OFFSHORE WIND ENERGY KROMANN REUMERT LEADS THE WAY

offshore wind energy
kromann reumert leads the way
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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.
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“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.
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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.
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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
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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 165.6 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 2012.
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 2012.
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 2013.
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.
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SERVICES
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and Corporate
Governance
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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.
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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
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