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Press Release

Fieldfisher advises Simply Blue Group on deal with Ørsted to acquire a majority stake in Scottish Floating Wind Development Project

06/04/2022

Locations

Ireland, United Kingdom

Ørsted, the world leader in offshore wind, has joined a floating wind joint venture set up by Simply Blue Group and Subsea 7; the Salamander project is a stepping-stone floating wind project off the east coast of Scotland, designed to provide the Scottish supply chain with an early capacity development opportunity before larger ScotWind projects kick off.

 
A Fieldfisher team led from Dublin with support from the London office has advised Irish floating offshore wind pioneer Simply Blue Group on a deal with Ørsted, the world leader in offshore wind, to join its joint venture (JV) project with Subsea 7 to develop the Salamander project of the coast of Scotland.

The project will deploy innovative and cutting-edge floating offshore wind technologies to support the cost reduction and learning journey needed for the commercial deployment of floating offshore wind.

Ørsted has acquired a majority stake in the 100 MW Salamander floating offshore wind development project, entering a JV partnership with Simply Blue Group, a leading Irish blue economy developer in floating offshore wind, wave energy and low-impact aquaculture.

The deal, in which Fieldfisher acted on behalf of Simply Blue Group, means Ørsted will own an 80% stake in the project as Simply Blue Group’s newest JV partner, alongside minority JV partner, Subsea 7.
 
Simply Blue Group is a long term client of Fieldfisher, who have acted on their behalf on a number of significant transactions, including Simply Blue Group's previous joint agreement with Subsea 7 in relation to the Salamander development. The Salamander project follows on from other such projects Simply Blue Group is developing with major energy operators around Ireland and in Wales, many of which Fieldfisher has acted on.

Sam Roch-Perks, CEO of Simply Blue Group said: “We are delighted that Ørsted is joining with Simply Blue Group and Subsea 7 to develop the Salamander project.  Ørsted is a leading player in renewable energy and brings considerable expertise to the prestigious Salamander project. As a leading floating wind developer, Simply Blue Group wants to contribute to the development of the Scottish Offshore wind market and its supply chain. Scotland is one of the best locations on the planet for the development of floating wind projects and we look forward to the collaboration with Ørsted on this exciting and important project.”
 
Feilim O'Caoimh, Fieldfisher Head of Corporate and Renewables said: "We are delighted to have supported Simply Blue Group in the completion of this pivotal deal. We are excited by Simply Blue Group's growth trajectory particular in the area of floating offshore wind, having previously acted on their behalf on number of similar transactions. We look forward to continuing in this capacity as their renewable energy portfolio develops".  
 
The Fieldfisher team was led by Feilim O'Caoimh, and supported by Elaine Traynor (Corporate and Renewables Partner) and Jamie Woodcock (Corporate and Renewables Associate) in Dublin, with further support from Gurkirat Rehal (Corporate Associate) and Robert Fett (Data Protection Associate) in London. Burges Salmon advised on aspects of Scottish law. Green Giraffe acted as financial advisors to Simply Blue Group and Subsea 7 on the transaction.

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Renewable Energy