Solar Farm

WFW advises HSH Nordbank AG and NORD/LB on the financing of the largest solar farm in Europe (project “Briest” with a total capacity of 91 MW)

27 April 2012


Watson, Farley & Williams, a leading international law firm, is pleased to announce that it has advised HSH Nordbank AG and NORD/LB Norddeutsche Landesbank on the financing of two of the three solar projects that comprise Europe’s largest solar farm to date. The solar farm, located in Briest in the German state of Brandenburg, has a total capacity of 91MW and involved an overall investment of approximately €200 million.

The “Briest” solar farm was erected by Q‐ Cells SE and was subsequently sold to FLAVEO S.A. SICAV‐FIS, a Luxembourg fund managed by LUXCARA GmbH, Hamburg. CMS Hasche Sigle acted for LUXCARA GmbH.

The two solar projects financed by HSH Nordbank AG and NORD/LB are connected to the third part of the solar farm (financed by another bank and acquired by different group of investors) through a pooling agreement involving a shared grid infrastructure.

HSH Nordbank AG and NORD/LB are well‐known financiers of renewable energy projects in  Germany and Europe. In addition to their activities in onshore and offshore wind farm projects, both banks continue to support large‐scale European solar projects.

LUXCARA GmbH is a Hamburg‐based asset manager specialising in energy infrastructure  investments. Its team has long‐standing experience acquiring, structuring, financing and managing portfolios for institutional investors in the renewable energy sector. In the solar sector LUXCARA GmbH’s investment track record totals over €1 billion.

The Watson, Farley & Williams Hamburg team was led by partner Thomas Hollenhorst. He was assisted by Sven Fretthold, Marcus Mützelburg and Dr. Jan‐Eike Andresen (all Project & Structure Finance) as well as Daniel Marhewka (Corporate).

Thomas Hollenhorst, partner at Watson, Farley & Williams in Hamburg, commented:
“We are delighted to be involved in this high‐profile transaction. The “Briest” solar farm is one of the key projects in the German solar market, and Q‐Cells’ insolvency before closing presented considerable challenges. This transaction represents the fourth time during the past year where we have acted as lender’s counsel in a solar project of this scale. This underscores Watson, Farley & Williams’ position as a leading legal advisor to renewable energy projects in Germany. ”