Wind Farm – Credits: BloombergMagic Circle Duo Act Alongside US Giant in £1.6B Energy Deal
Spanish energy giant Iberdrola is selling a 40% stake in a North Sea wind farm to the Green Investment Group.
August 15, 2019 at 06:55 AM
2 minute read
Linklaters, Clifford Chance and Latham & Watkins are advising on the sale of a stake in a North Sea offshore wind project to the Green Investment Group.
Spanish energy giant Iberdrola, which owns Scottish Power, is selling a 40% stake in the as-yet incomplete East Anglia One site – which it values at more than £1.6 billion – to Macquarie-owned Green Investment Group (GIG), the company announced earlier this week.
Linklaters is advising the GIG, with a team led by energy and infrastructure partners Ross Schloeffel and Richard Ginks. The firm previously advised Scottish Power in 2006 when it was acquired by Iberdrola.
Meanwhile, Iberdrola turned to both CC and Latham & Watkins.
Latham's team, led by private equity partner Brendan Moylan and corporate partner Simon Tysoe, is advising the company on the shareholder aspects of the deal.
CC partner James Pay is leading the Magic Circle firm's team, according to a person involved in the deal, advising Iberdrola on the construction and project finance arrangements behind the transaction.
CC previously advised Scottish Power in a £702 million deal that resulted in the company becoming fully wind-operated. Scottish Power has in the past also turned to Freshfields Bruckhaus Deringer for much of its work.
East Anglia One is, according to Iberdrola, the largest-ever renewable energy project undertaken by a Spanish company, with the site valued at more than £4 billion. It is anticipated the site will provide clean energy to about 600,000 homes across the U.K. by 2020.
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