24 March 2016
International law firm Watson Farley & Williams (“WFW”) advised Westermost Rough Ltd (“WMR”), a joint venture between DONG Energy A/S and the UK Green Investment Bank plc and Marubeni Corporation, on the sale of transmission assets valued at approximately £157m to TC Westermost Rough OFTO Limited (“TCP”), owned by a consortium comprising Transmission Capital Partners LP and International Public Partnerships Limited. The divestment took place pursuant to the Offshore Transmission Owner (“OFTO”) regime.
Following a competitive tender process, TCP, who were advised by Linklaters, was selected as preferred bidder for the WMR offshore transmission license by industry regulator Ofgem in May 2015. The assets acquired include the onshore substation, export cable and offshore substation of the Westermost Rough offshore wind farm located in the UK North Sea, approximately 8km off the East coast of Yorkshire near Withernsea. The wind farm’s 35 Siemens 6 MW wind turbines have a total capacity of 210 MW and provide clean renewable energy for 150,000+ UK households.
The WFW London team advising WMR on the divestment was led by corporate partners Ravinder Sandhu and Nick Fothergill, assisted by partner Simon Alsey (energy & infrastructure) and associates Craig Bruce (energy and infrastructure), Emma Blake (energy and infrastructure) and Hayley Arrow (corporate). Partner Simon Folley advised on real estate matters.
Ravinder commented: “We have now acted on eight completed transmission assets sales under the OFTO regime, clearly demonstrating both our unrivalled expertise advising on these innovative transactions and our position as one of the leading law firms in the offshore wind sector”.