offshore wind energy kromann reumert leads the way

Transcription

1 offshore wind energy kromann reumert leads the way 1

2 Offshore wind energy has grown into a trustworthy and practical energy resource and it is increasing its share of the accumulated yearly installed wind energy capacity. The offshore wind energy market The EU member states have agreed that by 2020, 20% of all EU energy consumption must come from renewable energy sources. A substantial portion hereof is expected to come from wind energy. According to EWEA the EU member states have, as per September 2012, passed the milestone of having installed 100 GW of wind power capacity. Hereof, the offshore wind power capacity in Europe constitutes less than 5 GW. Compared to fossil fuels, wind power has the advantage that it is clean, provides energy security, its relatively easy to ramp-up and it ensures many local jobs, However, in times where it is becoming challenging to find appropriate high wind onshore sites in most countries there is an enormous potential for high wind offshore sites. In general the offshore sites show impressive capacity factors compared to onshore sites. Offshore wind energy has grown into a trustworthy and practical energy resource and it is increasing its share of the accumulated yearly installed wind energy capacity. The offshore wind industry is, and has been, focusing on developing the business model for offshore wind and addressing the main challenges that are: grid infrastructure sourcing of vessels subsea-cabling foundations ensuring a specialized and skilled workforce and in general to reduce the cost of offshore wind energy. Until 2001 the offshore wind energy market was very small and its growth was irregular. Since then the offshore market has witnessed a very rapid growth and the growth has kept an impressive momentum during the financial crisis. 2 3

3 Since 2008 we have invested massively in off-shore wind and are today considered the leading utility company in off-shore wind worldwide. During the last five years we have concluded a large number of very complex sourcing- and partnership contracts, including large scale framework agreements in our quest to industrialize the construction of off-shore wind farms and reducing the cost of energy in off-shore wind. Kromann Reumert has been instrumental in this process and their extensive knowledge of the off-shore wind business combined with an valuable understanding of balancing legal and commercial interests and an impressive client management approach has made Kromann Reumert a highly valued and trusted legal and commercial advisor to DONG Energy. Kromann Reumert s Wind Energy Law group Kromann Reumert has for many years had a very strong team of specialized attorneys dedicated to offshore wind energy projects. We have assisted in purchase, sales, financing (project and capital markets) and investment in a large number of offshore wind energy projects in different European countries. We represent and assist a broad group of stakeholders in the field of offshore wind energy projects. Our offshore wind energy related clients include utilities, developers, investment companies, banks, pension funds and other institutional investors. We are committed to providing practical advice that helps our clients in achieving commercially successful solutions. We have been part of developing innovative solutions for the offshore wind industry that optimizes the business case certainty and reduces the cost of offshore wind energy. We have advised on, among others: frame agreements for purchase of offshore wind turbines supply and service agreements of offshore wind turbines offshore foundation, cabling and sub-station construction contracts charter parties for seismic vessels, installation vessels, crew boats and marine spreads off shore wind charter parties base port contracts and other necessary supply chain agreements joint venture agreements power purchase agreements financing (non-recourse) the sale and purchase of wind energy projects project management claims and dispute resolution Peter Østergaard Nielsen, Head of Legal Sourcing & Strategic Contracts, DONG Energy. 4 5

4 Projects we have assisted with Project Country MW Operational / Under Construction / Pending Nysted Denmark 166 Operational Horns Rev Denmark 160 Operational Horns Rev 2 Denmark 209 Operational Anholt Denmark 400 Under Construction Borkum Riffgrund 1 Germany 320 Pending Meerwind Germany 288 Under Construction Q7 Holland 120 Operational Belwind Belgium 165 Operational Northwind Belgium 216 Under Construction Gunfleet Sands 1 UK 108 Operational Gunfleet Sands 2 UK 65 Operational Barrow UK 90 Operational Burbo Banks UK 90 Operational London Array UK 630 Under Construction Lincs UK 270 Under Construction Walney 1 UK 184 Operational Walney 2 UK 184 Operational In addition Kromann Reumert is currently involved in offshore wind power projects with a capacity of more than 2000MW. 6 7

