Michael Kruger

Michael Kruger
Senior Associate

LONDON

T: +44 20 7814 8000
D: +44 20 7863 8929
M: +44 7595118067

Summary Open

Michael Kruger is a Senior Associate in the firm’s Energy & Infrastructure group in London.

He specialises in project financing, with a particular focus on the energy sector, and also has experience in the structured commodities finance sector. Michael recently completed a secondment in the energy and infrastructure group at a major bank, working on a range of UK-based project financings and loans to listed funds operating in the UK renewable energy sector. Since joining Watson Farley & Williams, Michael has also worked in the firm’s office in Greece.

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Experience Open

    Michael’s experience includes advising:
    • European renewables platform Vortex, which is managed by the private equity arm of EFG Hermes, on its acquisition of 365 MW UK solar PV portfolio with an enterprise value of c. £470m from TerraForm Power.  Comprising 24 operational assets, Vortex’s new acquisition represents one of the largest solar PV portfolios in the UK.
    • A group of seven commercial lenders (ASN Bank, Commerzbank, Dexia, KBC, KfW IPEX-Bank, Rabobank and Société Générale), two ECAs (Euler Hermes and Export Kredit Fonden) and The European Investment Bank on the €869m financing of the second and third phases of C-Power’s Belgian offshore wind farm Thornton Bank.
    • The commercial lenders (KfW-IPEX Bank, Dexia, Commerzbank, Santander, Lloyds Banking Group, Siemens Bank, and Bank of Tokyo-Mitsubishi) on the financing of Blackstone and Windland’s €1.2bn German offshore wind farm project Meerwind.
    • DONG Energy on the sales of transmission system assets relating to the Barrow, Gunfleet Sands, Walney I and Walney II offshore wind farm projects. The sales were part of a new UK regulatory regime for offshore electricity transmission, whereby offshore transmission links are sold by offshore generators to an Offshore Transmission Owner (an OFTO) as part of a competitive tender process run by Ofgem, the UK regulator of the gas and electricity markets.
    • Deutsche Bank on the project financing of a £70m, 19 MW CHP plant, to be built in East London by a consortium comprising iCON Infrastructure Partners II (GBP), L.P., EEA Holdings Ltd and 2OC Ltd.
    • Falck Renewables Sp.A the sponsor on a £23m term facility made available by UniCredit in relation to the Nutberry onshore wind farm in Scotland.
    • Santander in relation to its equity investments in three UK solar farms based in Cornwall, Dorset and Norfolk, totaling 56.6 MW.
    • RBS (while on secondment)on the limited recourse syndicated loan financing of a special purpose vehicle owned by Calvin Capital in relation to the UK smart metering roll-out.
    • In relation to an £80m revolving acquisition facility made available to The Renewables Infrastructure Group Ltd for the purpose of funding acquisitions of renewable energy generation projects in the UK and Northern Europe.
    • A large international banking syndicate in relation to a borrowing base facility secured on commodities stocks and receivables located in Australia, Singapore, the Netherlands and the USA.

Membership of Professional Societies Open

  • Law Society of England & Wales

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