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Freshfields advises Siemens on acquisition of £1.5 bn Galloper

By: Chris Anderson 03/11/2015 Freshfields

General Windfarms

Freshfields advises Siemens Financial Services on the acquisition of a stake in the £1.5 bn Galloper wind farm

A leading international law firm Freshfields Bruckhaus Deringer advised Siemens Financial Services (SFS) on its acquisition of a 25% stake in the Galloper offshore wind farm, which is to be built off the coast of Suffolk.

The project is now owned in equal shares by the joint equity partners RWE Innogy, Siemens Financial Services, Macquarie and the Green Investment Bank, having previously been jointly developed by RWE Innogy and SSE. Financial Close was achieved on Thursday 29 October.

first UK project to be backed by the European Fund for Strategic Investments

Scheduled to commence operations in March 2018, Galloper will be a very significant addition to the current fleet of offshore windfarms in British waters with a capacity of up to 336MW, or enough to power around 336,000 homes. A consortium of 12 commercial banks and the European Investment Bank will provide Galloper’s £1.37bn debt facilities. The project is expected to create around 700 jobs during the construction phase and 90 jobs once operational in the UK.

This is the first UK project to be backed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe. EFSI was established earlier this year by the European Investment Bank and the European Commission and will enable increased lending and attract private capital for crucial projects by the European Investment Bank in strategic sectors such as renewable energy, digital infrastructure, transport and R&D, as well as financing for SMEs.

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The Freshfields team was led by partners Alex Carver and Martin Nelson-Jones, supported by counsel Alistair Curzon and senior associate Alistair Black.

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Freshfields advises Siemens on acquisition of £1.5 bn Galloper

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