International law firm Gowling WLG has advised renewable energy producer Statkraft on its power purchase agreement (PPA) with Seagreen Wind Energy, relating to what will be the largest offshore wind farm in Scotland.
Statkraft has agreed a long-term deal to purchase 50% of the electrical output and associated benefits from Seagreen wind farm, the 1.1GW offshore wind farm development owned by SSE Renewables and Total.
Seagreen's 114 wind turbines will be built in four phases on the Firth of Forth and will power around one million homes, which equates to nearly 40% of households in Scotland. The first three phases will receive support under the UK government's CfD scheme, with the fourth phase proceeding on a subsidy-free basis.
Gowling WLG has worked with Statkraft for more than a decade, and partner Gus Wood and principal associate James Stanier advised the business on this PPA.
Gus Wood said: "We're pleased to have been able to build on our longstanding relationship with Statkraft by supporting the team on this significant deal, which has significantly increased Statkraft's already extensive PPA portfolio, at a time where the focus on and demand for renewable energy is ever increasing. We look forward to working with the team in the future as they continue their work at the forefront of the GB PPA sector."
This deal follows several significant mandates for the firm's energy team, including advising Octopus Renewables Infrastructure Trust on its IPO, which raised £350 million, advising Svea Renewable Solar AB on the acquisition of Solarcentury's European residential solar installation business and advising Co-op Energy on its new strategic partnership with Octopus Energy. It also follows the team's recognition for its leading energy and renewables practice in The Times Best Law Firms 2020.