6 October 2015
Watson Farley & Williams (“WFW”) has advised The Bank of Tokyo-Mitsubishi (“BTMU”) and Nord/LB on the construction financing for the Corriegarth onshore wind farm in Scotland.
A non-recourse loan of £100 million was provided by BTMU and Nord/LB, with WFW advising on all finance aspects and legal due diligence work streams. The transaction went ahead despite regulatory uncertainty in the current renewable energy market, and was also one of the largest single site, non-recourse UK construction financings, to close in the onshore wind sector in the past 12 months. The developers Invenergy, North America’s largest independent wind power generation company, provided the remaining £18m for the project.
Located near Gorthleck in the Scottish Highlands, Corriegarth is currently in the construction phase. Comprised of 23 turbines, once operational the wind farm will have a total capacity of up to 70MW.
BTMU is Japan’s largest bank and one of the world’s most diversified financial groups. The group has the largest overseas network of any Japanese bank, with financial services including commercial banking, securities, consumer finance and asset management.
Nord/LB are a leading bank and one of the largest commercial banks in Germany. Services include structured financing, investment banking, corporate finance and private banking.
The WFW project team was led by London-based Energy & Infrastructure partner, Henry Stewart, who was supported by partner Pauline Page and associate Marianne Khoo.
Invenergy were advised by Clifford Chance.
WFW lead partner, Henry Stewart, commented: “We are delighted to have advised BTMU and Nord/LB on such an exciting deal. Despite the regulatory uncertainty surrounding the renewable energy market, the deal closed and is one of the UK’s largest single site construction financings to close in the past year in the onshore wind sector.”