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Watson Farley & Williams (WFW) has advised long-standing client Copenhagen Infrastructure Partners (CIP) on its joint venture with GreenIT for the construction of two mega-scale floating offshore wind farms in Sardinia and Sicily.
The transaction concerns the agreement between GreenIT and CI IV, a fund managed by CIP, for the construction of two floating offshore wind farms in Sicily and Sardinia, both located more than 35 km from the coast, with a total capacity of approximately 750MW.
Established in 2012, CIP is a fund management company specialising in the energy infrastructure sector, including offshore and onshore wind, photovoltaic and biomass projects. GreenIT is a joint venture between Eni Plenitude (Eni) and CDP Equity for the production of energy from renewable sources.
ENI Plenitude is ENI an independent business vehicle focussed on sustainable growth, with the goal of offering decarbonised products and reaching Net Zero by 2040. CDP Equity is a company that is 100 % owned by the Italian National Promotional Institution Cassa Depositie Prestiti Group, a joint-stock company under the Italian Ministry of Economy and Finance control.
The WFW Italy Energy team that advised CIP was led by Partner and WFW Italy Head Eugenio Tranchino and Counsel Luca Sfrecola, assisted by Associate Francesco Vanzaghi on M&A and corporate law matters. Partner Tiziana Manenti advised on the administrative and regulatory law aspects of the projects.
Eugenio commented “We are very pleased to have advised CIP on this complex transaction. These innovative projects represent the first multi-megawatt floating offshore wind farms in Italy and a new benchmark in the Italian renewable energy market. Our knowledge of the renewables industry, its regulations and key participants, positions us as a’ go-to’ firm for legal advice in the sector and enables us to provide our clients with a 360-degree service, assisting them throughout the entire lifecycle of a transaction”.