Danish company Dong Energy has reorganised its Lincs offshore windfarm joint venture (JV) after JV partners Centrica and Siemens Project Ventures decided to divest their respective 50% and 25% shares in the 270MW Lincs windpower project in the UK.
Dong Energy received advice from UK-based international law firm Watson Farley & Williams (WFW) and the WFW London Energy and Infrastructure team, which was led by partner Simon Alsey and assisted by senior associates Jon Thursby, Natalie Georgiou, and Joe Hesketh.
Alsey said: “I’m delighted to have advised such a long standing and highly regarded client of the firm as Dong on this challenging and multi-faceted transaction.”
After the divestiture, Dong Energy will continue to retain its 25% stake in the wind project, located 8km off Skegness on the east coast of England, UK.
Centrica and Siemens Project Ventures have sold their stake in the project to the subsidiaries of UK Green Investment Bank Financial Services and the UK Green Investment Bank.
Sale of Centrica’s shares had an estimated enterprise value of £487m and completed the company’s exit from owning wind power generation projects. However, the UK-based utility company will continue to function in the development and operation of windfarms through agreements to acquire renewable power.
After an initial transitional period, Dong Energy will take over operation and maintenance of the Lincs offshore windfarm project from Centrica.