Global law firm Ashurst has advised funds managed by BlackRock's Climate Infrastructure Group (BlackRock) on an agreement for the sale of its 39.25% stake in the operating GLID Wind Farms to funds managed by Macquarie Asset Management (Macquarie).
The GLID Wind Farms comprise the Lynn and Inner Dowsing offshore wind farms which are located 5km off the coast of England by the town of Skegness and consists of 54 Siemens SWT-3.6-107 turbines. The wind farms have been in full operation since March 2009 and are managed day-to-day by asset managers, XceCo Limited.
BlackRock acquired its stake in the GLID Wind Farms in 2016 alongside the UK's Green Investment Group, which was later acquired by Macquarie. As part of this latest transaction, funds managed by Macquarie will have increased their stake from approximately 60% to 100% on close.
The transaction is subject to satisfaction of conditions.
The Ashurst team was led by corporate transactions partner Dallan Pitman and supported by associate Ariella Moses. The wider team included partners Katie Williams (projects and energy transition), Neil Cunninghame (competition) and Paul Miller (tax) and associates Samuel Naylor, Luis de Freitas, Emile Abdul-Wahab, Scott Vanderwolf, Rebecca Karpin and Nicholas Chew.