5 Legal 500, 2012 Anders Stubbe Arndal and his team at Kromann Reumert provide quick response times and good industry knowledge. The group is advising DONG Energy on the sale of a 50% equity interest in the Nysted offshore wind farm and on the divestment of its oil terminals business to Canadian InterPipeline; and the Danish Energy Association on compliance. René Dejbjerg Pedersen is service-minded, fast and responsive, and Jens Blomgren-Hansen is professional and commercial. Legal 500, 2012 BANKING AND FINANCE CAPITAL MARKETS DISPUTE RESOLUTION EU AND COMPETITION EMPLOYMENT ENERGY ENVIRONMENT INFORMATION TECHNOLOGY INSOLVENCY INSURANCE INTELLECTUAL PROPERTY MEDIA AND ENTERTAINMENT MERGERS AND ACQUISITIONS REAL ESTATE AND CONSTRUCTION SHIPPING AND TRANSPORT TAX TELECOMS KROMANN REUMERT FIRST TIER FIRM SECOND TIER FIRM 8 9

6 Recent deals SELECTED TRANSACTIONS DONG Energy A/S, A2SEA A/S Kromann Reumert assisted DONG Energy Power A/S with the purchase of A2SEA A/S from LD Equity, DKA, Clipper and a number of smaller shareholders. A2SEA is the world leader in the erection of offshore wind farms, owning a fleet of vessels designed especially for this purpose. Kromann Reumert assisted with the preliminary negotiations, and later with due diligence and negotiations as well as the preparation of documentation. DONG Energy A/S, NYSTED and ANHOLT Kromann Reumert assisted DONG Energy in structuring and completing the first ever pension fund investments into offshore wind farms when Pension Danmark in September 2010 agreed to acquire from DONG Energy a 50 % ownership interest in the MW Nysted offshore wind farm and further in 2011 when Pension Danmark and PKA agreed to acquire a 50% ownership in the 400 MW Anholt offshore wind farm. The agreements are anticipated to pave the way for further pension fund investments in offshore wind farm assets. EKSPORT KREDIT FONDEN C-POWER/ THORNTON BANK OFF-SHORE WIND PROJECT Kromann Reumert advised EKF regarding its share of the EUR 1.16 billion syndicated non-recourse financing to the C-Power/Thornton Bank off-shore wind project in the North Sea.arrangers; a financing project of EUR 219 million. THE FINANCING OF OFF-SHORE WIND PARK NORTHWIND Kromann Reumert advised ONDD (Belgium), GIEK (Norway) and EKF (Denmark) in the EUR 634 mio non-recourse project financing of the 216mw Northwind offshore wind power plant (Belgium). The financing was completed in the second quarter of Belwind offshore wind park Kromann Reumert assisted Eksport Kredit Fonden in connection with the financing of the Belwind wind farm, a 165 MW offshore wind farm in Belgium. DONG ENERGY SALE OF 50 PER CENT OF THE GERMAN OFFSHORE WIND BORKUM Kromann Reumert advised DONG Energy in its sale of 50 per cent of the German offshore wind Borkum Riffgrund 1 to the LEGO Group s parent company, KIRKBI A/S, and the Oticon Foundation, via its investment company, William Demant Invest A/S for a total sum of DKK 4.7 billion. The transaction was announced 23 February Eksport Kredit Fonden, Q7 offshore wind farm Kromann Reumert assisted Eksport Kredit Fonden in connection with the financing of the erection and operation of the Q7 wind farm in the Netherlands together with Rabobank and Dexia Crédit Local as authorised lead arrangers; a financing project of EUR 219 million. EKSPORT KREDIT FONDEN MEERWIND OFF-SHORE WIND FARM Kromann Reumert advised EFK regarding the total investment of EUR 1.2 billion equipment orders placed immediately, construction to be completed by Danish pension providers. Frame Agreement between DONG Energy A/S and Siemens Wind Power Kromann Reumert advised and assisted DONG Energy A/S in the negotiations of the 2009 frame agreement between DONG Energy A/S and Siemens Wind Power A/S for the purchase of 500 units of the 3,6 MW Siemens offshore wind turbine. This frame agreements was the world s largest offshore wind power frame agreement. Again in 2012, Kromann Reumert has advised and assisted Dong Energy A/S in the negotiations with Siemens Wind Power for a new frame agreement for offshore wind power. This time the frame agreement regulates the purchase of 300 units of the 6 MW Siemens offshore wind turbine

