While 2020 proved to be a challenging year for offshore oil and gas markets, the same cannot be said about offshore renewables, which saw substantial growth. Offshore renewable projects achieved an estimated record project sanctioning of US$56bn, which, for the first time, represents a higher amount than offshore oil and gas.
We advised floating wind expert BlueFloat Energy on the formation of its new partnership with onshore wind community engagement pioneer Falck Renewables and world-leading Danish offshore wind developer Ørsted to participate in the upcoming ScotWind leasing round.
Construction is to begin in 2022, with commercial operation to be achieved the following year. Once operational, it will generate green energy equivalent to the electricity needs of up to 290,000 households.
In this eighth and final instalment in our OFTO series, we look at the lessons that can be learned from the OFTO regime when implementing the CATO regime.
In the seventh article of our OFTO series, we set out common issues that arise in negotiating OFTO sale and purchase agreements, particularly in light of the unusual dynamics created by the tender process.
We advised SMBC Leasing as lender on a €32m senior loan granted to Centrus Asset Management.
The treatment of “income adjusting events” is a source of potential litigation, both in terms of judicial reviews and contractual warranty or indemnity claims. In the sixth of our nine-part series on the OFTO Regime, this article examines the issues that arise and how parties might seek to resolve them.
The wind farm has a total installed capacity of 588 MW. This investment is TRIG’s third in a UK offshore wind farm and represents circa 12% of its overall investment portfolio.
In the fifth of our nine-part series on the OFTO Regime, this article, we consider how the operation of the Generator Commissioning Clause affects the OFTO tender process, its unintended consequences and whether it is still fit for purpose.
The fourth of our nine-part OFTO series discusses an early holiday gift from Ofgem and BEIS: consultations on the OFTO regime and CfD Allocation Round 4, with responses due early in the new year.