NautaDutilh assists Parkwind on offshore wind partnership with Sumitomo
Parkwind entered into a strategic partnership with the Japanese industrial group Sumitomo. By doing so, the current shareholders of Parkwind and its management team, alongside with the shareholders of Belwind & Northwind will be able to count on a strong partner to ensure the further development of its offshore wind activities.
In this transaction, Sumitomo will acquire an interest of 39% in Belwind and of 33.3% in Northwind after the necessary regulatory approvals. Parkwind and Sumitomo, together with the other stakeholders of Belwind, also have an agreement to work on the second construction phase of the Belwind project.
Nautadutilh assisted the current shareholders of Parkwind (Colruyt Group, Korys - the investment holding of the Colruyt family - and the Flemish investment fund PMV). The NautaDutilh team was led by Dirk Van Gerven, Nicolas de Crombrugghe and Philippine De Wolf.
Belwind, located on the Bligh Bank, about 46 kilometres off the Belgian coast, has been operational since 2010 and its 55 turbines have an installed capacity of 165 MW (megawatt). There are plans to expand the wind farm with another 55 turbines which would double its capacity to reach 330 MW by 2015.
Meanwhile the construction of Northwind has started on the Lodewijkbank, 37 kilometres off the Belgian coast. Construction work should be finished by mid 2014. The wind farm will be comprised of 72 turbines for a total capacity of 216 MW.