7 Banking and Finance Law Data Protection Law FOOD LAW INTERNATIONAL TRADE LAW Maritime and Transportation law Real estate and PROCUREMENT Public Law Construction Law SHIPPING Succession Planning Capital Markets EMPLOYMENT AND LABOUR LAW GERMAN DESK IP MERGERS AND ACQUISITIONS tax LAW COMMERCIAL AND COMPANY LAW Energy Law GREENLANDIC LAW IT AND OUTSOURCING MERGERS AND ACQUISITIONS TECH- NOLOGY AND MEDIA TELE- COMMUNICATIONS COMPETITION LAW environmental Law Insolvency and ReSTRUCTURING Life Science Pharmaceuticals and Biotech OUTBOUND SERVICES Compliance, CSR and Corporate Governance FINANCIAL REGULATION AND ASSET MANAGEMENT INSURANCE AND TORT LAW LITIGATION AND ARBITRATION PRIVATE CLIENTS sports, medier AND entertainment Kromann Reumert sets the standard Kromann Reumert is Denmark s premier law firm with offices in Copenhagen, Aarhus, London and Brussels. As at 1 September 2012, we have approximately 600 dedicated employees of whom over 320 are lawyers, working together as a team to service our clients. Our practice currently covers 33 different business areas. However, to ensure that we fully meet our clients needs we continuously review and develop the areas we cover. Our objective is to be Denmark s premier legal adviser within each business area. Good is not good enough it is our vision to set the standard in the legal profession. One-stop shop services At Kromann Reumert, each of the business areas is undertaken in separate practice groups. Each practice group area is headed by a partner, who works closely together with the other partners and lawyers in the practice group to develop our skills and deepen our knowledge in that particular area. Having so many specialist skills gathered in one firm enables us to constantly renew our services and stay up to date with emerging trends in Denmark and internationally. Interdisciplinary expert teams There will be occasions, though, where our clients will need access to experts across more than one practice group. When this need arises, our practice groups work together to provide seamless service across the different areas. We place particular importance on the ability of our lawyers (from whatever practice group) to understand the commercial aspects of each individual case, to the benefit of our clients. It is our mission to provide focused, valueadded solutions and advice. Equal division It is a fundamental principle among Kromann Reumert s partners that the firm s profits are divided equally. This principle ensures that there is never any internal competition between partners or the different groups and that we are always in a position to allocate the best available resources in terms of professional skills and time to each case. The client in focus Kromann Reumert provides legal advice which is practical, relevant and individually tailored to meet the specific needs of each client. We believe that the best advice is achieved by working in close cooperation with our clients and developing a thorough knowledge of their business. This enables us to provide clients with solutions that are workable and which add value to their business in the short and long term. We strive to take a proactive approach, especially if we believe that there are impending changes to legislation or to administrative or legal practices that may be relevant to the client. In our experience, flexibility and availability are key elements of a lasting working relationship, and our work focuses on providing the client with operational solutions. 13

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9 CVR.NR REG.ADR.: SUNDKROGSGADE 5. DK-2100 KØBENHAVN Ø KROMANN REUMERT COPENHAGEN - denmark Sundkrogsgade 5 DK-2100 COPENHAGEN Ø PHONE cph@kromannreumert.com London - ENGLAND 42 New Broad Street London EC2M 1JD PHONE LON@kromannreumert.com AArhus - denmark Rådhuspladsen 3 DK-8000 Aarhus C PHONE arh@kromannreumert.com BruSSELS - BELGIUM Rue du Luxembourg 3 B-1000 BruSSELS PHONE bru@kromannreumert.com Kromann Reumert s vision is We set the standard. Good is not enough - we want to be the best. We provide value-adding solutions and advice with full involvement and commitment. We get there by focusing on quality, business know-how, spirited teamwork, and credibility. We are Denmark s leading law firm, employing approximately 580 staff members, 300 of whom are lawyers. Our offices are located in Copenhagen, Aarhus, London, and Brussels. 16