CMS in London has advised Norway’s largest oil & gas company Statoil on the sale of a 35% stake in its 402 megawatt Dudgeon offshore wind farm project, located off the Norfolk coast, to Masdar Abu Dhabi Future Energy Co.
Statoil has retained a 35% stake in the project, which is expected to be fully operational in late 2017. The remaining project partner, Statkraft, continues to hold its 30% interest.
The CMS team was led by London partners Charles Currier (Corporate) and Munir Hassan (Energy), with assistance from partner Nancy Eller, senior associate Stuart Hohnen, and associates Louise Dalton and Michelle Kirkland. Partner Aaron Fairhurst advised on the tax aspects, with wider trainee support from Ruth Jones and Liam O’Flynn. Statoil’s legal team was led by Alejandro Figueroa.
Commenting on the transaction, Charles Currier, said: “We are delighted to be involved in this project, which will provide clean, reliable energy to over 400,000 households across the UK. This transaction reflects the strength and attractiveness of the UK offshore wind energy market, and our involvement reinforces CMS' leading position in this thriving sector.”
Munir Hassan, the CMS client relationship partner for Statoil added: “This is a significant transaction for Statoil and the UK renewable energy sector. It builds on CMS' strong relationship with Statoil across the energy sector.”
