7 October 2011
Watson, Farley & Williams, a leading international law firm, is pleased to announce that it advised DONG Energy on the sale of the transmission system assets relating to:
Each purchaser is a special purpose vehicle of a consortium comprising Transmission Capital Partners, Amber Infrastructure Group and International Public Partnerships Limited.
As part of each sale, an operation and maintenance agreement was entered in to for the transmission assets, on which Watson, Farley & Williams also advised.
Each sale is part of a new regulatory regime for offshore electricity transmission, whereby offshore transmission links are sold by the offshore generators to an Offshore Transmission Owner (“OFTO”) as part of a competitive tender process run by Ofgem, the UK regulator of the gas and electricity markets.
The Gunfleet Sands wind farm is located approximately 7km off the Clacton-on-Sea coast, and has a total capacity of 172MW. It was commissioned on 15 June 2010.
The Barrow wind farm is located in the east Irish Sea, approximately 7km south west from Walney Island off the Cumbria coast, and has a total capacity of 90 MW. It was commissioned in 2006 and is owned jointly by DONG Energy and Centrica.
The Watson, Farley & Williams team was led by Evan Stergoulis, partner and head of Energy, Corporate partner Nick Fothergill, with property advice provided by Real Estate partner Gary Ritter. The team included Corporate assistant Ravinder Sandhu, and Simon Alsey and Michael Kruger, assistants in the Project, Commodities and Export Finance Group.
TC Gunfleet Sands OFTO Limited was represented by Linklaters.
Evan Stergoulis said: “We are very pleased to have advised DONG Energy on the second and third completed sales of transmission assets under the new OFTO regime. Our work on these complex and innovative transactions is further evidence of our strong position as an adviser on offshore wind.”