Watson Farley & Williams (“WFW”) advised Sumitomo Corporation (“Sumitomo”) on its acquisition of a 33.3% stake in the Gwynt Glas offshore wind farm from EDF power solutions UK and Ireland (“EDF ps”) and Electricity Supply Board (“ESB”).
Located approximately 40km off the UK’s west coast in the Celtic Sea, the Gwynt Glas offshore wind farm will have a total capacity of up to 1.5 GW once operational. The project was previously jointly held by EDF ps and ESB, both with 50% stakes. Following this acquisition, the project will now be owned in equal thirds by Sumitomo, EDF ps and ESB.
Part of Japan’s Sumitomo Group, Sumitomo Corporation is an integrated trading and business investment company with a strong global network comprising offices in over 60 countries and regions. Founded in 1919, it is listed on all three Japanese stock exchanges (Tokyo, Nagoya and Fukuoka). EDF power solutions UK and Ireland is a is a subsidiary of EDF Group, one of the world’s largest low carbon electricity companies. ESB is a strong, diversified utility, majority owned by the Irish Government, which has been active in the UK since 1992
The WFW Energy London team that advised Sumitomo was led by Projects Partner Martin Lucas and Senior Associate James Ballantyne, supported by Associates Ben Harvey and Idil Yusuf and Trainee Kate McMahon. Tax expertise was provided by Partner Richard Stephens and Associate Pip Moss, with Partner Solange Leandro and Edita Katuscakova advising on competition law matters.
Martin and James commented: “We are delighted to have advised Sumitomo on this important offshore wind farm acquisition. This transaction represents a transformative investment in the floating offshore wind sector in the United Kingdom. Being instructed on this matter entrenches WFW’s reputation as a leading law firm in the offshore wind sector, both fixed and floating”.
