Hengeler Mueller advises TenneT on DolWin3 joint venture
20. February 2014
TenneT and the Danish infrastructure investor Copenhagen Infrastructure Partners (CIP) have reached an agreement on a co-investment of CIP in the offshore grid connection system DolWin3. The total investment volume of the 900 MW DC grid connection system DolWin3 (spanning over some 162 kilometres, 83 kilometres of which are offshore) amounts to approximately EUR 1.9 bn. CIP will contribute approximately EUR 384 m. The CIP investment is funded by the Danish pension fund PensionDanmark. Completion of DolWin3 is expected for 2017.
TenneT, which is held by the State of the Netherlands, is the first cross-border electricity transmission system operator in Europe and one of the leading European grid operators with a network of approximately 20,000 kilometres and 36 million end users in the Netherlands and Germany.
Hengeler Mueller is advising TenneT on the transaction. The Hengeler Mueller team is led by partners Steffen Oppenländer (M&A, London) and Hans-Jörg Ziegenhain (M&A, Munich) and includes partners Stefanie Beinert (Tax, Frankfurt), Hendrik Bockenheimer (Employment, Frankfurt), Thorsten Mäger (Competition, Düsseldorf), Hans-Jörg Niemeyer (State Aid, Brussels), Alexander G. Rang (Financing, Frankfurt), Christian Schwandtner (Corporate) and Dirk Uwer (Energy) (both Düsseldorf) as well as counsel Daniel Zimmer (Energy, Düsseldorf) and associates Heiko Gotsche (Corporate/M&A, London), Steffen Hörner (Tax, Frankfurt), Vera Jungkind (Regulatory), Jörg Meinzenbach (Energy), Thomas Nebel (Corporate/M&A, all Düsseldorf), Gunnar Schmüser (Finance, Frankfurt), Katja Scharkowski and Malte Wundenberg (both Corporate/M&A, London). The advice on Dutch law is provided by the Dutch Best Friend law firm De Brauw Blackstone Westbroek N.V. (Berend Crans, Financing, Amsterdam) while law firm Plesner (Caspar Münter, M&A, Copenhagen) is providing advice concerning Danish law.