CMS advises Siemens Project Ventures on sale of stake in Veja Mate offshore wind farm

Hamburg – Siemens Project Ventures GmbH (SPV) has sold its 20% stake in the Veja Mate offshore wind farm to VM Offshore Beteiligungsgesellschaft mbH (VMOB). VMOB is a European consortium comprising Commerz Real, wpd invest, the KGAL Group and the Ingka Group. It has been a co-shareholder alongside Siemens Project Ventures for the past three years. Details of the transaction were not disclosed.

A multidisciplinary CMS team headed by Dr Holger Kraft and Matthias Sethmann provided Siemens Project Ventures with legal advice on preparing, negotiating and implementing the transaction.

CMS has been involved with the Veja Mate offshore wind farm through a number of different instructions over the past few years. Back in 2014, CMS advised Highland Group Holdings Ltd. on all aspects of acquiring the original development project. From 2014 onwards, CMS then provided ongoing active support around development of the offshore wind farm. In 2015, the firm advised Highland on a partial sale of the project to Siemens Project Ventures and Copenhagen Infrastructure Partners (CIP). In 2018, CMS then advised on restructuring the project financing of around EUR 1.3 billion. Most recently, in 2019, Highland, CIP and Siemens Project Ventures jointly engaged CMS to advise on all aspects of selling a majority stake in the offshore wind farm to VMOB. While Highland and CIP sold all their shares as part of this deal, Siemens Project Ventures retained a 20% share in the project. Siemens Project Ventures has now again relied on CMS when selling this remaining shareholding.

The Veja Mate offshore wind farm is located in the German Exclusive Economic Zone (EEZ) of the North Sea and consists of 67 Siemens turbines, each capable of generating 6.0 MW. Veja Mate’s total capacity of 402 MW makes it one of the biggest offshore wind farms in the North Sea.

CMS Germany

Dr Holger Kraft, Lead Partner, Hamburg
Matthias Sethmann, Principal Counsel, Co-Lead, Hamburg 
Dr Luise Pelzer, Senior Associate, Hamburg
Marvin Hoffmann, Senior Associate, Hamburg
Dr Stefan Kühl, Associate, Hamburg, all Corporate/M&A
Dr Marc Riede, Partner, Hamburg
Carl Werner, Principal Counsel, Hamburg
Nicolai Bischof, Senior Associate, Hamburg, all Banking & Finance
Kai Neuhaus, Partner, Brussels, Regulatory
Dr Olaf Thießen, Principal Counsel, Hamburg, Tax
Dr Michael Bauer, Partner, Brussels
Helmer Krane, Senior Associate, Brussels, both Competition & EU

Inhouse at Siemens

Dirk Butze
Ulrike König

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