270MW offshore wind aquisition
Published January 2017
Everoze was delighted to support the UK Green Investment Bank as Technical Adviser on the acquisition of a 75% stake in the Lincs offshore wind farm. Operational since 2013, Lincs is a 270 MW offshore wind farm, located 8km off the Lincolnshire Coast at Skegness, and is comprised of 75 Siemens 3.6 MW turbines. Previous owners, Centrica will continue to provide operations and maintenance support to the wind farm for a 12 month transitional period from completion of the transaction, following which DONG Energy will take over operations and maintenance support.
The transaction comprised a £302M investment by UK Green Investment Bank plc and a £429M investment by The Green Investment Offshore Wind Fund. The latter is the worlds first dedicated offshore wind fund and as a result of the Lincs transaction now has assets under management of £1.12Bn, exceeding the original target of £1Bn. Fund investors include five UK local authority pension funds with approximately 700,000 members.
Everoze applied our Due Diligence on Demand approach to the deal, providing flexible support across the full range of relevant disciplines including; wind turbines, foundations, electrical, consents, O&M provision and OpEx budgeting.