Statoil and SSE to Acquire Remaining 25% Stake in Creyke Beck A, Creyke Beck B and Teesside A Offshore Wind Farms in England, UK from innogy in Asset Swap Transaction

Published: Aug 10 2017
Deal Summary

Statoil ASA, an integrated energy company, and SSE Plc, a renewable energy company, have agreed to acquire remaining 25% stake in Creyke Beck A, Creyke Beck B and Teesside A offshore wind farms situated in the North Sea off the east coast of England, UK, from innogy SE, a renewable energy company, in an asset swap transaction.

Pursuant to the transaction, Statoil and SSE will acquire 25% stake in Creyke Beck A, Creyke Beck B and Teesside A offshore wind farms and will sell their 75% stake in Creyke Beck B offshore wind farm. Prior to the transaction Statoil and SSE held 37.5% stake each and Innogy held 25% stake in the four offshore wind farms. Following the transaction, Statoil and SSE will own 50% each in Creyke Beck A and B and Teesside A, while Innogy will own 100% of Teesside B.

The four offshore wind farms are part of Dogger Bank offshore wind development project with a total installed capacity of 4,800 MW.

Eversheds Sutherland is acting as Legal advisor to the Forewind consortium, which includes innogy, Statoil and SSE.

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