Linklaters advises Électricité de France S.A on £2.3bn project financing of Neart na Gaoithe Offshore Wind Farm in Scotland
- Acted as English law legal advisors
- Project will provide enough electricity to power around 375,000 households
- Financing involved a consortium of 25 international banks with a guarantee provided by Denmark’s export credit agency, EKF
Global law firm Linklaters has advised EDF on the £2.3bn project financing of the 450 MW Neart na Gaoithe Offshore Wind Farm.
The project – whose name means "Strength of the Wind" in Gaelic – is located in Scottish territorial waters in the outer Firth of Forth and comprises the design, development, construction, commissioning, financing, operation, management, maintenance and decommissioning of up to 54 Siemens Gamesa SG-8.0-167 wind turbines.
Once operational, the project will provide enough electricity to power around 375,000 households in Scotland, which currently accounts for 4% of total Scottish electricity consumption. It will also play a major role in carbon emissions abatement and will displace around 400,000 tonnes of CO2 annually.
Linklaters also advised EDF on its sale of a 50% stake in the project, following a competitive bidding process, to leading Irish energy company ESB, with completion of the equity sell-down occurring shortly after financial close.
The team at Linklaters was led by John Pickett and Richard Coar (Projects) and Chris Staples (Corporate) with support from a large team across the firm including managing associates Subir Rajadhyaksha and Noor Ashraf and associates Alexander Leadill, Anna McDonald and Catherine Gillespie.