Norton Rose Fulbright advises Greencoat UK Wind plc on £400 million acquisition of stake in world’s largest offshore wind farm

United Kingdom Press release - Business June 2022

Global law firm Norton Rose Fulbright has advised Greencoat UK Wind plc on the acquisition of a 12.5 percent stake in Hornsea One offshore wind farm from Global Infrastructure Partners (GIP). 

Hornsea One is the world’s largest offshore wind farm, with a grid export capacity of 1,200MW, and is the world’s first offshore wind farm to exceed 1GW. Hornsea One is 50 percent owned by Orsted and 50 percent owned by GIP, with GIP’s 50 percent stake part funded by £2.9 billion of limited recourse debt. 

Greencoat UK Wind plc will take a stake of 12.5 percent in the wind farm for a total cash consideration of £400 million, and will assume a pro rata share of the limited recourse debt of £0.7 billion, giving a total enterprise value of £1.1 billion for Greencoat UK Wind’s 12.5 percent stake. 

Stephen Rigby, London-based corporate partner at Norton Rose Fulbright who led on the deal, commented: “We are very pleased to have helped Greencoat UK Wind plc with their latest and largest offshore wind farm acquisition. The UK offshore wind market continues to attract significant investment from infrastructure investors, with the world focusing on the renewable energy market and the wider energy transition. Our energy M&A team has had a very busy few years and this looks set to continue.” 

The Norton Rose Fulbright corporate team also included counsel Sarah Tonks, senior associate Sam Morrey and associate Edward Coleman. The projects team was led by partner Rob Marsh, assisted by senior associate Ben Carrozzi. Tax advice was provided by partner Matt Hodkin and associate Will Scott, and planning law advice by partner Sarah Fitzpatrick and senior associate Peter Cole. Competition law advice was provided by partners Ian Giles and Tim Schaper, as well as associates Jack Jeffries and Melina Rohrbach.

In 2021 Norton Rose Fulbright advised Greencoat on its acquisition of a 25 percent stake in the Burbo Bank Extension offshore wind farm.