CMS advises Flotation Energy shareholders on group’s sale to TEPCO
CMS has advised shareholders of Flotation Energy Limited (Flotation) on its cross-border sale to the renewable power division of Tokyo Electric Power Company Holdings (TEPCO) Incorporated.
Listed on the Tokyo Stock Exchange, TEPCO is Japan’s largest utility company.
Flotation founded in 2018 by its chief executive Lord Nicol Stephen and technical director Allan MacAskill. The group is chaired by Martin Gilbert. Lord Stephen and Allan MacAskill are leading figures in the offshore wind market globally, having developed the Kincardine Offshore Wind Farm off the coast of Aberdeen, which is currently the world’s largest floating offshore wind farm.
Currently Flotation has interests in the Morecambe fixed foundation offshore wind project in the Irish Sea (480MW) and the White Cross offshore wind project in the Celtic Sea (floating offshore, 100 MW). The group is also developing 13 separate projects to deliver more than 12GW of fixed and floating wind farm capacity across the UK, Ireland, Taiwan, Japan and Australia.
The CMS team was led by Glasgow corporate partner Graeme Bruce and associate Alastair McNaughton, together with a number of other specialists from across the firm.
Lord Stephen said: “The CMS team literally worked round the clock - and across various time zones - to deliver this deal. Their skill and professionalism were outstanding and their heroic efforts went well beyond the normal call of duty. I will always be very grateful to them, particularly as this is such an important deal for the future of our company.”
Mr Bruce added: “We are delighted to have been able to assist the Flotation Energy team with this landmark transaction. We wish them every success in this next evolution of their business.”