onshore wind dusk

WFW advises lender on the financing of Glenchamber onshore wind farm

4 November 2015

Watson Farley & Williams (“WFW”) has advised Nord/LB on the project financing for the Glenchamber onshore wind farm in Scotland. Project finance debt of £52 million was provided by Nord/LB, in connection with the acquisition of the wind farm by UK based investor, Octopus Investments, from leading renewable energy developer RES. The funds will finance the construction and operation of the wind farm, with RES continuing to operate the wind farm. The financing closed despite the project facing regulatory uncertainty in the current renewable energy market.

Glenchamber is located near Kirkcowan and Glenluce, in Dumfries and Galloway, Scotland and is currently in the construction phase. Once completed the wind farm will consist of 11 turbines with a total capacity of up to 27.5MW.

Nord/LB is a leading project finance bank and one of the largest commercial banks in Germany, providing numerous services including structured financing, investment banking, corporate finance and private banking. The bank is involved in several sectors such as energy, infrastructure, industry and real estate, with international projects in various locations.

Octopus Investments are a venture capital and private equity firm specializing in early stage, emerging growth, growth capital, and buyouts. The private equity firm invests in various industries including media, communication equipment, environmental and facilities services and alternative energy resources, including wind power and solar energy. The firm also manages venture capital trusts and enterprise investment schemes.

The WFW project team was led by London-based Energy & Infrastructure partner, Henry Stewart, who was supported by partner Pauline Page and associates Marianne Khoo and Emma Blake.

Octopus Investments were advised by Norton Rose Fulbright.

WFW lead partner, Henry Stewart, commented: “We are delighted to have advised Nord/LB on a deal which sees an exciting new player, Octopus Investments, enter the UK onshore wind market. The transaction reflects the ability of the WFW energy team to advise lenders on leading deals within the energy sector.”