Norton Rose Fulbright has advised Masdar, the Abu Dhabi renewable energy company, and its shareholder Mubadala Development Company PJSC on the project financing of its 20 per cent interest in the first phase of the London Array offshore wind farm project.

London Array is the world’s largest offshore wind farm. The first phase of the project, located in the outer Thames estuary, England, which comprises 175 turbines with a generating capacity of 630MW, entered into operation earlier this year. The project is structured on an unincorporated joint venture basis and the participants are DONG Energy (50%), E.ON (30%) and Masdar Energy UK Limited (the wholly owned subsidiary of Mubadala) (20%). 

Simon Currie, global head of energy at Norton Rose Fulbright, comments:

“This is a first of a kind project financing. Arranging project financing where the project is a minority interest held in an unincorporated joint venture structure has its challenges and this is the first time it has been done for a wind farm project. Reaching financial close is a major achievement and we are very pleased to have advised Masdar on this ground breaking project.”

The bank group comprises The Bank of Tokyo-Mitsubishi UFJ, Ltd., KFW-IPEX Bank, Siemens Bank GmBH, Sumitomo Mitsui Banking Corporation and the UK Green Investment Bank PLC.

The Norton Rose Fulbright team was led by global head of energy Simon Currie, assisted by senior associate Doreen Tchan, of counsel Steve Towell, associate Inga Aryanova and trainee solicitor Andrew Davies.  Real estate partner Wasim Khan and associate Alex Common advised on property aspects, tax partner Matthew Hodkin and senior associate Julia Lloyd advised on tax and head of environment, safety and planning Caroline May and senior associate Tim Baines advised on environmental issues.

The Bank of Tokyo-Mitsubishi was the financial adviser to Masdar and Mubadala. Allen & Overy advised the lenders.