We have advised AIP Management P/S (AIP) on the sale of PKA’s 25% equity interest in the Burbo Bank Extension offshore wind farm (BBE) to Greencoat Renewables PLC (on behalf of Greencoat UK Wind PLC and Greencoat Renewable Income LP) for a price of approximately £400 million. Greencoat will join Ørsted (50%) and KIRKBI (25%) as shareholders.
BBE is a 258MW offshore wind farm on the Burbo Flats in Liverpool Bay at the entrance to the River Mersey, approximately 7 km (4.3 miles) north of the North Wirral coast near the village of Meols.
The Orrick team advising AIP on the equity disposal was led by Evan Stergoulis, closely supported by Simon Alsey, Nicholas Connell and David O’Donovan with additional support from Rebecca Downes and Junaid O’Balogun. Douglas Lahnborg and Matthew Rose advised on competition matters, and Jonathan Rosen and Bridget Winters advised on tax.