12/03/2021 | Press release | Distributed by Public on 12/04/2021 04:37
Global law firm Norton Rose Fulbright has advised Greencoat UK Wind plc and Greencoat Renewable Income LP on their acquisition of a 25 percent stake in Burbo Bank Extension offshore wind farm from Danish pension fund PKA.
Greencoat UK Wind plc will take a stake of 15.7 percent in the wind farm for a total cash consideration of £250 million and Greencoat Renewable Income LP will acquire a 9.3 percent stake. Greencoat UK Wind plc and Greencoat Renewable Income LP are funds managed by Greencoat Capital.
Burbo Bank Extension is located four miles north of the Wirral in North West England. It was commissioned in July 2017, and comprises 32 Vestas V164 8.13 MW turbines and has a grid capacity of 258MW.
Stephen Rigby, London-based corporate partner who led on the deal, commented:
"We are very pleased to have helped Greencoat with their latest offshore wind farm acquisition, and it comes at a timely moment following COP26. The UK offshore wind market continues to attract significant investment from infrastructure investors with the world focusing on the renewable energy market and the wider energy transition. Our energy M&A team has had a very busy few years and this looks set to continue."
The Norton Rose Fulbright corporate team also included Sam Morrey and associate Edward Coleman. The projects team was led by Rob Marsh, assisted by Melusi Dlamini and Chris Aird, tax advice was provided by Matt Hodkin and Will Scott, real estate advice by Charles Pinkerton and Emily Colville, and planning and environmental law advice by Sarah Fitzpatrick and Lucy Bruce Jones.
In 2020 Norton Rose Fulbright advised Greencoat on its acquisition of a 49 percent stake in the Humber Gateway offshore wind farm, and a 30 percent stake in Walney I and II offshore wind farms.
Kate Farrell, Public Relations Manager
Tel: +44 207 444 3724;Cell: +44 75 1532 4290