White & Case advises bank syndicate on Arkona offshore wind farm refinancing for EIP

Global law firm White & Case LLP has advised a bank syndicate on the refinancing of Energy Infrastructure Partners' (EIP) investment in the Arkona offshore wind farm (Arkona) in the German Baltic Sea.

The deal refinances existing loans used to acquire EIP’s 25 percent stake in Arkona, and its completion. It is structured as a HoldCo financing and comprises a long term loan, debt service reserve and letter of credit facilities.

In addition to EIP, Norwegian energy company Equinor holds 25 percent and RWE Renewables 50 percent in Arkona, which is operated by RWE Renewables and located in the German exclusive economic zone in the Baltic Sea north east of Rügen. It consists of 60 wind turbines with a total installed capacity of 385 megawatts and produces electricity for 400,000 households annually.

Energy Infrastructure Partners, a leading investor in the global energy transition, manages CHF 7 billion for institutional investors. With more than a decade of experience and three fund generations, EIP offers investors long term returns and the chance to make tangible contributions to the energy transition through private equity investments.

The White & Case team which advised on the transaction was led by partner Florian Degenhardt (Hamburg) and included local partner Roland Arlt (Hamburg), counsel Beate Treibmann (Hamburg) and associates Dana Masberg (Hamburg) and Phillan Amin (London).

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