Greencoat UK Wind plc’s £400 Million Acquisition of Stake in Hornsea One

In UK Norton Rose Fulbright, advised on the matter.

Norton Rose Fulbright advised Greencoat UK Wind with a team including Ian Giles (Competition Law), Stephen Rigby (Picture – Corporate M&A), Rob Marsh (Energy & Infrastructures), Sarah Fitzpatrick (Real Estate), Matthew Hodkin (Tax M&A and Deal Advisory).

Greencoat UK Wind plc acquired a 12.5 percent stake in Hornsea One offshore wind farm from Global Infrastructure Partners (GIP).
 
Hornsea One is the world’s largest offshore wind farm, with a grid export capacity of 1,200MW, and is the world’s first offshore wind farm to exceed 1GW. Hornsea One is 50 percent owned by Orsted and 50 percent owned by GIP, with GIP’s 50 percent stake part funded by £2.9 billion of limited recourse debt.
 
Greencoat UK Wind plc will take a stake of 12.5 percent in the wind farm for a total cash consideration of £400 million, and will assume a pro rata share of the limited recourse debt of £0.7 billion, giving a total enterprise value of £1.1 billion for Greencoat UK Wind’s 12.5 percent stake.
 
Stephen Rigby, London-based corporate partner at Norton Rose Fulbright who led on the deal, commented: “We are very pleased to have helped Greencoat UK Wind plc with their latest and largest offshore wind farm acquisition. The UK offshore wind market continues to attract significant investment from infrastructure investors, with the world focusing on the renewable energy market and the wider energy transition. Our energy M&A team has had a very busy few years and this looks set to continue.”
 
The Norton Rose Fulbright corporate was led by Stephen Rigby (Picture), London-based corporate partner. The team also included counsel Sarah Tonks, senior associate Sam Morrey and associate Edward Coleman. The projects team was led by partner Rob Marsh, assisted by senior associate Ben Carrozzi. Tax advice was provided by partner Matt Hodkin and associate Will Scott, and planning law advice by partner Sarah Fitzpatrick and senior associate Peter Cole. Competition law advice was provided by partners Ian Giles and Tim Schaper, as well as associates Jack Jeffries and Melina Rohrbach.

Involved fees earner: Benjamin Carrozzi – Norton Rose Fulbright; Peter Cole – Norton Rose Fulbright; Edward Coleman – Norton Rose Fulbright; Sarah Fitzpatrick – Norton Rose Fulbright; Ian Giles – Norton Rose Fulbright; Matthew Hodkin – Norton Rose Fulbright; Jack Jeffries – Norton Rose Fulbright; Rob Marsh – Norton Rose Fulbright; Sam Morrey – Norton Rose Fulbright; Stephen Rigby – Norton Rose Fulbright; Melina Rohrbach – Norton Rose Fulbright; Tim Schaper – Norton Rose Fulbright; Will Scott – Norton Rose Fulbright; Sarah Tonks – Norton Rose Fulbright;

Law Firms: Norton Rose Fulbright;

Clients: Greencoat UK Wind;

Author: Giulia Di Palma