Global law firm White & Case has advised Abu Dhabi Future Energy Company (Masdar), Abu Dhabi’s renewable energy company, on its joint venture with Iberdrola Group, the Spain-based international energy group engaged in electric power generation, transmission and distribution.
Abu Dhabi Future Energy Company (Masdar) and Iberdrola have formed a joint venture to develop and operate project ‘Baltic Eagle’, a 476 MW offshore wind farm located in the German Baltic Sea valued at approximately €1.6 billion. Iberdrola will retain a majority 51% stake in the asset, which will help to accelerate green energy security in Europe.
According to the terms of the deal, Baltic Eagle wind farm is valued at approximately €1.6 billion euros. Iberdrola will control and manage the asset, providing operation and maintenance services and other corporate services.
Both parties consider this a strategically important transaction and a critical milestone as they strengthen their partnership to explore further renewable energy investment opportunities in a range of technologies and regions.
Baltic Eagle will consist of 50 wind turbines built on monopile foundations, each with a unit capacity of 9.53 MW. Anticipated annual production is 1.9 terawatt-hours (TWh), enough clean energy to meet the electricity demands of 475,000 homes, saving 800,000 tons of CO2 being released into the atmosphere every year.
The White & Case team which advised on the transaction was led by partners Murad Daghles (Düsseldorf), Florian Degenhardt (Hamburg) and Juan Manuel de Remedios (Madrid), and included partners Thomas Burmeister (Düsseldorf), Abdulwahid Alulama (Abu Dhabi & Dubai, pictured), Sebastian Stütze, Bodo Bender, Markus Burianski (all Frankfurt), Axel Schulz (Brussels & Düsseldorf) and Tilman Kuhn (Düsseldorf & Brussels), local partners Vasi Papadopoulos (Dubai), Mathis Rust, Thilo Wienke (both Düsseldorf), Matthias Grigoleit (Hamburg) and Federico Parise Kuhnle (Frankfurt), counsel Beate Treibmann (Hamburg), Andreas van den Eikel, Kathrin Athing (both Berlin) and Julio Peralta (Madrid), and associates Philipp Kynast, Timo Heppner, Luisa Kanders, Petra Kistner, Lisa Bär (all Düsseldorf), Daniel Hannuna (Dubai), Diego Hernandez-Sampelayo Lara (Madrid), Sonja Sehr (Frankfurt), Victor Thonke, Robert Bente (both Hamburg) and Nicole Krellmann (Berlin).