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WFW advises Greencoat on acquisition of stake in Butendiek offshore wind farm10 January 2023

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Watson Farley & Williams (“WFW”) has advised Greencoat Renewables PLC (“Greencoat”) on its acquisition of a 22.5% stake of Marguerite Pantheon’s Butendiek offshore wind farm in the German North Sea, west of Sylt. The deal remains subject to regulatory approval.

Operational since 2015, Butendiek, comprises 80 3.6 MW turbines with a total installed capacity of 288 MW. It benefits from a floor price for the electricity sold until December 2035, enabling it to access the emerging European corporate PPA market.

Greencoat is an investor in euro-denominated renewable energy infrastructure assets, with a portfolio of more than 1,164 MW of generation capacity. Marguerite Pantheon is a Luxembourg-based infrastructure core fund managed by Marguerite Adviser.

The multi-disciplinary WFW Hamburg team that advised Greencoat was led by Corporate Partner and Global Energy Sector Co-Head Malte Jordan. Partners Max Boemke and Christine Bader provided regulatory advice with assistance from Senior Associate Eva-Maria Christiansen and Associate Marina Scharfenberg. Tax advice was provided by Partner Verena Scheibe and Senior Associate Simon Pommer, whilst Partner Sven Fretthold provided finance advice. Senior Associate Muteber Yalcin supported Malte on the corporate aspects of the deal.

Malte commented: “It was a pleasure to assist Greencoat on this important acquisition which highlights its commitment to the European offshore wind sector. Our team’s involvement in this deal highlights WFW’s unrivalled expertise advising on complex energy projects across all key service lines, especially in the offshore wind sector”.


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