White & Case Advises Investor Consortium on Further Project Bonds for Norwegian Wind Farms

Global law firm White & Case LLP has advised a group of institutional investors led by MEAG, the central asset manager of insurers Munich Re and ERGO, and Deutsche Bank Luxembourg S.A. as financing agent and security agent, on the structuring and financing of the Skinansfjellet and Gravdal wind farms in south west Norway.

The total financing, which amounts to hundreds of millions of euros, consists mainly of senior secured project bonds (Projektanleihen) in the form of privately placed German registered notes (Namensschuldverschreibungen) subscribed by insurance companies of the Munich Re group, the Austrian insurance group UNIQA and European institutional investors. Equity was provided by a renewable energy fund for institutional investors advised by Luxcara, one of the leading European asset managers for renewable energy investments.

The Gravdal and Skinansfjellet winds farms, together with the Eikeland-Steinsland wind farm, belong to the Bjerkreim cluster with a total capacity of 294 MW which have been acquired by Luxcara. The financing is based on a long term power purchase agreement with Facebook. White & Case previously advised already on the financing of the Eikeland-Steinsland wind farm.

The White & Case team in Hamburg which advised on the transaction was led by partner Florian Degenhardt and included counsel Beate Treibmann, local partner Matthias Grigoleit and associates Max Sergelius and Lisa Kirchner.

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