Offshore Wind

Offshore wind has been a European success story for the past decade. It is now taking center stage in the global renewable energy market. Across Asia and the United States, there are currently over 100 GW of offshore wind projects planned or in construction in countries that, just a few years ago, had virtually no offshore wind turbines installed.

Offshore wind offers scale, ever increasing turbine size, decreasing costs and, in some jurisdictions, attractive subsidies – putting offshore wind at the forefront of many governments’ energy transition plans and driving the next wave of development.

Developing and investing in offshore wind projects presents many unique challenges, including government siting and permitting requirements, new technologies, a complex development process and financing challenges.

We represent all strategic players in this fast evolving offshore wind market, including developers, sponsors, financiers, investors, integrated oil and gas conglomerates and historical renewables powerhouses.

Orrick is one of the few law firms that bring decades of experience in renewable energy and in offshore wind advising across the full lifecycle on projects. We handle project development, construction, high stake M&A, partnerships, financings, tax and regulatory advice on offshore wind projects across Europe, Asia and the United States, helping clients capitalize on the opportunities expected over the next decade.

We have advised on cutting-edge and first-in-kind transactions, including the first HoldCo financing of an offshore wind farm, the first investment grade rated bond issue for an offshore wind farm, the first attempted project financing of a floating offshore wind project, and the largest ever project financing of an offshore wind farm in Asia.

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In Asia, we advised on the US$3bn project financing of the Changfang and Xidao Taiwanese offshore wind project being developed by CIP and life insurers, the largest renewables financing in the Asia Pacific to date, and Pattern Energy and Green Power on the development and financing of the 112 MW Ishikari offshore wind project—one of Japan's first offshore wind farms. In Europe, we advised Hornsea 1 Limited, a joint venture between Ørsted and Global Infrastructure Partners, on the GBP 1.175 billion sale of its transmission assets and advised on the Burbo Bank Extension offshore wind farm in the UK, negotiating and drafting the first fully "wrapped" balance of plant EPCI contract used to procure the construction of an offshore wind project in the UK and complex interface arrangements with the turbine supplier. In the US, we advised on the construction and tax equity back leverage financing of the Block Island Wind Farm, the first utility-scale offshore wind farm in the United States and are advising CIP on the proposed mezzanine facility for the Cape Wind offshore wind project in Massachusetts.