You are here:
10 October 2018 / news

Loyens & Loeff advised Northwester 2 on securing the financing of its offshore windfarm

On 5 October 2018 Northwester 2 secured approximately EUR 700,000,000 in funding for the construction and operation of its 219 MW offshore wind farm located on the Bligh Bank, approximately 50 km off the Belgian coast.

Loyens & Loeff advised Northwester 2 on securing the financing of its offshore windfarm

Northwester 2, owned by Parkwind (Colruyt, PMV and Korys) and Sumitomo Corporation, will consist of 23 of the most powerful turbines in the world and will generate a total energy capacity of 219 MW, providing clean energy to power 220,000 Belgian households.

The funding is provided by the European Investment Bank, BNP Paribas Fortis, Rabobank, Sumitomo Mitsui Banking Corporation, ASN Bank, Belfius Bank, Triodos Bank, ING Bank, Société Général, KBC Bank and EKF.

Loyens & Loeff assisted the Northwester 2 team from the early stages up to the financial close. We provided regulatory advice and assisted with the legal due diligence and the negotiation of the various project and finance documents. The financial close took place in our offices in Brussels.

The Loyens & Loeff Projects team, led by Marc Vermylen, has extensive experience with renewable energy projects. The team also acted as counsel to Belwind, Northwind and Nobelwind in relation to the financing and the construction of their offshore wind farms in the North Sea. It also assisted the lenders and arrangers with the non-recourse financing of the different phases of the C-Power, Rentel and Norther wind farms. Loyens & Loeff can proudly state to be the only firm that has assumed an instrumental role as legal advisor in the financing and development of all offshore wind farms in Belgium to date.

The Loyens & Loeff team consisted of Marc Vermylen (Lead Partner), Thomas Chellingsworth (Partner), Christine Delagaye (Associate), Zita Leijnse (Associate), Laura Meuwissen (Associate) and Bram Devlies (Associate).

Jones Day acted as lenders’ counsel on this transaction.

 


Global Elite Thought Leaders by Who’s Who Legal

Two Loyens & Loeff partners recognised as Global Elite Thought Leaders by Who’s Who Legal. read more
A closer look at the commissions proposal for a recast renewable energy directive

Investment yield parameter reduced

On 25 October 2019, the Flemish Government proposed a draft Order amending the regional Energy Order (“Energiebesluit”) of 19 November 2010. read more
Belgian team collecting the award for 'Best Law Firm of the Year' during the Trends Legal Awards 2019

Loyens & Loeff Belgium wins two awards during Trends Legal Awards

We are delighted to announce that we have won not only the ‘Best Law Firm of the Year’ award, but also the award for 'Best Law Firm in Tax Law' from Trends Legal... read more
Stay informed

Don't miss out. Stay up to date about our latest news and events.

Stay informed