Lee & Ko successfully represented Total, one of the 7 largest global energy company headquartered in France, in acquiring 50% interest in 3.1 GW capacity portfolio of 5 floating offshore wind power projects, located in Ulsan and Jeollanamdo area, and in reaching a joint development agreement with the Seller.
In this transaction, the Seller was GIG, a leading green energy investor and developer, and Lee & Ko advised Total, the Buyer, on various aspects of the transaction, including, without limitation, advising on the Public Waters Management and Reclamation Act and Electric Utility Act, procedures required for obtaining various relevant permits and licenses including the Electricity Business License, performing overall legal due diligence, revising and reviewing share purchase agreement and shareholder agreement, and conducting analysis on anti-trust issues in respect of Vietnam and Republic of Korea. Lee & Ko thus effectively provided comprehensive advice, to help its client, Total, bring about successful execution of the various transaction documents.
This project is particularly notable because it is the first of its kind, where global companies, like GIG and Total formed a strategic partnership in Korea for the goal of developing Korean domestic floating offshore wind power projects. It is also significant in that the project will contribute to success of Korea’s Green New Deal policy, and will also contribute to curbing the carbon dioxide emissions in line with the goal of promoting a carbon-neutral economy in Korea.
Attorneys Dong-Eun Kim, Kwang-Yul Kim, Dae-Hong Kim, and Lindsay Son from the Energy and Natural Resources team, and Attorney Jung-Ho Sun of the Antitrust & Competition team of Lee & Ko worked together, and through their professional expertise, vast experience and know-hows in the new and renewable energy development sector, provided effective and speedy advice on multi-faceted aspects of the project and the transaction during the negotiation.