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WFW advises Galloper on £281.8m sale of transmissions assets3 March 2020

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Watson Farley & Williams (“WFW”) has advised Galloper Wind Farm Limited [“Galloper”) on its £281.8m sale of the transmission assets relating to the 353 MW Galloper Wind Farm to Diamond Transmission Partners (“DTP”) pursuant to the Offshore Transmission Owner (“OFTO”) regime.

Galloper Wind Farm is located in the North Sea, 27 km from the coast of Suffolk, England. The sale of Galloper’s transmission assets includes its onshore and offshore substations as well as two subsea export cables.

UK energy regulator Ofgem selected DTP as preferred bidder for the transmission license for Galloper Wind Farm in round five of its OFTO programme.

Galloper is owned by innogy SE (25%), Siemens Financial Services (25%), Sumitomo (12.5%) and ESB (12.5%) and a consortium managed by Green Investment Group and Macquarie Infrastructure and Real Assets (25%). Galloper Wind Farm has 56 Siemens 6.3 MW turbines which generate enough green electricity to power the equivalent of up to 380,000 homes in the UK. DTP is a 50:50 partnership between Diamond Transmission Corporation Limited – a subsidiary of Mitsubishi Corporation – and HICL Infrastructure plc.

The multidisciplinary WFW London Projects team that advised Galloper was led by Partners Martin Lucas, Simon Folley and Senior Associate Nick Connell. Support was provided by Partners Ravinder Sandhu (corporate), Richard Stephens (tax), Nick Walker (planning and regulatory) and Emmanuel Ninos (construction), as well as by Senior Associate Rachael Davidson (planning and regulatory) and Associates Tim Williams and Oliver Sikora (construction aspects).

Martin commented: “This deal highlights WFW’s standing as market experts in OFTO regimes, coming as it does after our role as adviser to the sellers on the sale of Race Bank last year, the largest OFTO transaction by value to date. It also showcases the wide range of expertise we have to offer across multiple practice areas within the offshore wind sector”.

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