09 Nov 2020 | 03:26 pm | 1 min. read
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.
Once complete, the wind farm will generate approximately one gigawatt of electricity, powering up to a million households, and be one of Scotland's largest single sources of renewable energy. The project envisages up to 72 turbines located 15 km off the Angus Coast and will connect to the National Grid at Cockenzie, East Lothian.
Edinburgh-based renewable energy company, Red Rock Power will work with ESB, Ireland's state energy company, to further develop, construct and operate the project.
The team at Pinsent Masons was led by energy partner Ian McCarlie and corporate legal director Brian Thumath with support from the firm’s construction and regulatory specialists.
Commenting on the deal, Ian McCarlie, said: "With the backdrop of COVID -19 and wider economic challenges, this is a confidence boosting transaction for the Scottish renewables industry. The project will provide significant clean energy supply, boost the local economy and employment opportunities and play an important role in supporting the UK's net zero ambition. We are pleased to have played a role in this landmark project and to have supported the Red Rock team on this important transaction”
Brian Thumath said: "There is no doubt that this transaction marks another significant milestone for the project and more widely for the Scottish renewables sector’s contribution to tackling climate change.
"M&A transactions continue to facilitate partnerships in the offshore wind sector, partnerships and joint ventures which are fundamental to driving development and delivery of projects of this scale."
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