CMS has advised the 50/50 joint venture between Mainstream Renewable Power and Siemens’ Financial Services unit, represented by Siemens Project Ventures GmbH, on the sale to DONG Energy of a 33.3% stake in the first two offshore wind projects in SMart Wind’s Hornsea zone with a potential total capacity of up to 1GW.
The sale includes options to acquire the remaining 66.7% of the shares at a fixed market price and further options over an additional 1GW of projects in the Hornsea zone.
This acquisition brings DONG Energy into Round 3 of the UK’s offshore wind programme, one of the world’s largest infrastructure programmes. Barry Hopkins of Mainstream and Markus Korda and Pawel Samolewicz of Siemens were involved in negotiating the documents.
Pawel Samolewicz of Siemens commented, “This was a complex transaction, requiring substantial and sophisticated documentation and involving large teams from all the parties, but we are very happy both with the result achieved on Friday and with the key role CMS played in achieving it.”
The CMS team was led by energy partner Munir Hassan and corporate partner Charles Currier, with support from Jonathan Dames, Richard Croker, Steve Mack, Stuart Hohnen, Rowley Higgs, Kirsty Robertson, Harpreet Chatha and a significant wider team.
Munir Hassan comments, “Siemens and Mainstream are sophisticated offshore wind developers, and so I am pleased that our sector knowledge and experience allowed us to meet their exacting standards.”
Barry Hopkins of Mainstream commented, “CMS provided a commercially focused, straight-talking, legal service and worked in complete alignment with its client’s timeframe to get the optimum commercial deal done.”
This deal follows on from CMS’ advice earlier in the year to EDP Renováveis on procuring the first new entrant into Round 3 offshore wind, oil and gas company Repsol. The deal underlines CMS’ position as the leading law firm advising in the UK’s offshore renewables sector.
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Offshore WIND staff, December 21, 2011; Image: Mainstream Renewable Power