Macquarie Capital’s £1.6 billion acquisition of 50% interest in the Race Bank offshore wind farm


Slaughter and May advised DONG Energy on its disposal of a 50% interest in the 573MW Race Bank offshore wind farm to Macquarie European Infrastructure Fund 5 and Macquarie Capital, the principal investment arm of Macquarie Group.

Slaughter and May also advised on the terms of certain related financing, construction management, operations and maintenance and power purchase arrangements.

The total transaction proceeds, consisting of the acquisition of a 50% ownership share and commitment to fund 50% of the project CAPEX (including transmission assets), amount to c.£1.6bn. The proceeds are payable from 2016 until completion of the project, which is expected in 2018.

The Race Bank offshore wind farm is currently in advanced stages of construction off the coast of North Norfolk and Lincolnshire and is expected to be fully commissioned in 2018.

Slaughter and May advised DONG Energy on the deal with a Corporate and commercial team led by Tim Pharoah (partner, in picture), assisted by Di Yu (associate), David McKendrick-Ness (associate), Adrian Barrus (associate), Duncan Mykura (associate), Thomas Potter (associate), Valerie Kemp (associate), Graham Dunn (trainee); on Financing aspects acted Azadeh Nassiri (partner), Robert Withycombe-Taperell (associate), Cristina del Rivero (associate), Tyson Reid (associate), Rhys James (trainee) and Ted Freedman (trainee); on Construction law acted Richard Todd (partner), Samantha Brady (senior counsel), Brad Nicpon (associate), Ed McGimpsey (associate), Bronwen Hutchison (associate), Tom Inker (associate), Laura Mai (trainee), Holly Abel (trainee), Olga Ladrowska (trainee); on Tax matters acted Tony Beare (partner), Homyar Pahlan (associate), Orlaith Kane (associate); on Dispute Resolution aspects acted Jonathan Clark (partner), Peter Sadler (associate), Oliver Way (associate); and on Intellectual Property matters acted David Ives (partner) and Richard McDonnell (associate).

Involved fees earner: Tim Pharoah – Slaughter and May; Di Yu – Slaughter and May; David McKendrick-Ness – Slaughter and May; Adrian Barrus – Slaughter and May; Duncan Mykura – Slaughter and May; Thomas Potter – Slaughter and May; Valerie Kemp – Slaughter and May; Graham Dunn – Slaughter and May; Azadeh Nassiri – Slaughter and May; Robert Withycombe-Taperell – Slaughter and May; Cristina del Rivero – Slaughter and May; Tyson Reid – Slaughter and May; Rhys James – Slaughter and May; Ted Freedman – Slaughter and May; Richard Todd – Slaughter and May; Samantha Brady – Slaughter and May; Brad Nicpon – Slaughter and May; Ed McGimpsey – Slaughter and May; Bronwen Hutchison – Slaughter and May; Tom Inker – Slaughter and May; Laura Mai – Slaughter and May; Holly Abel – Slaughter and May; Olga Ladrowska – Slaughter and May; Tony Beare – Slaughter and May; Homyar Pahlan – Slaughter and May; Orlaith Kane – Slaughter and May; Jonathan Clark – Slaughter and May; Peter Sadler – Slaughter and May; Oliver Way – Slaughter and May; David Ives – Slaughter and May; Richard McDonnell – Slaughter and May;

Law Firms: Slaughter and May;

Clients: DONG Energy A/S;