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Watson Farley & Williams advised Strabag and Norderland to sell Albatros

By: Lewis Holdsworth 06/01/2015 Watson Farley & Williams

General Windfarms

Albatros Offshore wind farm, originally a joint enterprise of STRABAG and The Norderland/ETANAX Group were advised by Watson Farley & Williams to sell the project to EnBw Energie Baden-Württemberg AG. Subsequently on the 19th December 2014 EnBw Energie Baden-Württemberg AG's Dr. Frank Mastiaux, Chief Executive Office stated "We are expanding our offshore wind portfolio with the acquisition of the Albatros project and thus continuing to push forward our EnBW 2020 strategy. The offshore wind sector will play a significant role in achieving our goal of more than tripling the area of renewable energies by 2020",

The planned offshore wind farm has already obtained BSH approval and is located in the German exclusive economic zone, 105 km off the coast in the south-east North Sea. After completion, the wind farm will consist of up to 79 wind turbines with an output of 5-7 MW each. The wind farm area comprises 39 square kilometres at a water depth of 39-40 meters.

Together with Norderland Group, STRABAG AG is engaged in 12 further project developments in the offshore wind farm sector. The projects are being developed until they are ready for approval or investment, and are then either marketed or realised together with investment partners.

As a result of the acquisition of the Albatros Offshore wind farm project, EnBW has expanded its existing offshore portfolio by almost 400 megawatts and is continuing to expand this business segment as an important pillar of its generation activities. The project – which is located in the immediate vicinity of the EnBW offshore wind farm “Hohe See“ – also provides the opportunity for exploiting other synergies during the construction and operational phases. EnBW now controls a total of more than 1,600 MW of approved offshore capacity in the German sector of the North Sea through the Albatros Offshore wind farm (around 400 MW), “Hohe See“ (around 500 MW) and He Dreiht (around 700 MW) wind farms

The WFW team was led by Hamburg partner Dr. Malte Jordan (Corporate / Energy). He was supported by partners Dr. Christine Bader (Regulatory, Hamburg), Dr. Ivana Mikešić (Regulatory, Frankfurt) and Gerrit Bartsch (Tax, Hamburg) as well as associates Dr. Wolfram Böge (Corporate/Energy, Hamburg), Dr. Henrik Lay (Tax, Hamburg) and Carolin Woggon (Corporate/Energy, Hamburg).

WFW lead partner Dr. Malte Jordan said: “We are pleased to have successfully advised STRABAG on this ambitious transaction thanks to our in-depth experience in the offshore energy sector. The sale of the wind farm sends a clear signal for the progress of the energy turnaround in Germany. A special challenge of this project was the tight time frame within which the transaction had to be closed. This has undoubtedly been achieved due to the efficient and seamless cooperation between the parties involved.”

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Watson Farley & Williams advised Strabag and Norderland to sell Albatros

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