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FEATURE SPONSOR


LEGAL EAGLES


THE OUTLOOK FOR OFFSHORE WIND THE NEED FOR CERTAINTY


Certainty and stability are the key issues for the offshore wind industry. How can this be achieved? Discussion in the industry on these issues is essential.


THE OUTLOOK FOR OFFSHORE WIND SEMINAR


UK commercial law firm Dundas & Wilson were therefore delighted to host The


Wood Group plc); Finlay McCutcheon (Director of Offshore, SSE Renewables); and Nigel Slater (Director, Offshore Wind, UK Green Investment Bank).


PRESSING CHALLENGES


The presentations and discussion looked at some of the pressing challenges currently facing the industry including the impact of government policy, the challenges for developers, and the current financing climate….including ‘taking the temperature’ of the room on whether those attending had an optimistic outlook about the future….with the outcome being cautiously optimistic.


COMMITMENT


Developers have committed and continue to commit significant sums (tens of millions) of risk capital towards obtaining the necessary consents to build the next round of large offshore wind farms.


However, uncertainties around construction costs, access to low carbon support mechanisms and availability of sufficient finance to fund the construction phase make the final investment decision very challenging for these developers. To an extent this is a chicken and egg issue.


Outlook for Offshore Wind seminar at their Edinburgh office on Thursday 6 March. They were joined by three guest speakers who are at the forefront of the sector, Ian Marchant (Chief Executive, SSE (2002 – 2013) and as of May 2014 Chairman, John


ECONOMIES OF SCALE


To get costs down lots of turbines need to be installed quickly in order for the supply chain to respond and deliver economies of scale. Scotland and the UK want to create a mirror of our oil and gas industry


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with globally transferable skills in offshore wind. To achieve this, we need to maintain momentum by resolving these uncertainties sooner rather than later.


CERTAINTY AND STABILITY Certainty and stability are the orders of the day. At the heart of the discussion on ensuring further confidence in the outlook for the industry are therefore issues such as the need to see projects consented (which obviously brings a number of benefits including the scale necessary to drive and demonstrate meaningful cost reduction), a political climate that continues to be supportive, and clarity as to support mechanisms.


Mark Kirke, a partner at Dundas & Wilson, who chaired the seminar, commented: “Our event was a great opportunity for a discussion of the burning issues facing the sector as it looks forward and we were very grateful for the extremely valuable insights provided by our speakers – Ian Marchant, Finlay McCutcheon and Nigel Slater – all leading industry figures.”


FUTURE


Looking to the future, Dundas & Wilson is becoming part of CMS on 1 May 2014, the world’s tenth largest law firm spanning 57 offices and 31 countries.


Isla MacLaren Dundas & Wilson CS LLP


www.windenergynetwork.co.uk


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