Orrick Advises Seagreen Wind Energy on Sale of Transmission Assets

The Transaction

Orrick has advised Seagreen Wind Energy Limited (“SWEL”), a joint venture owned by SSE Renewables (49%), TotalEnergies (25.5%) and PTTEP (25.5%), on its sale of the transmission assets of the Seagreen Phase 1 offshore wind farm (“Seagreen Phase 1”) to Seagreen Phase 1 OFTO Project Limited, an Equitix and Kyuden group consortium.

The Impact

Seagreen Phase 1 is the world’s deepest fixed-bottom and Scotland’s largest offshore wind farm, located approximately 27km off the Angus coast in the North Sea. The wind farm consists of 114 Vestas V164 turbines with a total generating capacity of 1,075 MW, which can provide enough renewable energy to power more than 1.6 million homes (equivalent to two-thirds of all homes in Scotland). The transmission assets, valued at circa £600 million, include the onshore substation, the subsea and onshore export cables and the offshore substation.

The divestment took place in accordance with the offshore transmission owner (OFTO) regime (Tender Round 9), with Seagreen Phase 1 OFTO Project Limited selected by Ofgem, following a competitive tender.

The Team

Ravinder Sandhu, partner, led a multidisciplinary team advising SWEL, supported by partners Simon Alsey and Simon Folley, senior associate Rebecca Grevitt and managing associate Philippa Bourke. Other members of the Orrick team who provided valuable assistance include Jonathan Rosen, Jon Thursby, Craig Bruce, Oliver Sikora, David O’Donovan, Taylor Brien, Bethany Brabner and Thomas Seward.

Ravinder commented, "We are thrilled to have advised Seagreen Wind Energy Limited, a joint venture owned by SSE Renewables (49%), TotalEnergies (25.5%) and PTTEP (25.5%), on the sale of its transmission assets for Seagreen Phase 1, Scotland's largest offshore wind farm. This transaction, being a key milestone in the offshore transmission sector, showcases our team's leading expertise in the offshore wind and offshore transmission sector."