Eversheds advises on first Chinese investment in Irish energy

A team at Eversheds advised on China’s first investment in the Irish energy market.

A team led out of London by corporate and energy partner Jason Lovell, working with the Dublin team led by Kevin Collins and Mark Varian, advised CGN EE on the acquisition of a portfolio of 14 onshore wind-farms in Ireland and Northern Ireland with an enterprise value in excess of €500 million.

Andy Lord also provided support as corporate lead associate, while Tughans advised on the Northern Ireland aspects.

The transaction was completed on 30 December. CGN EE bought the wind-farms from Gaelectric Holdings plc and Lanber Holdings.

The deal was signed in a high-profile ceremony attended by Energy Minister Denis Naughten, the Chinese ambassador to Ireland, senior officials from CGN and a number of local dignitaries.

Mr Lovell said: “We are thrilled to get this deal completed for CGN Europe Energy. The transaction was complicated by a number of factors including a leveraged structure with a number of project financings remaining in place.

“Not all projects are yet fully operational and completion was conditional on obtaining a number of third party consents which were achieved in a relatively short time frame so it is great to see it complete. We look forward to working on the next strategic stages with CGN EE.”

Li You of CGN EE added: “This completion marks the breakthrough into Ireland’s wind energy market for CGN EE and the second successful renewables acquisition where Eversheds has acted for CGN EE. We look forward to continuing to work with Eversheds to establish a broader cooperation between CGN EE and Gaelectric.”