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WFW advises HSH Nordbank AG on the financing of the largest solar farm in Northern Germany (project “Eggebek” with a total capacity of 84MW)

11 May 2012

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Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised HSH Nordbank AG on the financing of two sub-projects within Northern Germany’s largest solar farm to date. The solar farm, located on the site of a former military airbase in Eggebek (20 kilometres to the south of Flensburg) in Germany’s northernmost state, Schleswig-Holstein, has a capacity of 84MW and involved an overall investment of approximately €180 million.

The “Eggebek” solar farm was developed by Möhring Energie GmbH. Its construction was completed within three months. The solar plants will be equipped with over 360,000 multi-crystalline modules and nearly 5,200 string inverters manufactured by Trina, a solar PV pioneer.

The project was sponsored by issuing house Aquila Capital in Hamburg. Since 2009, Aquila Capital has set up an investment programme in solar farms with a total capacity of over 150MW, and its present involvement in the “Eggebek” project will be added to a newly established open end fund for major institutional investors. HSH Nordbank AG, by way of syndication, will involve local and regional banks and savings banks in its original outside financing of nearly €100 million.

HSH Nordbank AG is a well‐known financier of renewable energy projects in Germany and Europe. In addition to its activities in onshore and offshore wind farm projects, the bank continues to support large‐scale solar projects in Europe.

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 from WFW’s Project & Structured Finance Group), as well as Daniel Marhewka and Dr. Conrad Seiferth (Corporate Group).

Thomas Hollenhorst, partner at Watson, Farley & Williams in Hamburg, commented:
“We are delighted to have advised long-term client HSH Nordbank on a number of landmark solar farm financings recently including Eggebek, the largest solar farm in Northern Germany. Due to our strong track record in solar energy financing, WFW is perfectly positioned to advise clients on transactions of this scale and complexity.”

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