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K2 Management advises ESB in securing 50% stake in Neart Na Gaoithe

K2 Management advised ESB in acquiring a 50% stake in the 448 MW Neart Na Gaoithe offshore wind farm, which reached financial close last week.

Undertaking full scope acquisition technical due diligence, K2 Management supported ESB in acquiring its largest stake in a UK offshore wind project to date. The mandate saw the team undertake a full scale technical due diligence of the project including analysis of the project’s design, construction contracts and methodology as well as energy yield and cost assumptions and planned operation and maintenance strategy.

Gary Connolly, Offshore Wind Development Manager at ESB, said: “This project is the first time that ESB is taking full construction risk on an offshore wind project and the levels of comfort given by K2 Management’s extensive technical due diligence has enabled us to build a strong business case whilst understanding the key risks. The flexibility and responsiveness that K2 Management delivered added significant value when preparing a time-constrained bid.”

Steve Hall, Senior Consultant at K2 Management, commented: “We have worked with ESB on multiple assignments spanning several years, and this transaction was one of the most challenging from a timing perspective. Delivering full scope technical due diligence for this acquisition has allowed our experts to gain a deep understanding of the project and provide the best advice to allow our client to prepare a winning bid.”

Neart Na Gaoithe, now jointly owned 50% by ESB and 50% by EDF Renewables UK, will begin construction in Q1 2020 with an expected operational date of Q1 2023.