Eversheds Sutherland advises RWE on acquisition of 4.2GW UK Offshore wind development from Vattenfall
£963m deal sees previously halted Norfolk Offshore Wind Zone projects resume
December 22, 2023
Eversheds Sutherland has advised RWE on its acquisition of the consented 4.2 gigawatts (GW) Norfolk Offshore Wind Zone from Vattenfall for £963m, resulting in the resumption of a significant UK renewables project.
The transaction for RWE, one of the world’s leading offshore wind companies, comprises three offshore wind development projects - Norfolk Vanguard West, Norfolk Vanguard East and Norfolk Boreas – each with a planned capacity of 1.4 GW.
As part of the deal RWE will resume the development of the 1.4 GW Norfolk Boreas project, which was previously halted. This is another step towards RWE meeting its goal of tripling its global offshore wind capacity from 3.3 GW today to 10 GW in 2030.
Eversheds Sutherland supported RWE on matters requiring experience in onshore and offshore property, construction procurement, consenting, competition, corporate and regulatory. The firm’s work included advising on meeting the demands of the recently-introduced Inclusion of Queue Management process within the CUSC by energy regulator Ofgem.
The Eversheds Sutherland team was co-led by Alan Cook, Partner, and Richard Streeter, Partner, with support from a team of Partners, Legal Directors, Principal Associates and Associates across the firm.
Alan Cook, Partner at Eversheds Sutherland, comments:
“This is a very significant transaction for the renewables industry and shows there is huge confidence in UK offshore wind to be an important part of meeting net zero targets. It also demonstrates that there is confidence that even in the face of the cost and supply chain challenges of 2023 wind power is a viable renewable energy investment. We were delighted to be part of this deal for RWE and to have contributed to the future of some vital UK offshore wind projects.”
Dr. Reimund von der Höh, Corporate Counsel for RWE, comments:
“I would like to thank the entire Eversheds Sutherland team for the great support in this transaction. It was fast-paced work but we always received good, clear and focused advice even if it was needed at very short notice due to the nature of the deal. Being able to deliver a wide range of advice in those short timeframes was crucial to getting this work complete and the Eversheds Sutherland team always delivered.”
The deal is expected to be completed in the first quarter of 2024, subject to regulatory and Crown Estate approval. The next milestone in the development of these projects is to secure a Contract for Difference (CfD) in one of the upcoming auction rounds.
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