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Eversheds comments on Crown Estate pledge on wind
Michelle Thomas, head of the Clean Energy and Sustainability group at international law firm Eversheds, comments on the Crown Estate’s pledge to pay up to half of all wind farm pre-construction costs. “Whilst this is no doubt helpful, there is still significant capital expenditure exposure and other risks associated with Round 3, not least in respect of supply chain, operations and maintenance and the proposed OFTO arrangements. The Crown Estate's contribution is not necessarily what has led to the number of interested parties registering their interest. More that Round 3 represents an opportunity for serious developers of financial and delivery strength to become major players in the global offshore market by gaining significant expertise and operating assets. It is also important to note that TCE has stated publically that it will more than recover its contribution in the early stages via a lease premium.”
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