CMS wins award for Equinor’s landmark US offshore wind transaction with BP

International law firm CMS is pleased to announce that it has won the Offshore Wind Deal of the Year award at the Wind Investment Awards 2021 for its for its role advising Equinor on the sale of its stake in Empire Wind and Beacon Wind to BP.

Hosted in partnership with A Word About Wind, the Wind Investment Awards celebrate best practice in the wind industry and help the sector and those working within it, to thrive. The awards attract and are judged by some of the biggest names and key players in the wind industry. 

CMS was appointed as legal adviser to Equinor on its agreement with BP to sell 50% of its non-operated interests in the Empire Wind and Beacon Wind assets on the US east coast for a total consideration before adjustments of US$1.1 billion. Power generation from each site will be sufficient to power more than 1 million homes. 

Through this transaction, the two companies also established a strategic partnership for further growth within offshore wind in the US. Through this partnership Equinor and BP will consider future joint opportunities in the US for both bottom-fixed and floating offshore wind and will leverage relevant expertise to jointly grow scale. 

Announced in September 2020, the transaction was completed in February 2021.

The transaction was led at CMS by Munir Hassan, Head of Energy & Climate Change, and Charles Currier, Co-head of Corporate, with the involvement of a large team, who worked alongside US firm Bracewell LLP. 

Munir Hassan commented: “We are truly delighted to have won this award for our work supporting Equinor on its landmark transaction with BP. This complex transaction allowed us to assist Equinor in exporting the approaches we and they have developed on European and Asian offshore wind projects and transactions to the nascent offshore wind market in America, and to help shape the emerging practice there.”

Judges for the award commented: “This landmark deal, which supports the coming together of two energy giants (oil and gas) is a critical moment in energy transition. Equinor have made innovative arrangements for a fossil fuel major to take steps to becoming a zero-carbon energy company. A significant step forward in the renewable energy industry and a very worthy winner.”