CMS advises EDPR on joint ventures with Repsol for development of 2.4gw offshore wind in the UK

CMS Cameron McKenna LLP (CMS) has successfully advised EDP Renováveis, S.A. (“EDPR”) on its participation with Repsol Nuevas Energias, S.A. (“Repsol”) to jointly develop up to 2.4 GW of offshore wind projects in the UK.  EDPR will lead the relationship with a 60% share in the overall capacity to be developed.

Led out of London, the team at CMS was headed by partners Munir Hassan and Charles Currier, and a team of some 15 other lawyers from across the firm, involving corporate, energy, banking, competition, employment and environment.

Munir comments, "We are delighted to have supported EDPR in this exciting transaction that will increase EDPR's pipeline in UK offshore wind. This complex deal further strengthens our excellent relationship with the client and highlights our recognised expertise in renewable energy.

The overall deal involves the acquisition by Repsol of SeaEnergy Renewables Limited (SERL) from SeaEnergy PLC, the securing from The Crown Estate of exclusive rights to develop offshore wind projects at Inch Cape, and a proposed post-acquisition restructuring following which EDPR will hold:

• 67% of Moray Offshore Wind Limited (“MORL”), previously held 75% by EDPR and 25% by SERL: MORL is developing up to 1.5 GW at Zone 1 in the UK’s Round 3 offshore wind programme;
• 49% of Inch Cape Offshore Wind Limited (“Inch Cape”) previously held 100% by SERL: Inch Cape is developing up to 905MW in the outer Firth of Tay region pursuant to the Scottish Territorial Waters offshore wind programme.

The acquisition of SERL by Repsol is subject to approval by the shareholders of SeaEnergy PLC and is expected to be completed by 30 June 2011.