Freshfields advises CPP Investments on its acquisition of Tarchon Subsea Interconnector from CIP

Global law firm Freshfields has advised Canada Pension Plan Investment Board (CPP Investments) on the acquisition of Tarchon, a subsea interconnector project between Germany and the United Kingdom, from Copenhagen Infrastructure V (CIP), managed by Copenhagen Infrastructure Partners. The transaction is carried out jointly with Elia Group, through its international development platform WindGrid.

Tarchon is a 1.4 GW high-voltage direct current subsea interconnector linking the United Kingdom and Germany. As a regulated asset, the project is progressing through the relevant regulatory approval processes in the UK and Germany. Under the transaction, CPP Investments is acquiring a majority stake, while WG’s participation is structured as a minority, 25 % look-through stake. CPP Investments will provide a C$1bn commitment for the majority stake.

The interconnector will strengthen cross-border electricity flows between the United Kingdom and Germany, enhance security of supply and support the efficient integration of renewable energy, contributing to the long-term decarbonisation of both systems.

The transaction is expected to complete by the end of 2026, subject to regulatory approvals and other customary closing conditions.

The transaction was led by Partners Natascha Doll (Hamburg) and Carsten Bork (Frankfurt), together with Senior Legal Consultant Kirsten Singleton (London) and Counsel Mirko Masek (Hamburg) as well as Associate Danyela van der Sande (London, all M&A).

The team also included:

Partners: Alvaro Pliego Selie, Paul Van Den Berg (both Antitrust, Amsterdam), Christina Franzese (Commercial), Jill Gatehouse (Tax) and Richard Thexton (M&A, all London).

Senior Associates: Joe Williams (Tax), Susannah Prichard (Antitrust), Oliver Hamill (Commercial), Charles Wakeford (M&A, all London)

Associates: Rosa Warning (Amsterdam), Ceara Tonna-Barthet (Dublin, both Antitrust), Julius Friedrich (Hamburg), Ciaran Houston (both M&A), Joschka Nakata (Antitrust), Yang Ji and Francesca Teng (both M&A, London).