K2 Management Takes Advisor Role in ESB’s Neart na Gaoithe Buy
K2 Management has advised the Irish electricity company ESB in acquiring a 50% stake in the Neart na Gaoithe (NnG) offshore wind project in Scotland.
K2 Management undertook a full scale technical due diligence of the project, including analysis of the project’s design, construction contracts and methodology, as well as energy yield and cost assumptions and planned O&M strategy.
ESB noted that this is its first time to take full construction risk on an offshore wind project and the acquisition marks its largest stake in a UK offshore wind project to date.
“We have worked with ESB on multiple assignments spanning several years, and this transaction was one of the most challenging from a timing perspective,” said Steve Hall, Senior Consultant at K2 Management.
“Delivering full scope technical due diligence for this acquisition has allowed our experts to gain a deep understanding of the project and provide the best advice to allow our client to prepare a winning bid.”
The news that ESB is taking a 50% stake in Neart na Gaoithe was announced at the end of November, at the same time when the project construction was launched and when tier one contractors were revealed.
The 450MW offshore wind farm, now jointly owned by ESB and EDF Renewables UK, will consist of 54 Siemens Gamesa 8MW turbines located in the North Sea approximately 15km off the coast of Fife.