12 January 2014
Clifford Chance advises Development Bank of Japan on investment in UK Offshore Wind Farms
Hong Kong: Leading international law firm Clifford Chance has advised the Development Bank of Japan Inc. ("DBJ") on an agreement with Marubeni Corporation ("Marubeni") for co-investment into the Gunfleet Sands 1 & 2 offshore wind farms in the United Kingdom. The agreement was signed in December 2013.
When the transaction is completed, Marubeni and DBJ will each have a 24.95% ownership share in the 172 MW Gunfleet Sands project, located about 7km off the Essex coast of the United Kingdom. DONG Energy retains its 50.1% share and will continue as operator of the wind farms.
This is DBJ's first acquisition of an equity interest in renewable energy production outside Japan. The offshore wind market has been rapidly growing, being implemented at a fast pace by the EU governments in recent years, especially in the UK. Offshore wind is considered to be one of the main renewable energy industries to be implemented in Japan, after solar projects.
Partners Ashvin Seetulsingh and Andrew Whan led on this transaction and was supported by counsel Kenji Miyagawa and senior associate Natsuko Sugihara.