Global law firm Ashurst has advised Diamond Generating Europe Limited (a wholly owned, indirect subsidiary of Mitsubishi Corporation) on its sale of the entire issued share capital in Diamond Generating Europe Investments Limited ("DGI"), which indirectly holds a 16.67% stake in the Moray East offshore windfarm, to INPEX Renewable Energy Europe Limited.
Corporate partners Dallan Pitman and Braeden Donnelly led the team, and were assisted by associates Ellie Conroy and Ariella Moses. Competition partner Neil Cuninghame and senior associate Natasha Gromof provided merger control and NSI advice; tax partner Tim Gummer, senior associate Shayaan Zaraq Bari and associate Luis de Freitas provided tax advice, and associate Alice Dawson provided project finance advice.
DGE held its stake in Moray East via its 100% stake in DGI, which in turns holds a 50% stake in Diamond Green Limited ("DGL"). The other shareholders in DGL are MHC Infrastructure (20%) and KPIC (30%). DGL holds a 33.4% stake in Moray East Holdings Limited ("MEHL"), which holds 100% of Moray Offshore Windfarm (East) Limited ("MOWEL"). The other shareholders in MEHL are China Three Gorges (10%) and OW Offshore (56.6%).
MOWEL is responsible for the development, construction, operation and decommissioning of the Moray East offshore windfarm, which is located approximately 22km off the coast of Scotland and has a total capacity of 950 MW. Moray East is currently Scotland's largest offshore wind farm, and has been in full commercial operation since April 2022.
