WFW Advises Strabag on Albatros OWF Sale
STRABAG OW EVS GmbH (“STRABAG“), a joint venture between STRABAG AG and the Norderland Group, has been advised by Watson Farley & Williams (“WFW“) on all legal and tax aspects of the sale of the “Albatros” offshore wind farm project to EnBW Energie Baden-Württemberg AG (“EnBW“).
The planned offshore wind farm has already obtained BSH approval and is located in the German exclusive economic zone, 105 km off the coast in the south-east North Sea. After completion, the wind farm will consist of up to 79 wind turbines with an output of 5-7 MW each. The wind farm area comprises 39 square kilometres at a water depth of 39-40 metres.
Together with Norderland Group, STRABAG AG is engaged in 12 further project developments in the offshore wind farm sector. The projects are being developed until they are ready for approval or investment, and are then either marketed or realised together with investment partners.
With the acquisition of Albatros, EnBW broadens its existing offshore portfolio and expands this business segment as an important pillar of its power generation business. Being located in immediate proximity to EnBW’s offshore wind farm “Hohe See“, this project will provide the possibility for further synergies in the deployment and operating phases.
WFW lead partner Dr. Malte Jordan said: “We are pleased to have successfully advised STRABAG on this ambitious transaction. The sale of the wind farm sends a clear signal for the progress of the energy turnaround in Germany. A special challenge of this project was the tight time frame within which the transaction had to be closed. This has undoubtedly been achieved due to the efficient and seamless cooperation between the parties involved.”