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Powering finance for UK offshore wind project

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  • United Kingdom

    07-09-2018

    Key role for Eversheds Sutherland on flagship offshore wind farm

    Eversheds Sutherland has continued its role advising innogy SE on the development of Triton Knoll, the 860MW offshore wind farm to be located 20 miles off the coast of Lincolnshire.

    innogy SE have now secured both equity investment from J-Power and Kansai Electric Power and around £1.75 billion debt facilities[1] from an international consortium of 15 commercial banks including Santander, Lloyds, BNP Paribas, MUFG Bank and Bayerische Landesbank [2]. A turbine supply contract with MHI Vestas has also been agreed.

    The offshore wind project is now forging ahead into the construction of the onshore electrical system. Once operational, Triton Knoll Offshore Wind Farm will be capable of supplying the equivalent of more than 800,000 UK households p.a. with renewable electricity. Offshore construction is scheduled to start in late 2019/early 2020, with commissioning of the wind farm commencing in 2021.

    Eversheds Sutherland has advised the project since 2010 in connection with its land assembly strategy.

    The Eversheds Sutherland team was led by Partner James Trafford and Principal Associates Nadine Gutteridge and James Shawe. Partner Michelle Moss and Senior Associate Fiona Barker advised on compulsory purchase matters.

    James Trafford, commented:

    “This is a huge boost of confidence for the UK’s offshore wind industry. Earlier this summer, the Government announced a new initiative which sets to double the UK’s offshore wind power capacity by 2030 and this level of investment is a positive and significant step. We are proud to have been involved and look forward to continuing to support the Triton Knoll project on the next chapter of its evolution.”

     

    [1] Excluding ancillary facilities

    [2] The full lending group includes: Sumitomo Mitsui Banking Corporation, ABN AMRO Bank N.V., MUFG Bank, Ltd., KfW IPEX-Bank, ING Bank N.V., Landesbank Hessen-Thüringen Girozentrale, Natixis, Bayerische Landesbank, National Westminster Bank Plc, Lloyds Bank plc, Skandinaviska Enskilda Banken AB, Commerzbank Aktiengesellschaft, BNP Paribas, Landesbank Baden-Württemberg and Banco Santander S.A., London Branch.

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