Slaughter and May advised DONG Energy – disposal of a 50% interest in the Race Bank offshore wind farm

Slaughter and May advised DONG Energy on its disposal of a 50% interest in the 573MW Race Bank offshore wind farm to Macquarie European Infrastructure Fund 5 and Macquarie Capital, the principal investment arm of Macquarie Group.  It also advised on the terms of certain related financing, construction management, operations and maintenance and power purchase arrangements.

The total transaction proceeds, consisting of the acquisition of a 50% ownership share and commitment to fund 50% of the project CAPEX (including transmission assets), amount to c.£1.6bn.  The proceeds are payable from 2016 until completion of the project, which is expected in 2018.

The Race Bank offshore wind farm is currently in advanced stages of construction off the coast of North Norfolk and Lincolnshire and is expected to be fully commissioned in 2018.