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CMS advises Greencoat on an acquisition of a 50 % stake in Borkum Riffgrund I

04/04/2022

Hamburg – Greencoat Renewables PLC agreed on the acquisition of 50 % in total of the Borkum Riffgrund I offshore wind farm located in the German North Sea from Kirkbi Invest A/S and William Demant Invest A/S, whereas KIRKBI Invest A/S sold its 31.5% stake and William Demant Invest A/S sold its 18.5% stake in the project. The wind farm was developed and constructed by Ørsted, which remains a 50 % shareholder and will continue to provide operation, maintenance and management services to the wind farm under a long-term contract. The total cash consideration for the transaction amounts to approx. EUR 350 million. The transaction is subject to regulatory clearance and is expected to close in Q2 2022.

The acquisition of Borkum Riffgrund I will contribute to Greencoat Renewables' strategy to build a diversified portfolio of high-quality renewable electricity generation assets supported by strong contracted cash-flows and will support Greencoat's further expansion into continental Europe. It is Greencoat's first acquisition in Germany and its entry into the offshore wind market.

A CMS team headed by lead partner Dr Holger Kraft advised Greencoat on all legal aspects of the transaction. DLA Piper Denmark advised on Danish law specifics.

The sellers were comprehensively advised by Hogan Lovells. Ørsted was advised by Hengeler Mueller.

Greencoat Renewables PLC is an investor in euro-denominated renewable energy infrastructure assets. Initially focused solely on the acquisition and management of operating wind farms in Ireland, the Company is now also investing in wind and solar assets in certain other European countries with stable and robust renewable energy frameworks. It is managed by Greencoat Capital LLP, an experienced investment manager in the listed renewable energy infrastructure sector.

CMS Germany 

Dr Holger Kraft, Lead Partner, Hamburg
Matthias Sethmann, Principal Counsel, Hamburg
Dr Luise Pelzer, Senior Associate, Hamburg
Charlotte von der Heydt-von Kalckreuth, Senior Associate, Hamburg
Dr Stefan Kühl, Associate, Hamburg, all Corporate/M&A
Dorothée Janzen, Partner, Hamburg
Dr Christiane Kappes, Partner, Hamburg, both Regulatory
Dr Fritz von Hammerstein, Partner, Hamburg
Jan Gröschel, Senior Associate, Hamburg
Katja Meisel, Associate, Hamburg, all Real Estate & Public
Dr Martin Mohr, Partner, Stuttgart, Tax Law
Dr Dirk Baukholt, Principal Counsel, Frankfurt/Main
Dr Tobias Kilian, Principal Counsel, Frankfurt/Main, both Insurance Law
Christoff Henrik Soltau, Partner, Hamburg
Kai Neuhaus, Partner, Brussels
Moritz Pottek, Senior Associate, Brussels
Dr Robert Bodewig, Associate, Hamburg, all Competition & EU

DLA Piper Denmark

Christian Bredtoft Guldmann, Partner, Copenhagen

Press Contact
presse@cms-hs.com

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