Hogan Lovells Advises Lenders on Over £2 Billion of Offshore Transmission Owner (OFTO) Projects

LONDON, 25 September 2013 - Hogan Lovells has advised the lenders to the Blue Transmission consortium (comprising Macquarie Capital Group Limited, Diamond UK Transmission Corporation wholly owned by Mitsubishi Corporation, and Barclays Integrated Infrastructure Fund) on its successful bid to acquire and operate the offshore transmission link to the 630MW London Array wind farm, which is currently the world's largest operational offshore wind farm.  The London Array OFTO was acquired by Blue Transmission for £459 million, the highest value OFTO to be acquired under Ofgem's "transitional regime".

Hogan Lovells also recently advised the lenders to Blue Transmission on its successful bid to acquire and operate the 317MW Sheringham Shoal OFTO for £193 million.

Hogan Lovells has closed the financings of the four highest value OFTOs of the eight to have completed to date; with these two recent transactions bringing the total value of OFTO bids and closed financings on which the firm has advised to over £2 billion.

The Hogan Lovells team advising the lender groups on the two transactions was led by London infrastructure and project finance partners Andrew Gallagher and Andrew Briggs, supported by Of Counsel Emma Clarke, senior associates Charles Ford and Carla Luh and associates Nathan Buckley, Mark Nash and Tom Spinks.  A separate Hogan Lovells team led by partner Philip Robb, together with Of Counsel Kavita Kishor and associate Katy Bagerman, advised the European Investment Bank on the London Array project.

Hogan Lovells partner Andrew Briggs said:

"We have been advising on the OFTO regime since its inception and are very pleased to have worked with the consortium and its senior funders on such major transactions in the GB offshore transmission sector."

Hogan Lovells also advised banks financing the Walney 1 and Walney 2 OFTO projects in the Irish Sea, with an aggregate debt value of over £215 million and which reached financial close in October 2011 and September 2012 (respectively).  The firm is also advising funders on a bid for the 389MW West of Duddon Sands OFTO project, as well as investors, developers and funders on offshore generation and transmission projects globally.

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