White & Case advises banks and EIFO on financing for EnBW’s He Dreiht offshore wind farm

Global law firm White & Case LLP has advised Landesbank Baden-Württemberg (LBBW) as agent, Commerzbank, KfW IPEX-Bank and LBBW as Mandated Lead Arrangers, and the Export and Investment Fund of Denmark (EIFO), on the EIFO-covered €500 million loan to EnBW Energie Baden-Württemberg AG for the 960 MW offshore wind farm He Dreiht.

"We have advised on this tailor-made and EIFO-covered financing for the largest subsidy-free offshore wind farm in Germany to date," said White & Case partner Florian Degenhardt, who led the Firm's deal team. "The financing will enable EnBW to successfully construct and complete its important energy transition project." 

With a total installed capacity of 960 MW, He Dreiht is currently one of Europe's largest energy transition projects and is expected to supply 1.1 million households with renewable energy. It will be built in the German exclusive economic zone of the North Sea, approximately 90 kilometres northwest of the island of Borkum and about 110 kilometres west of Helgoland. 

He Dreiht will consist of 64 Vestas turbines of the 15 MW class, which will be supplied from Denmark and enable a guarantee of the loans by EIFO as the new Danish export credit agency. It represents the first commercial deployment of the 15 MW Vestas V236-15 turbine. 

Commissioning is planned for the end of 2025 and several Power Purchase Agreements have been concluded by EnBW for the sale of electricity.

The White & Case team in Hamburg which advised on the transaction was led by partner Florian Degenhardt and included local partner Matthias Grigoleit, counsel Beate Treibmann and associate Dana Masberg.

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