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29 May 2020 / news

Loyens & Loeff congratulates Norther on achieving completion and the successful repricing of its 370 MW offshore wind farm.

On 27 May 2020 Norther reached completion and successfully closed the repricing of its 370 MW offshore wind farm located in the North Sea, approximately 23 kilometers of the Port of Zeebrugge (Belgium). Despite the current COVID-19 measures, it was a smooth process to completion and closing.

Sponsor counsel to Norther 

Loyens & Loeff acted as legal counsel to Norther. Norther is a project company owned by Elicio NV, Eneco Wind Belgium SA and Diamond Generating Europe.

The project is financed by a lending consortium consisting of the European Investment Bank, the Danish export credit agency EKF and 9 commercial lenders, being ABN AMRO, Belfius, BNP Paribas, Rabobank, Nippon Life, SMBC, SMTB, Société Générale and La Banque Postale.

Extensive renewable energy experience

The Loyens & Loeff Projects Team, led by Marc Vermylen, Partner Banking & Finance, consisted of Jan Missoul, Christine Delagaye, Zita Leijnse and Ruben Baeb. The team has been playing a leading and instrumental role in the financing, development and refinancing of all offshore wind farms in Belgium to date. It makes us particularly proud to be able to continue contributing to sustainable energy projects in Belgium.

The team gained extensive experience with financing renewable energy projects in the past, acting as Belgian legal counsel to Belwind (165 MW), Northwind (216 MW), Nobelwind (165 MW), Norther (370 MW) and Northwester 2 (218 MW) in relation to the financing and the construction of their offshore wind farms in the North Sea. The team also acted as lenders’ legal counsel to the other Belgian wind farms advising the lenders and arrangers on the non-recourse financing of C-Power (325 MW), Rentel (309 MW) and most recently SeaMade (487 MW).

Green Giraffe acted as financial advisor to Norther.

Other law firms involved in the financing of the Norther offshore wind farm were Jones Day (lenders counsel).

 



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