International law firm Eversheds Sutherland acted for the Forewind consortium as Statoil and SSE increased their shares in the 4.8GW Dogger Bank offshore wind project by acquiring additional stakes from exiting consortium partner Statkraft.
Prior to the transaction each of SSE, Statoil, Statkraft and Innogy owned a 25% stake in the development. The transaction takes each of SSE’s and Statoil’s interest in the projects to 37.5%. Innogy retains a 25% share in the projects. The sale forms part of Statkraft’s strategy to divest all of its offshore wind assets and the purchase price has not been publicly disclosed.
Jason Lovell of Eversheds Sutherland said: “The transaction on 23 March 2017 is the latest step in the development of a world class asset in relation to which the Eversheds Sutherland team has provided advice since its inception, including planning, consenting, real estate and corporate structuring elements. At Eversheds Sutherland we are pleased to have supported Forewind on this latest step and our team looks forward to continuing to work with the participants to deliver the projects.”
The Dogger Bank offshore wind development comprises four projects in the North Sea off the coast of North Yorkshire developed by the Forewind consortium which were granted planning permission during 2015.
Eversheds Sutherland acted on behalf of the UK-Norwegian consortium in respect of the transaction, including liaising with The Crown Estate in order to obtain necessary consents.
“As the development is comprised of four separate projects owned by 36 separate entities through a combination of incorporated and unincorporated joint ventures this was a relatively complex transaction which required meticulous planning. Eversheds Sutherland provided a high level of support throughout the process and managed an efficient delivery making full use of their project management skills,” Trevor Baker from Forewind said.