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CMS advises ESB on acquisition of 50% stake in £2bn offshore wind farm

13 December 2019

International law firm CMS has advised leading Irish energy company Electricity Supply Board (ESB) on its 50:50 equity partnership with EDF Renewables to jointly develop the 450MW Neart na Gaoithe (NnG) offshore wind farm in Scotland. 

The transaction sees ESB acquire a 50% stake in the Scottish wind farm, representing another key milestone in ESB’s investment in offshore wind. NnG, located in the Firth of Forth off the east coast of Scotland, has a capacity of c. 450 megawatts of low carbon energy and will offset over 400,000 tonnes of carbon emissions each year. Onshore construction is underway. Offshore construction will start in June 2020 and full commissioning is due to complete in 2023. 

The CMS team was led by London partners Charles Currier and Munir Hassan, and included Michael Carroll and Michelle Davies (Corporate), Will Fenn and Oliver Brown (Finance), Thomas Forman and Freddie May (Energy), Philip Duffield and Tom Ballard (Projects), Claire Wallis (Real Estate), Robin Hutchinson and Kathryn Nolin (Planning) and Aaron Fairhurst and Jason Todd (Tax). 

John McDermott, Legal Manager of ESB Corporate & Commercial commented that: “The ESB in-house legal team and the ESB asset development team were very pleased with the very professional support and advice received from the CMS team on this important strategic transaction for ESB.” 

Charles Currier, Co-Head of the Corporate Group at CMS commented: “We are delighted to have advised ESB on this important transaction. When fully operational, NnG will provide a significant boost to the offshore wind industry in Scotland, supplying enough low carbon electricity for around 375,000 homes and offering numerous growth opportunities for Scotland.”

Munir Hassan, Head of Clean Energy at CMS, added: “This deal is another example of the continuing confidence in the UK renewables sector. As one of the leading advisors to the renewables industry, it is a privilege to work on such a significant transaction, which will play an important role in the de-carbonisation of the UK electricity system and supports ESB in delivering its ambitious offshore wind strategy.”

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