08/16/2017

Eversheds Sutherland advises Forewind consortium on swap agreements for world’s largest offshore wind development

Eversheds Sutherland has advised the Forewind consortium on the arrangements to swap ownership interests in the four consented Dogger Bank offshore wind projects which, with a total targeted installed capacity of 4.8GW, make up the largest offshore wind development in the world.

Image: ?Eversheds Sutherland advises Forewind consortium

These projects, located more than 130km off the Yorkshire Coast, have the potential to provide renewable energy to up to five million UK homes.

The development comprises four offshore wind farm projects of 1.2GW each: Creyke Beck A, Creyke Beck B, Teesside A and Teesside B. Prior to the swap innogy, SSE and Statoil each owned interests in all four projects. Statkraft divested its interest to SSE and Statoil in March 2017.

Following the transaction, Statoil and SSE will own 50% each in the three projects: Creyke Beck A and B and Teesside A, while innogy will own 100% of Teesside B.

The Eversheds Sutherland team was led by corporate Partner Jason Lovell, with support from Associates Chris Pass and Oliver Weerasuriya. Partner James Trafford and Senior Associates James Shawe and Nadine Gutteridge led on the real estate aspects of the deal.

Jason Lovell, commented: “We are delighted to have worked with the shareholders on the project swap. The transaction was only made possible through a huge amount of teamwork and co-ordination between us and the three dedicated teams of in-house lawyers.”

Chris Barras, Head of Legal at innogy Renewables UK, commented: “Huge thanks to the Eversheds Sutherland team who ensured that this complicated transaction proceeded efficiently to completion. The smooth running of the operation reflects the high level of expertise and experience in their Energy and Infrastructure Team.”