4C is now TGS

We are excited to announce a significant milestone in 4C Offshore's journey. Our integration into the TGS family marks the beginning of a new era in offshore wind market intelligence.

Learn what this means for you!

Linklaters advises GIG on EA1 buy

By: Tom Russell 16/08/2019 Linklaters

General Windfarms

Linklaters advised Green Investment Group (GIG) on the acquisition of a 40% stake in Iberdrola’s 714MW East Anglia ONE offshore wind farm. The acquisition was originally announced on Tuesday (13 August 2019).

Iberdrola will maintain a 60% majority shareholding and will receive £1.63 billion (about €1.75 billion) for the sale of the 40% stake. The project is scheduled to fully operational in 2020 and is expected to provide enough green electricity to power the equivalent of over 600,000 homes annually.

The Linklaters team was led by Energy & Infrastructure partners, Ross Schloeffel and John Pickett. The team also included structured finance partner Reza Taylor, projects partner Richard Ginks, counsel Andrew Penfold and managing associate David Leeming. Associates Aaron Brooks, Tim Broune and Emma Kate Cooney also had key roles.

Ross Schloeffel commented: “It is a privilege to work with GIG on such an important transaction. The success of this transaction as well as a number of other recent deals we’ve worked on in this area, demonstrates the continued investment opportunities for financial sponsors in the renewable energy sector.”

The transaction is the first partnership between GIG and Iberdrola’s Scottish Power Renewables subsidiary in the UK and brings the total capacity of UK offshore wind supported by GIG to over 5.7GW across 14 projects. Completion of the transaction is subject to the standard authorisation from the Crown Estate.

Linklaters has been involved in numerous offshore wind transactions over the past year. The firm has previously advised innogy on the £2bn financing and development of the 860MW Triton Knoll offshore wind farm and the subsequent sale of a 41% stake in the wind farm to a Japanese consortium. The firm also advised a group of fifteen commercial lenders and an institutional investor in relation to the £1.4 billion refinancing of the 353MW Galloper offshore wind farm located off the coast of Suffolk, United Kingdom. More recently, the firm advised the sponsors on the refinancing of the Beatrice project, involving 27 commercial banks and an institutional lenders.

For more information on offshore wind farms, click here. Alternatively, you can view projects across the globe using 4C Offshore's interactive map.

Premium

4C Offshore Premium, our most popular subscription, gives you full access to use the 4C Offshore WebApp which includes exclusive offshore wind, transmission and vessel reports, news and downloads.

Request a 30 minute Demo

Linklaters advises GIG on EA1 buy

Back to News

Trending News!