Greencoat UK Wind plc’s Acquisition Of A Minority Stake In Humber Gateway Offshore Wind Farm

Norton Rose Fulbright has advised Greencoat UK Wind plc on the deal.

Greencoat UK Wind plc acquired a 49 per cent stake in the Humber Gateway offshore wind farm from RWE.

The acquisition was made in partnership with a number of pension funds investing through a fund also managed by Greencoat Capital, and is worth approximately £648m. RWE will continue to hold the remaining 51 per cent.

Humber Gateway is located five miles off the Yorkshire coast and is serviced from Grimsby in Lincolnshire. The 219MW wind farm was commissioned in June 2015 and comprises 73 Vestas 3MW turbines. RWE will continue to provide operation and maintenance and management services to the wind farm. A route-to-market power purchase agreement is in place.

UKW will acquire a net 38 per cent stake in the wind farm for a consideration of £500m (including cash and working capital), while the pension funds will acquire a net 11 per cent for £148m.

Greencoat was advised by a London-based Norton Rose Fulbright team, led by corporate partner Stephen Rigby (Picture). Counsel Sarah Tonks, senior associate Alex Wills, and associates Edward Coleman and Charlie Warren also provided corporate law advice. Partners Andrew Hedges, Rob Marsh, plus associates Melusi Dlamini, Andrey Spasov and Charles Winch advised on the energy aspects of the deal. Partner Matthew Hodkin and associate Daniel Alexander provided tax advice, while partner Dan Wagerfield advised on real estate aspects of the deal.

Involved fees earner: Daniel Alexander – Norton Rose Fulbright; Melusi Dlamini – Norton Rose Fulbright; Andrew Hedges – Norton Rose Fulbright; Matthew Hodkin – Norton Rose Fulbright; Rob Marsh – Norton Rose Fulbright; Stephen Rigby – Norton Rose Fulbright; Andrey Spasov – Norton Rose Fulbright; Sarah Tonks – Norton Rose Fulbright; Dan Wagerfield – Norton Rose Fulbright; Alex Wills – Norton Rose Fulbright; Charles Winch – Norton Rose Fulbright;

Law Firms: Norton Rose Fulbright;

Clients: Greencoat UK Wind;