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WFW advises GIG on the construction financing for a 170 MW Nordic onshore wind portfolio30 April 2020

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Watson Farley & Williams (“WFW”) has advised Macquarie’s Green Investment Group (“GIG”) as sponsor on the construction financing of an onshore wind farm portfolio in Sweden and Norway with a total installed capacity of 170 MW. The deal closed on 30 March 2020 with the final project acceding on 20 April.

The financing was structured on a single holdco borrower basis and the facilities comprise term debt and other ancillary facilities.

The initial portfolio consists of the 80 MW Buheii project in Norway and 43 MW Hornamossen project in Sweden, with the 47 MW Tysvaer project, also in Norway, acceding shortly after close. The Norwegian projects benefit from long-term PPAs with Eramet, which have been guaranteed by Norwegian ECA, GIEK. The turbines for the projects are being supplied by either Vestas or Siemens Gamesa.

GIG is a specialist in green infrastructure principal investment, project delivery and the management of portfolio assets, and related services. Its track record, expertise and capability make it a global leader in green investment, dedicated to supporting the growth of the global green economy. With over 400 staff, GIG has one of the world’s largest teams of specialist green investors.

The WFW London Projects team that advised GIG was led by Partner and Global Energy Co-Head Henry Stewart and Senior Associate Jennifer Charles, supported by Associates Emma Blake and Mark Masson. London Capital Markets Partner Rob McBride advised on the derivatives aspects of the financing and WFW Paris on the French law aspects of the deal. Leading local law firms Mannheimer Swartling and Thommessen led on Swedish and Norwegian legal matters respectively.

Henry commented: “We are proud to have supported GIG on this important onshore wind transaction. Overcoming the unique challenges presented by COVID-19 in coordinating a significant, multi-jurisdictional project financing once again demonstrates WFW’s commitment to providing a first-class client service in the renewable energy space”.

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