Watson Farley & Williams (“WFW”) advised Nord L/B and AIB on an upsize and expansion of NTR’s Taranis portfolio of onshore wind farms in France and Ireland, increasing the size of the portfolio of operational and under construction wind farms in Ireland and France to a combined capacity of over 121 MW, making a sizeable contribution to Europe’s clean energy goals and ambitions.
The transaction involves the refinancing of Provencialis, a 48.4 MW fully operational wind farm in the Provence-Alpes-Côte d’Azur region of France, which reached commercial operations in December 2020, and its incorporation into the Taranis portfolio. The project benefits from a Contract for Difference with the French government.
WFW previously advised Nord L/B and AIB on the multi-jurisdictional financing for NTR’s Taranis portfolio, which includes the SPJ, Bricqueville and under-construction Momerstroff II wind farms in France and Ballycumber wind farm in Ireland.
Nord L/B is one of Germany’s leading commercial banks with a focus on special finance in the energy and infrastructure sector, aircraft finance and commercial real estate finance.
AIB is one of the ‘big-four’ commercial banks in the Republic of Ireland, offering a full range of financial products and services.
Established in 1978, NTR plc is an experienced sustainable infrastructure investor and asset manager driving Europe’s clean energy transition.
The cross-border WFW Energy team that advised Nord L/B and AIB was led by Global Energy Sector Head Henry Stewart, supported by Senior Associate George Garthwaite, Associate Ellen Mackie and Trainee Max Phillips. French project finance advice was provided by Paris Partner Laurence Martinez Bellet and Associate Caitlin Jenkins. Partner Laurent Battoue, Counsel Antoine Bois-Minot, Senior Associate Juliana Brandao-Marques, and Associates Marie Jannet, Laura Carpentier and Catherine Masquelet advised on French due diligence aspects of the transaction. German project finance advice was provided by Hamburg Partner Sven Fretthold and Associate Finja Schmale. Irish legal advice was provided by Mason Hayes & Curran.
Henry commented: “We were delighted to support Nord L/B and AIB on this important refinancing, which further strengthens NTR’s Taranis portfolio and reflects the continued appetite for high‑quality renewable assets with stable, long‑term revenue profiles. Provencialis is a well‑established project that plays a meaningful role in France’s clean energy transition and this transaction demonstrates how sophisticated cross‑border collaboration can successfully deliver bankable financing solutions in the European renewables market”.
