Pinsent Masons Advises Eneco on EDF Energy Joint Venture
01 May 2012 | 02:30 pm |
Deal 'The Shape Of Things To Come' For Offshore Wind Energy specialists at international law firm Pinsent Masons have advised on a 50-50 joint venture between Eneco and EDF Energy for the development of the Navitus Bay offshore windfarm to the West of the Isle of Wight.
The proposed development of Navitus Bay could deliver between 900MW and 1200MW of capacity in the northern part of the awarded area, a site which covers 76 square miles. This is enough power to supply between 615,000 and 820,000 homes, and will prevent the production of approximately 1,186,000 tonnes of CO2 each year.
The Crown Estate, owner of the seabed and a partner in the project, awarded the area (known as Zone 7) to Eneco in 2009.
Ian McCarlie, a Partner in the Energy and Natural Resources team at Pinsent Masons, says that the deal is clear evidence of continuing confidence in the renewables sector.
He said:
"The sharing and pooling of know-how, development skills and resources will be vital to the success of offshore windfarm development and we may see similar opportunities going forward for investors to come into the UK market bringing with them a wide range of skills and experience not just at project level but also in the supply chain. The combined resources and knowledge of Eneco and EDF Energy make this a compelling proposition for the development of Navitus Bay and we wish them all the best in this extremely significant development."
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