Global law firm White & Case LLP advised ASN Bank, Belfius Bank, BNP Paribas Fortis, the European Investment Bank (EIB), ING Belgium, KfW Ipex Bank, PensionDanmark, RaboBank International, the Norwegian government, Eksport Kredit Fonden, GIEK, and the Office National Du Ducroire/Nationale Delcrederedienst on the €890 million financing of Northwind Offshore Energy’s wind project in Belgium’s North Sea.
“We’re seeing steady growth in the scale of renewable energy financings as the market evolves,” says Brussels-based White & Case Partner Gisele Rosselle, who advised the banks.
Adds London-based partner Chris Utting, “Bringing such a diverse group of institutions under a common structure and set of terms is what made the deal challenging and unique.”
The financing for the 216-megawatt offshore wind farm will cover the design, construction, operation and maintenance of between 36 and 72 wind turbines. It will be designed to produce energy to cover electricity consumption yearly for 230,000 households. Construction is set to start in early 2013, and the wind farm is expected to be completed in mid-2014.
White & Case has experience advising banks on financing offshore wind projects in Belgium’s North Sea, including the EIB’s financing of C-Power NV and Belwind NV.
“The potential to develop offshore wind energy is enormous and is foreseen to expand dramatically in the EU for years to come,” says Rosselle.
In addition to Chris Utting and Gisele Rosselle, the White & Case Northwind team included partners Alexander Dlouhy, David Barwise and Stefan Odeurs, counsel Ralph Busch and Ingrid York and associates Ferdinand Brughmans, Kemal Suffee, Caroline Kindermans, Louis Hoet, Jonathan Blacker and Andries De Smet.
