Global legal practice Norton Rose Fulbright has advised Brookfield Renewable Energy Partners on an agreement to acquire 17 wind power projects from Republic of Ireland-owned Bord Gais Energy for approximately €700 million.
The acquisition represents Brookfield’s entry into the European renewable energy market and its first renewable power acquisition outside of the Americas. The transaction with Brookfield Renewable is being completed as a sale by the Republic of Ireland-owned Bord Gais Eireann, of all its energy business to a consortium that also includes Centrica plc and iCON Infrastructure, who will acquire the non-wind assets of BGE.
The wind portfolio comprises 321megawatts (MW) of operating wind capacity across 17 wind projects in eight counties in Ireland and Northern Ireland, and represents 15 per cent of installed wind capacity in Ireland. A further 125MW is currently under construction and due to become operational by 2015, and a further 300MW is planned. Approximately 90 per cent of the output is contracted on a long term basis under established government tariffs.
The Norton Rose Fulbright team comprised corporate, M&A and securities partner Glenn Hall and senior associate Ed Brogan, global head of energy Simon Currie, energy partners Rob Marsh and Richard Hill, and tax partner Dominic Stuttaford.
Glenn Hall comments:
“We are delighted to have advised Brookfield Renewable on its first acquisition in Europe.”
This acquisition is one of a number Norton Rose Fulbright’s renewable energy team has advised on in recent months, including advising the renewable energy investment branch of Swisspower AG on the acquisition of 18 onshore wind parks in Brandenburg and Lower Saxony in Germany, and advising funds managed by Hermes GPE Infrastructure on the acquisition of a majority stake in Fallago Rig, the UK’s fifth largest onshore wind farm.
Mason Hays & Curran advised Brookfield on Irish law aspects of the transaction. McCann Fitzgerald and Allen & Overy advised Bord Gais, Arthur Cox advised Centrica and Freshfields advised iCON.
