Leading international law firm Herbert Smith Freehills has advised Sumitomo Corporation, a Fortune Global 500 global integrated trading and business investment company, on a strategic partnership with Enefit Green on the development of the Liivi Bay offshore wind project in the Gulf of Riga.

Enefit Green has sold a 50% stake in Liivi Offshore OÜ, the project company for the Liivi Bay offshore wind farm, to Sumitomo Corporation. This partnership marks a clear commitment to the construction of the first offshore wind farm in the Gulf of Riga in the Baltic Sea, a significant step for the development of offshore wind energy in the Baltics.

The Liivi Bay offshore wind farm is planned to consist of up to 84 turbines with a maximum capacity of 1,000 MW and an annual electricity production of up to four terawatt-hours.  The project is expected to participate in the upcoming auction to be held by the Estonian government, which would be the backbone for the project to secure international lenders and suppliers, with completion of the construction of the wind farm being expected in 2032.

Sumitomo Corporation is an integrated trading and business investment company with a strong global network. The Group’s business activities are spread across the following nine groups: Steel, Automotive, Transportation & Construction Systems, Diverse Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemicals Solutions and Energy.

The Herbert Smith Freehills team comprised partner Rebecca Major, of counsel Elisa Hayashi in Tokyo and associate Hennie Lui in Paris, who advised on M&A matters. Brussels managing partner for the competition, regulation and trade group Kyriakos Fountoukakos, of counsel Camille Puech-Baron in Brussels, senior associate Carmen Appenzeller in Tokyo, and associate Adam Janmohamed in Hong Kong advised on competition matters.

The case was also led by Erik Salur, Partner and Henrik Link, Senior Associate at NJORD Law Firm’s Estonia office.