Itochu acquired 22.5% equity interest in the German operational offshore wind farm Butendiek

Ashurst has advised a consortium led by Japanese trading conglomerate Itochu Corp. on the acquisition of a 22.5% equity interest in the German operational offshore wind farm Butendiek, in cooperation with CITIC Pacific Limited.

The 22.5 % equity interest in the Power Plant to be acquired is now owned by the Denmark Pension Funds. Going forward, ITOCHU and CITIC Pacific will jointly participate in the operation of the Power Plant after acquiring the necessary approvals and permits. Following the acquisition of the equity interest, ITOCHU and CITIC Pacific will also jointly work on initiatives for other projects.

The Butendiek offshore wind farm, which was fully commissioned in August 2015, comprises 80 Siemens turbines with a total capacity of 288 MW in the aggregate (capable of supplying around 370,000 households with electricity). The wind farm, which is located 32 km west of the island of Sylt in the German Exclusive Economic Zone (EEZ) has been developed by wpd. Further investors include Marguerite Fund, Siemens Financial Services, Industriens Pension (IP), CDC Infrastructure and ewz.

The sale is still subject to competition authority approval.

The Ashurst team was led by Frankfurt-based partners Dr Benedikt von Schorlemer (corporate/M&A) and Dr Maximilian Uibeleisen (projects/renewables) as well as Michael Burns from Ashurst’s London office (corporate/M&A). Competition advice was provided by partners Ute Zinsmeister (Munich) and Neil Cuninghame (London), corporate partner Isabelle Lentz provided advice on Luxembourg law (Luxembourg Desk, London), Dr Martin Bünning (Frankfurt) was involved for tax law aspects.

Involved fees earner: Benedikt von Schorlemer – Ashurst; Michael Burns – Ashurst; Isabelle Lentz – Ashurst; Maximilian Uibeleisen – Ashurst; Martin Bünning – Ashurst; Ute Zinsmeister – Ashurst; Neil Cuninghame – Ashurst;

Law Firms: Ashurst;

Clients: Itochu;