Eversheds Sutherland has advised EDF Energy Renewables on selling a majority stake in five of its UK onshore wind farms to Greencoat UK Wind PLC, one of the UK’s largest investors in the resource efficiency and renewable energy market.
Following a competitive tender process, Eversheds Sutherland advised EDF on all legal aspects of the transaction, requiring specialists from across the firm (including corporate, construction, real estate, regulatory and tax), together with supporting the EDF team with the management and co-ordination of the transaction from the initial preparatory stage through to completion.
The five wind farms are: Deeping St. Nicholas (16.4MW), Red House (12.3MW) and Bicker Fen (26.7MW) in Lincolnshire, and Glass Moor (16.4MW) and Red Tile (24.6MW) in Cambridgeshire.
EDF Energy Renewables will retain a 20% share in the wind farms. It will also continue to run the sites and, together with the company’s services business EDF EN Services UK, provide all the operation and maintenance requirements as well as asset management services. EDF Energy will also continue to purchase all of the electricity and ROCs generated by the wind farms.
The Eversheds Sutherland team consisted of partners Iwan Walters, James Trafford and Conrad Purcell. They were supported by Laura Rajanah and Rebecca Warden (Principal Associates), Philip Barratt (Senior Associate) and Helen A’Bear (Associate).
Iwan Walters, commented:
“This transaction is another example of the demand from investors for operating onshore wind projects in the UK. Investors were extremely interested in these assets as they were developed and operated by EDF and EDF remain directly interested in the projects following completion of the transaction. Our leading Clean Energy and Sustainability team are delighted to have assisted EDF Energy Renewables, a longstanding client, on this significant transaction in the UK in addition to continuing our relationship with EDF globally.”
Hassaan Majid, Chief Financial Officer of EDF Energy Renewables, said:
“This was a long-running transaction and we are very grateful to the entire Eversheds Sutherland team for their support and commitment throughout the deal. We were able to draw upon the broad range of sector-specific knowledge and specialist skills offered by Eversheds Sutherland, which ultimately allowed us to complete the transaction smoothly and within the challenging timescales originally contemplated.”
This financial deal fits with the EDF Group’s CAP 2030 renewable energy strategy and supports its ambitious development portfolio in the United Kingdom, a strategic market for the Group.
