Ashurst advised Macquarie Capital on the acquisition and financing of an 49.89 per cent interest in offshore wind farm EnBW Baltic 2 in the Baltic Sea. The shares were sold by EnBW Energie Baden-Württemberg AG ("EnBW") for €720 million. A corresponding purchase agreement for the acquisition of shares in the future joint company holding the wind farm as well as a shareholder's agreement have now been signed. The completion of the purchase agreement is still subject to antitrust approval and the full commissioning of the offshore wind farm, expected to be completed next summer.

A syndicate of nine banks provided the financing at the level of the acquisition company (HoldCo). Such a so-called 'HoldCo financing' means a special complexity regarding the structuring of the financing. According to Macquarie this is the first time a HoldCo financing has been used in Germany for an offshore wind transaction.

The wind farm will eventually comprise 80 wind power turbines with a total capacity of 288 megawatt. It will be able to generate 1,200 gigawatt hours of electricity per year that covers the theoretical requirements of around 340,000 households.

Ashurst fielded a team from Frankfurt, London and Munich and this was the first time Ashurst in Germany advised Macquarie Capital in connection with an investment in the energy sector. The team was led by Finance partner Dr Tom Beckerhoff and Corporate partner Dr Benedikt von Schorlemer as well as Corporate counsel Dr Fabian von Samson-Himmelstjerna (all Frankfurt). London-based partners Nick Rainsford (Corporate), Antony Skinner (Finance), Michael J. Smith (operational and service agreements) and Isabelle Lentz (Luxembourg law) as well as partners Heiko Penndorf (Tax, Frankfurt) and Ute Zinsmeister (Antitrust, Munich) also advised. The Ashurst team also comprised:

Corporate: Senior associates Dr Philip Cavaillès (Frankfurt) and Alex Verzariu (London), associate Dr Philip Schmidt (Frankfurt).

Finance: Senior associates Dr Endrik Kramski (Frankfurt) and Nicholas Ross-McCall (London), associates Michael Schuhmacher (Frankfurt), Alex Bartho and Zara Statter (both London), transaction manager Dominique Blaurock (Frankfurt).

Energy: Counsel Dr Maximilian Boemke (Energy/Public Law, Frankfurt), associate Peter Grayson (London).

Luxembourg law: Senior associate Paul Witte (London).

Regulatory: Senior associate Jake Green (London).

Tax: Senior associate Felix Krüger (Frankfurt).

Antitrust: Senior associate Maria Held (Munich).

Macquarie Capital was advised internally by Ian Ramsbottom.