Slaughter and May advised DONG Energy on its disposal of a 50% interest in the 573MW Race Bank offshore windfarm to Macquarie European Infrastructure Fund 5 and Macquarie Capital, the principal investment arm of Macquarie Group.  It also advised on the terms of a certain related financing, construction management, operations and maintenance and power purchase arrangements.

The total transaction proceeds, consisting of the acquisition of a 50% ownership share and commitment to fund 50% of the project CAPEX (including transmission assets), amount to c.£1.6bn.  The proceeds are payable from 2016 until completion of the project, which is expected in 2018.

The Race Bank offshore windfarm is currently in advanced stages of construction off the coast of North Norfolk and Lincolnshire and is expected to be fully commissioned in 2018.
Contacts

Corporate and commercial: Tim Pharoah (partner), Di Yu (associate), David McKendrick-Ness (associate), Adrian Barrus (associate), Duncan Mykura (associate), Thomas Potter (associate), Valerie Kemp (associate), Graham Dunn (trainee); Financing: Azadeh Nassiri (partner), Robert Withycombe-Taperell (associate), Cristina del Rivero (associate), Tyson Reid (associate), Rhys James (trainee), Ted Freedman (trainee); Construction: Richard Todd (partner), Samantha Brady (senior counsel), Brad Nicpon (associate), Ed McGimpsey (associate), Bronwen Hutchison (associate), Tom Inker (associate), Laura Mai (trainee), Holly Abel (trainee), Olga Ladrowska (trainee); Tax: Tony Beare (partner), Homyar Pahlan (associate), Orlaith Kane (associate); Dispute Resolution: Jonathan Clark (partner), Peter Sadler (associate), Oliver Way (associate); Intellectual Property: David Ives (partner), Richard McDonnell (associate).