Law firm Womble Bond Dickinson (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 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.
About Womble Bond Dickinson
Womble Bond Dickinson is a transatlantic law firm with more than 1,000 lawyers based in 27 UK and US office locations. The firm provides core legal services including: Commercial, Corporate, Employment, Pensions, Dispute Resolution, Litigation, Finance, Banking, Restructuring, Insolvency, IP, Technology and Data, Private Wealth, Projects, Construction and Infrastructure, Real Estate and Regulatory Law.
Womble Bond Dickinson has a particular focus on eleven key sectors: Energy & Natural Resources, Financial Institutions, Healthcare, Insurance, Manufacturing, Real Estate, Retail & Consumer, Transport, Logistics & Infrastructure, Pharmaceuticals, Biotechnology & Life Sciences, Technology and Private Wealth.
The firm’s UK offices are in Aberdeen, Bristol, Edinburgh, Leeds, London, Newcastle, Plymouth and Southampton. The US offices are in Atlanta, Baltimore, Boston, Houston, Los Angeles, Orange County, Palo Alto, Silicon Valley – Calif, Wilmington – Del, Charlotte, Greensboro, Raleigh, Research Triangle Park, Winston-Salem – N.C., Charleston, Columbia, Greenville – S.C., Charlottesville, Tysons Corner – Va. and Washington D.C.
The firm’s reach also extends to Europe where it has strategic partnerships with other law firms in Germany and France. Through the firm’s association with Lex Mundi, the world’s largest association of independent law firms, Womble Bond Dickinson also can offer clients access to quality-tested local counsel in more than 120 countries.
About RES
RES is the world’s largest independent renewable energy company active in onshore and offshore wind, solar, energy storage and transmission and distribution. At the forefront of the industry for over 35 years, RES has delivered more than 16 GW of renewable energy projects across the globe and supports an operational asset portfolio exceeding 5GW worldwide for a large client base. Understanding the unique needs of corporate clients, RES has secured over 1.3GW of power purchase agreements (PPAs) enabling access to energy at the lowest cost. RES employs more than 2,000 people and is active in 10 countries. For more information, visit www.res-group.com
