We have advised Ørsted Onshore A/S on its agreement to acquire Brookfield Renewable’s Irish and UK onshore wind business. The agreement is based on an enterprise valuation of €571 million as of December 31, 2020, subject to customary adjustments, and marks Ørsted’s entry into the European onshore market.
With this acquisition, Ørsted is acquiring one of Europe’s leading integrated renewable energy platforms, including 389MW under construction and in operation, 149MW in advanced development and more than a 1 GW development pipeline in Ireland and the UK.
The multi-disciplinary Orrick team advising Ørsted was led by Ravinder Sandhu and Simon Alsey, closely supported by Yolanda Yong, Oliver Sikora and Sejal Patel. Adam Smith, Hannah Roscoe, Nicholas Connell and Tom Harrison-Cripps provided additional transaction support. Douglas Lahnborg and Matthew Rose advised on EU and UK competition matters, Charlotte Oliver advised on employment matters, and Jonathan Rosen and Bridget Winters advised on tax. Arthur Cox and Brodies advised Ørsted in respect of Irish law and Scots law matters.Simon and Ravinder commented, “We are delighted to have advised long-standing client Ørsted on this acquisition, which marks Ørsted’s entry into the European onshore market and further demonstrates Orrick’s global market-leading expertise in high end renewables transactions. Ørsted is a global leader in green energy, and we are thrilled to be a trusted partner in Ørsted’s continued expansion in the renewables space, helping to drive its climate action efforts as the world focuses on achieving net zero.”