11 Jun 2020 | 03:17 pm | 1 min. read
Multinational law firm Pinsent Masons has advised Diamond Transmission Partners Walney Extension Limited on the £447m acquisition and financing of the transmission assets relating to the 659MW Walney Extension offshore windfarm from Walney Extension Limited.
This regulated divestment of transmission assets, including the onshore substation, export cables and offshore substations, took place in accordance with tender round 5 of Ofgem's offshore transmission owner (OFTO) regime, whereby DTP Walney Extension was awarded an offshore transmission licence to own and operate the transmission assets following a competitive tender.
DTP Walney Extension is a partnership between Diamond Transmission Corporation Limited (a wholly owned subsidiary of Mitsubishi Corporation), HICL Infrastructure PLC, and Chubu Electric Power Company Netherlands B.V. (a wholly owned subsidiary of Chubu Electric Power Co., Inc.).
Walney Extension is a shared-ownership project between Ørsted (50%) and the project’s partners PFA and PKA (25% each).
The multidisciplinary London and Glasgow based Pinsent Masons team that advised DTP Walney Extension included Senior Associate David Ross and Solicitor Catherine Lusher advising on property aspects. Associate Philippa Godwin and Solicitor Imogen Dewar advising on planning and regulatory issues, Partner Murdo Maclean and Solicitor Beren Shorman advising on energy regulatory, projects and construction law matters and Partner Stephen Tobin, Senior Associate Michael Marston and Paralegal Tai Nguyen advising on financing matters. The acquisition team was led by Legal Director David Trethowan.
Commenting on the deal David Trethowan said, "We are proud to have supported the Diamond Transmission consortium on another acquisition and financing of offshore transmission assets as part of the Ofgem competitive tender regime, particularly given the current challenging circumstances. The successful completion of this transaction is a further demonstration of the firm's market-leading expertise in the offshore wind and offshore transmission sector".
The multinational law firm Pinsent Masons advises the holding company of the founder Dr Hardy Walle on the sale of all shares of Bodymed AG to Nestlé Health Science.
Multinational law firm Pinsent Masons has been named as a top 20 Diversity Leader by the Financial Times, ranked 11th in its Diversity Leaders 2021 report.
Multinational law firm Pinsent Masons has advised the shareholders of Goodtill on its sale to SumUp
Multinational law firm Pinsent Masons advised Australian Gas Infrastructure Group (AGIG), one of the largest gas infrastructure businesses in Australia, on its new funding vehicle and secured AUS$4 billion debt programme.
Pinsent Masons has rolled out its Mindful Business Charter across its business in the Middle East. It adopts and promotes a culture of openness about mental wellbeing and encourages working arrangements that will reduce the unnecessary causes of stress and pressure in the workplace thereby ensuring higher team performances.
Multinational law firm Pinsent Masons has advised Red Rock Power Limited on the sale of 50% of the Inch Cape Offshore Wind Farm development and subsequent joint venture with ESB.
For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on