        },
        "contractPeriod": {
          "endDate": "2027-09-30T23:59:59+01:00",
          "startDate": "2025-11-14T00:00:00+00:00"
        },
        "description": "If an equity sell-down or capital raise is pursued, it may be conducted at the level of the Client or an affiliated entity designated to hold the relevant shareholding in the project company. Bidders should confirm that their proposed scope remains applicable across either structure.\nThe minimum scope requirements for the equity sell down process or capital raise is tabled below.  Please expand on and confirm your acceptance of each of these requirements by explicitly stating so within your proposal. \nPlease note that no conditions may be attached to the minimum requirements in a bidder\u2019s final offer.\n1. Project Diligence and Equity Risk Review\n2. Financial Model Coordination and Case Development\n3. Investor Search and Screening\n4. Valuation and Discount Rate Calibration\n5. Marketing Material\n6. Data-Room Management\n7. Competitive Process and Bid Evaluation\n8. Investment-Committee Materials\n9. Negotiation Support\n10. Completion and Post-Close Handover",
        "id": "Lot B",
        "selectionCriteria": {
          "criteria": [
            {
              "description": "Specified in the pre-selection stage (RTP).",
              "type": "economic"
            },
            {
              "description": "Specified in the pre-selection stage (RTP).",
              "type": "technical"
            }
          ]
        },
        "status": "active",
        "title": "Equity Sell-Down or Capital Raise (Optional by election of TI)",
        "value": {
          "amount": 1000000.0,
          "amountGross": 1200000.0,
          "currency": "GBP"
        }
      }
    ],
    "mainProcurementCategory": "services",
    "procedure": {
      "features": "There will be a 4 week Request to Participate (pre-selection) stage managed from the Delta platform that will include questions on identity, capabilities, credentials, due diligence and the need to agree an NDA.\nThis will be followed, for successful Applicants only, by an ITT to receive proposals and select the successful bidder for negotiations."
    },
    "procurementMethod": "open",
    "procurementMethodDetails": "Competitive flexible procedure",
    "specialRegime": [
      "utilities"
    ],
    "status": "active",
    "submissionMethodDetails": "https://www.delta-esourcing.com/",
    "submissionTerms": {
      "electronicSubmissionPolicy": "allowed",
      "languages": [
        "en"
      ]
    },
    "title": "LirIC HVDC Interconnector - Financial Advisory Service",
    "value": {
      "amount": 6000000.0,
      "amountGross": 7200000.0,
      "currency": "GBP"
    }
  }
}