Linklaters has advised SSE Renewables and Equinor on the sale of a 20% stake (10% each) in the Dogger Bank Offshore Wind Farm (phases A and B) to Eni, the Italian energy group, for a combined equity consideration of £405 million.
The transaction is expected to complete in early 2021, following which the new overall shareholding in Dogger Bank A and B will be – SSE (40%), Equinor (40%) and Eni (20%). Following the completion of all three phases in 2026, Dogger Bank will be the world’s largest offshore wind farm, capable of powering up to 6 million British homes.
The Linklaters team was led by partners John Pickett and Chris Staples. Key team members included Counsel Eram Khan, Managing Associate David Leeming and Associates Simon Cahill, Lavanya Chawla and Jennifer Willis.
John Pickett, Partner at Linklaters, comments: “This marks another significant step towards a Net Zero system. It’s a privilege to support and stand alongside SEE Renewables and Equinor as they look to realise their low carbon growth plans.”
Chris Staples, Partner at Linklaters, states: “This transaction highlights the continued attractiveness of UK offshore wind assets. It’s a pleasure to be at the forefront with our clients capturing the value from offshore wind.”
Linklaters recently advised on the development and £5.5 billion project financing of the Dogger Bank Offshore Wind Farm. Earlier this year, Linklaters also advised SSE Renewables on the development, construction, project financing and 51% equity sale to Total of the 1,075 MW Seagreen offshore wind farm project, located over 27km from the Angus coastline in Scotland.
This mandate is the latest in Linklaters’ extensive experience with UK offshore wind farms, including each of the Seagreen, Beatrice, Dudgeon, Galloper, Greater Gabbard, Moray East, Neart na Gaiothe and Triton Knoll offshore wind farms. Linklaters is also currently advising on a range of other offshore wind projects, joint ventures and acquisitions in the UK, France, the US, Taiwan, Japan, South Korea, Vietnam and elsewhere in Asia.a
