Eversheds Sutherland (International) acts for the Forewind consortium as Statoil and SSE increase their stakes in the wind-farm project at Dogger Bank

SSE and Statoil have each increased their shares in the 4.8 gigawatt Dogger Bank offshore wind development after the companies both acquired additional stakes from exiting consortium partner Statkraft.

The Dogger Bank offshore wind development comprises four projects in the North Sea off the coast of North Yorkshire developed by the Forewind consortium which were granted planning permission during 2015.

Prior to the transaction each of SSE, Statoil, Statkraft and Innogy owned a 25% stake in the development. The transaction takes each of SSE’s and Statoil’s interest in the projects to 37.5%. Innogy retains a 25% share in the projects. The sale forms part of Statkraft’s strategy to divest all of its offshore wind assets and the purchase price has not been publicly disclosed.

Eversheds Sutherland acted on behalf of the UK-Norwegian consortium in respect of the transaction, including liaising with The Crown Estate in order to obtain necessary consents. Advice on the corporate and structuring elements was led by Jason Lovell, a corporate energy partner in the London team, supported by associate Oliver Weerasuriya. James Trafford, a real estate partner in Cardiff, was supported by senior associate James Shawe providing advice on the offshore real estate elements.

Trevor Baker from Forewind comments:

“As the development is comprised of four separate projects owned by 36 separate entities through a combination of incorporated and unincorporated joint ventures this was a relatively complex transaction which required meticulous planning. Eversheds Sutherland provided a high level of support throughout the process and managed an efficient delivery making full use of their project management skills”

Jason Lovell of Eversheds Sutherland comments:

“The transaction on 23 March 2017 is the latest step in the development of a world class asset in relation to which the Eversheds Sutherland team has provided advice since its inception, including planning, consenting, real estate and corporate structuring elements. At Eversheds Sutherland we are pleased to have supported Forewind on this latest step and our team looks forward to continuing to work with the participants to deliver the projects”