Wind Turbine Blades

WFW advises Nord/LB on the financing of 26MW UK onshore wind farm

15 December 2015

Watson Farley & Williams (“WFW”) has advised Nord/LB on the project financing of the 26MW Wryde Croft onshore wind farm located in Cambridgeshire, UK. Project finance debt of £26 million was provided by Nord/LB, for the acquisition of the wind farm by UK based investor, Octopus Investments, from leading renewable energy developer RES. A further £1.4m VAT facility, £1m debt service reserve facility and £1.3m letter of credit facility were also provided by Nord/LB. The funds will finance the construction and operation of the wind farm. WFW advised on all finance and regulatory aspects of the transaction.

The Wryde Croft onshore wind farm is currently under construction outside Thorney in Cambridgeshire, and once completed will consist of 13 turbines with a total capacity of up to 26MW.

WFW has closed a succession of UK onshore wind farm deals in the past two months, including the 27.5MW Glenchamber wind farm located in Scotland, also acquired by Octopus Investments.

Nord/LB are a leading 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 associate Marianne Khoo.

WFW lead partner, Henry Stewart, commented: “Having closed a series of UK onshore wind deals we are delighted to have advised lenders Nord/LB on a deal that will not only further strengthen the UK’s onshore wind market, but also further demonstrates the Watson Farley & Williams’ Energy team’s skill to advise lenders on renewable energy projects.”