Global law firm Clifford Chance has advised Brookfield Asset Management on the acquisition of four 12.45 percent minority stakes in a 3.5 GW portfolio of operational UK offshore wind farms from Ørsted: Hornsea 1, Hornsea 2, Walney Extension, and Burbo Bank Extension. The enterprise value of the transaction is US$2.3 billion (£1.745 billion).

Brookfield is a leading global alternative asset manager with approximately $1 trillion of assets under management. The transaction is Brookfield’s first investment into UK offshore wind. Brookfield is pursuing this transaction through Brookfield Infrastructure Fund V, the world’s largest closed-end infrastructure fund. The transaction is expected to close by the end of 2024, subject to customary regulatory approvals.

The transaction follows other recent, significant renewable power and energy transition acquisitions across Europe where Clifford Chance has advised Brookfield including the acquisition of Neoen and Banks Renewables (now OnPath Energy).

The multidisciplinary Clifford Chance team was led by clean energy M&A partner Jonathan Dillon alongside other London partners Nicholas Hughes, Praveen Jagadish, Nick Kinnersley, Anne Drakeford, Nicola Hemsley and Thomas Fisher with assistance from senior associates James McMillan, Samuel Monk, Jessica Berkeley, Samiha Bham, James Thornton, James Vincent, Aniko Adam and Paul Harrington and associates Abi Birch, Eseosa Idemudia, Liam Dunne, Josephine Stefani and Jack Foley

The wider team included additional partners and associates across Projects, Environment Planning and Energy Regulation, Construction, Real Estate, Antitrust, and Tax specialisms.