WBD has advised longstanding client RES, the world’s largest independent renewable energy company, on the sale of its first UK subsidy-free wind farm project.
Based in Northern Ireland, Craiggore Wind Farm was purchased by ERG UK Holding Ltd, a company owned by ERG, a leading European wind energy operator. The total investment by ERG for the 25-megawatt (MW) project is approximately £37 million (€41 million). The wind farm is expected to start operating in early 2021, from which time it would provide enough electricity to sustain an estimated 21,500 households.
Craiggore Wind Farm is the first in a consented UK onshore wind portfolio of over 200MW developed by RES that the company plans to bring to financial close on a subsidy-free basis within the next year.
A multidisciplinary WBD team advised on the sale, drawing on its substantial experience of advising on transactions in the renewable energy sector. The team was led on the corporate side by partner Sebastian Briggs and associate Luke Andruszewski; and on the tax side by managing associate Ronan Lowney.
Sebastian Briggs, partner at WBD, commented:
“We're delighted to have advised RES on the sale of its first subsidy-free project, which is a major milestone for the company and the wider renewables industry. Our ability to marry our deep sector knowledge in the renewable energy sector to our heavyweight corporate expertise, meant we were able to provide the best possible service to the client."
Lucy Whitford, Managing Director – Development and Construction at RES, added:
"We have been working with WBD for many years and are very grateful for their continued commitment and counsel. The firm's experience and understanding of our business played an important role in helping us achieve a smooth completion."
Ranking in the UK's top 20 law firms, WBD provides comprehensive legal service to clients across a wide range of sectors, from eight cities across the UK, including London, and 19 offices in the US. Since the earliest renewables projects over 25 years ago, the firm has advised key energy sector clients ranging from leading independents to major utilities and infrastructure funds.