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published NOVEMBER 03, 2009

Norton Rose advises TCW on acquisition of 50% of wind farm portfolio from Centrica

International legal practice Norton Rose LLP has advised TCW Asset Management Company (TCW) on its acquisition of 50% of Centrica’s Lynn, Inner Dowsing and Glens of Foudland wind farms for cash consideration of £84 million. This is a ground breaking transaction for the UK wind industry. The involvement of a new player in the UK energy sector comes at a critical time as there is perceived to be a need for fresh capital to meet the extensive capex programmes planned for the next decade. The transaction was signed on 27 October, and completion of the acquisition of TCW’s interest in the wind farms is conditional on EC Merger Regulation clearance. Founded in 1971, The TCW Group, Inc. develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients' wealth. The firm has approximately $100 billion in assets under management. TCW clients include many of the largest corporate and public pension plans, financial institutions, endowments and foundations in the U.S., as well as a substantial number of foreign investors and high net worth individuals. TCW is a subsidiary of Société Générale Asset Management, which has approximately $400 billion under management. Norton Rose LLP's role included advising TCW on the terms of the project financing which raised approx. £340m from a consortium of banks, and the long term power purchasing agreements (PPAs) entered into between the wind farms and British Gas Trading Limited. The Norton Rose LLP team was led by Alan Crookes. He was assisted by Sarah Tonks and Esther Clothier on the acquisition and JV arrangements; Simon Currie and Jeffery Barratt led on the financing arrangements, assisted by Emma Clark and Hannah Metcalfe; advice on the PPAs and operating agreements was provided by John Wood and Nicholas Pincott, assisted by Suncica Miletic, Stephen Carcano and Pascale Vogel; tax advice was provided by Dominic Stuttaford, assisted by Andrew Roycroft; and advice on competition law aspects was provided by Michael Grenfell, assisted by Joosje Hamilton. The Norton Rose LLP team also included Wasim Khan, Elizabeth Stoneman, Laurence Garside, Jacqueline Heng, Michael Dunn, Samantha Cozens and Catharina von Finckenhagen. Norton Rose LLP worked closely with TCW general counsel, Robert Vitale. Slaughter and May (led by Hywel Davies and Paul Stacey) acted for Centrica. Linklaters (led by John Pickett) acted for the banks