Shepherd and Wedderburn has acted alongside lead adviser, Allen & Overy, for Abu Dhabi’s renewable energy company, Masdar, in a deal that sees Masdar acquire a 25% stake in Statoil’s Hywind Scotland floating offshore windfarm.
Shepherd and Wedderburn has acted alongside lead adviser, Allen & Overy, for Abu Dhabi's renewable energy company, Masdar, in a deal that sees Masdar acquire a 25% stake in Statoil's Hywind Scotland floating offshore windfarm.
The project aims to take advantage of Scotland's huge offshore wind resource by operating in waters exceeding 100m depth, demonstrating cost efficient and low risk solutions for commercial scale parks.
The transaction forges a strategic alliance between Masdar and Norwegian oil giant, Statoil. Under the transaction, Statoil and Masdar will share the development risk, with Masdar covering 25% of previous and future project costs. Statoil will continue to hold a 75% share in Hywind Scotland.
Acting for Masdar, alongside lawyers from Allen & Overy, Shepherd and Wedderburn's Clean Energy team advised on issues relating to grid connection contracts, regulatory aspects of the project, as well as property and planning due diligence. The Shepherd and Wedderburn team was led by energy real estate partner Colin Robertson and consenting/environmental partner Scott McCallum, with specialist grid/regulatory input from partner Liz McRobb.
Clare Foster, Partner Head of Clean Energy, and who led the Shepherd and Wedderburn team said: "Our 90-strong renewable energy team has both the scale and depth of knowledge to advise on ground-breaking projects of this complexity. It is fantastic that our lawyers have once more been given the opportunity to work on a project that puts Scotland at the forefront of next generation wind technologies."
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Regarded by many as the go-to firm for specialist advice in the energy and natural resources and real estate sectors, Shepherd and Wedderburn also has an impressive track record in advising clients from across other industries and sectors. FTSE 100 blue-chips, AIM companies, large SMEs, and public service organisations are counted among its clients.
The Energy and Natural Resources group brings together highly experienced experts from across the firm with the specialist skills and practical experience necessary to take projects from initial feasibility through to completion. The team has a proven track record of advising leading industry players, regulators, trade bodies, local authorities, developers and funders in all aspects of energy and natural resources projects, identifying industry risks and issues, analysing the implications for clients and turning those insights into real added value.