August.09.2021
Orrick has advised Beatrice Offshore Windfarm Limited (a joint venture owned by SSE Renewables (40%), Red Rock Power (25%), Equitix (17.5%) and The Renewables Infrastructure Group (17.5%)) on the sale of the Offshore Transmission Assets of the 588MW Beatrice Offshore Wind Farm, Scotland’s largest operational offshore generation asset, to Transmission Capital Partners (TCP). TCP is a consortium comprising Amber Infrastructure Group, International Public Partnerships Limited and Transmission Investment.
The transmission assets were valued at £437.9 million and include two offshore transformer modules, two submarine cables, onshore cables and onshore substation. The Beatrice offshore wind farm is in the Outer Moray Firth, 13.5km off the coast of Caithness in Scotland. It consists of 84 7MW Siemens turbines and has an overall capacity of 588MW, enough to power around 450,000 UK homes.
The divestment took place in accordance with the offshore transmission owner (OFTO) regime (Tender Round 6), with TCP selected by Ofgem, following a competitive tender.
Orrick also advised Beatrice Offshore Windfarm Limited on the logistics and reactive services support that it will provide to TCP under an operations and maintenance (O&M) agreement.
The multidisciplinary Orrick team advising Beatrice Offshore Windfarm Limited was led by partner Ravinder Sandhu, closely supported by partners Simon Folley and Simon Alsey, and included partner Adam Smith and associates Emily Yung, Oliver Sikora and Sejal Patel. Ravinder commented, “We are delighted to have advised the Beatrice team on this major disposal of transmission assets and related O&M arrangement. The Orrick team is at the forefront of such transactions and this deal, together with the other OFTO deals closed to date, highlights our market leading expertise in the offshore wind and offshore transmission sector.”