10 November 2014
Watson Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Copenhagen Infrastructure Partners (“CIP”) on its acquisition of a 25% stake in the Beatrice Wind Project in Outer Moray Firth in northern Scotland.
WFW advised CIP on the sale and purchase and related shareholder agreements, providing project, corporate and tax advice. The firm also worked with Scottish counsel in relation to planning permits and property advice.
CIP is a fund management company founded in 2012 that invests largely in infrastructure and energy projects. CIP invested on behalf of its two funds, Copenhagen Infrastructure I and II, each acquiring a 12.5% interest in Beatrice from utility company SSE, which retains a 50% in the project. Spanish utility company Repsol retains a 25% stake in the 664MW Beatrice project, which is expected to be fully operational in 2019.
WFW has previously advised CIP on its acquisition of a 49% stake in six onshore wind farm projects in the United Kingdom from Falck Renewables, and on a joint venture with Tennet Holding B.V. on the DolWin3 offshore grid connection, which will transmit power from wind farms in the North Sea to Germany.
The WFW London team was led by partner and WFW Head of Energy Evan Stergoulis, assisted by Corporate senior associate Ravinder Sandhu and Energy & Projects senior associate Joe Hesketh. WFW Head of Planning & Project Development, partner Gareth Phillips and senior associate Gabriel Davies, and Real Estate partner Simon Folley and senior associate Charlotte Williams provided planning and real estate advice respectively.
WFW partner Evan Stergoulis, said: “The Beatrice Wind Project is a marquee offshore wind project in the UK and will play an important role in the UK’s efforts to shift the focus of its energy generation portfolio towards more sustainable sources. In recent years institutional investors such as CIP have increasingly looked to invest in renewables projects, bringing additional investment capital into the sector.”