WFW Advises Galloper on Sale of Assets
UK-based Galloper Wind Farm Ltd recently agreed the sale of its transmission assets relating to the 353 MW Galloper Wind Farm to Diamond Transmission Partners pursuant to the Offshore Transmission Owner (OFTO) regime.
The international law firm based in London Watson Farley & Williams (WFW) said that it has has advised Galloper on offloading its assets to DTP.
Galloper Wind Farm is located in the North Sea, 27 km from the coast of Suffolk, England. The sale of Galloper’s transmission assets includes its onshore and offshore substations as well as two subsea export cables.
UK energy regulator Ofgem selected DTP as preferred bidder for the transmission license for Galloper Wind Farm in round five of its OFTO program.
Galloper is owned by innogy SE (25%), Siemens Financial Services (25%), Sumitomo (12.5%) and ESB (12.5%) and a consortium managed by Green Investment Group and Macquarie Infrastructure and Real Assets (25%).
Galloper Wind Farm has 56 Siemens 6.3 MW turbines which generate enough green electricity to power the equivalent of up to 380,000 homes in the UK. DTP is a 50:50 partnership between Diamond Transmission Corporation Limited – a subsidiary of Mitsubishi Corporation – and HICL Infrastructure plc.
WFW London Projects team partner Martin Lucas said: “This deal highlights WFW’s standing as market experts in OFTO regimes, coming as it does after our role as adviser to the sellers on the sale of Race Bank last year, the largest OFTO transaction by value to date. It also showcases the wide range of expertise we have to offer across multiple practice areas within the offshore wind sector”.