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Eversheds Sutherland advises NBIM on a first investment in renewable energy infrastructure

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    An international team from Eversheds Sutherland has advised Norges Bank Investment Management (NBIM) on a €1,375 million acquisition of a 50% interest in the Borssele 1 & 2 offshore wind farm in the Netherlands.

    This acquisition is NBIM’s first investment in the renewables market, with the sale purchase agreement signed on Wednesday 7 April 2021 with completion expected later this year. The stake is acquired from Ørsted, who will remain co-owner, and operation and maintenance provider for the project.

    Eversheds Sutherland deployed an M&A and Energy team of lawyers from the Netherlands and Germany to support NBIM. The team was led by Miriam van Ee, Partner and Co-Head of Eversheds Sutherland’s Energy Practice in the Netherlands, and Werner Brickwedde, Partner and Head of Eversheds Sutherland’s Energy Practice in Germany.

    Borssele 1 & 2 is currently the largest operational offshore wind farm in the Netherlands and the second largest operational offshore wind farm in the world, with an installed capacity of 752 MW. The project is located 22km off the coast of the Dutch province of Zeeland, with a total area of 112 sq km, consisting of 94 Siemens Gamesa 8MW offshore wind turbines. The site was fully commissioned in Q4 2020.

    NBIM is the asset management division of the Norwegian Central Bank, and manages the Norwegian Government Pension Fund Global, the world’s largest sovereign wealth fund. It manages assets worth more than €1.042 trillion. The fund is invested in international equity and fixed-income markets and in unlisted real estate.

    Miriam van Ee, said:

    “We are excited to have advised NBIM in its first investment in renewable energy infrastructure. It was great working closely with the NBIM deal team on this step into the renewable energy market and contributing to the sustainable investment strategy of NBIM.”

    Werner Brickwedde, also commented:

    “It was great working on another divestment of Ørsted, again on the buy-side. We congratulate NBIM and Ørsted with the signing and look forward to closely following NBIM’s further investments in renewable energy assets.”

    The transaction was led by Miriam van Ee and Werner Brickwedde; other key partners were Martin Weitenberg, Partner, Commercial and Energy; and Michel Chatelin, Partner, Competition. The deal team also consisted of Alexander Dartsch, Counsel, Corporate; Rene van ’t Hoft, Counsel, Energy; Yannie Lam, Senior Associate, Corporate;  Natascha Geraedts, Partner, Planning; Marc Anker, Legal Director, Corporate Notarial; Christine Strating, Associate, Planning; Fons Leijten, Associate, Commercial; Stefan Engel, Associate, Commercial; Maximilian Spitzhorn-Stork, Associate, Corporate; Sharon Edoo, Associate, Finance; Carlos Henriquez Cubas, Associate, Corporate Notarial; and Taoufik Yekhlef, Senior Associate, Employment.

    Eversheds Sutherland’s team was supported by VanLoman in respect of tax issues. The VanLoman team included: Jochem Kin, Partner; Olaf van Grieken, Partner; and Annemarie van den Broek, Tax Manager.

    For more information, click here to view the Norges Bank Investment Management press release on the transaction.

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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