International law firm Watson Farley & Williams (“WFW”) has advised Frankfurt-based asset manager Prime Capital AG (“Prime Capital”) in relation to certain project structuring aspects and project management agreements for the Kvitfjell and Raudfjell (“Northern Light”) wind farm projects located near the Norwegian city of Tromsø.
Northern Light, the largest onshore wind farm transaction to close in Europe in 2017, comprises 67 Siemens Gamesa wind turbines with a total capacity of 281.4 MW, generating enough renewable energy to supply electricity to 50,000 households. Prime Capital AG developed and structured Northern Light together with Norwegian developer Norsk Miljøkraft and Siemens Gamesa Renewable Energy, assisted the investors, Ärzteversorgung Westfalen-Lippe (AVWL) – a German pension fund for medical professionals – and Siemens Financial Services, with respect to the acquisition of Northern Light and will implement and manage the project on behalf of these investors on the basis of long-term management agreements.
Prime Capital already manages for its institutional investors a large portfolio of wind and hydro power plants in Germany and Scandinavia.
The WFW Germany team advising Prime Capital AG was led by Corporate Partner and Head of the German Practice Dr Marcus Bechtel. He was supported by Finance Partner Thomas Hollenhorst, Senior Associate Carolin Woggon and Associates Dr Malte Koch, Ursula Staab and Cathrin Gelhaus (all Corporate).
Marcus commented: “We are delighted to have been able to assist our long-standing client Prime Capital on this complex, landmark project and to help support their continued expansion in Scandinavia. It demonstrates their confidence in WFW as the go-to firm for legal advice on renewables projects”.