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WFW advises SUSI Partners on Swedish wind farm project financing9 September 2019

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Watson Farley & Williams (“WFW”) has advised SUSI Partners AG (“SUSI Partners”), as manager of the SUSI Renewable Energy Fund II (“SREF II”), on the project financing of the 94.6 MW Lyngsåsa wind farm in Sweden.

The wind farm will comprise 22 Vestas V 150 turbines and is being built under a turnkey construction agreement with German developer BayWa r.e., which sold the project to SREF II. Completion is expected in 2021 with annual power production of 315 GWh to provide green power to 80,000 households, resulting in an annual reduction of CO2 emission of 93,000 tonnes.

In addition to the project having entered into a long term power purchase agreement (PPA), a complex project financing including a bridge facility and a long-term KfW-backed facility has been agreed with Hamburg Commercial Bank AG.

The WFW Germany Banking & Finance team advising SUSI Partners was led by Partner Thomas Hollenhorst, supported by Managing Associates Marcus Mützelburg and Pascal Unger, as well as Associate Jakob Paluszkiewicz. The team worked closely throughout the transaction with SUSI Partners’ local Swedish counsel Vinge.

Thomas commented: “We are delighted to have advised SUSI Partners on this complex German law financing of a Swedish wind farm. That we were selected to advise on such a transaction demonstrates once again WFW’s first class reputation for acting for both lenders and sponsors in the PPA market, including in the Nordic countries”.

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