Loyens & Loeff congratulates Parkwind and Arcadis Ost 1 on reaching financial close
On 15 June 2021 Arcadis Ost 1 secured approximately EUR 570 million in funding for the construction and operation of its 257 MW offshore wind farm located in German territorial waters.
Congratulations to Parkwind NV on reaching financial close on 15 June for the 257MW Arcadis Ost 1 offshore wind farm project. Arcadis Ost 1 will be built in the German territorial waters of the Baltic Sea, approximately 19 km northeast of the island Rügen in the federal state Mecklenburg-Western Pomerania. The windfarm will be operational as of 2023 and generate green energy to power the equivalent of up to 290,000 households.
Adviser to the lenders
Loyens & Loeff’s Project team, led by Marc Vermylen and further consisting of Jan Missoul, Christine Delagaye, Pieter Verheyen and Ruben Baeb, together with the team of Sven Fretthold at Watson Farley & Williams LLP, acted as advisers to the pool of lenders consisting of KBC Bank, Belfius Bank, Helaba, KfW IPEX-Bank, Coöperatieve Rabobank, Société Générale, ING Bank, EKF Danmarks Eksportkredit and the European Investment Bank. Jones Day and Chatham Partners acted as counsel to the sponsors.
Extensive renewable energy experience
The team gained extensive experience with financing renewable energy projects in the past, acting for instance 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 on the non-recourse financing of offshore wind farms C-Power (325 MW), Rentel (309 MW) and SeaMade (487 MW).
It makes us particularly proud to be able to continue contributing to sustainable energy projects globally by leveraging our expertise across borders to the benefit of stakeholders and financiers.
Image courtesy of Vestas Wind Systems A/S
Marc VermylenManaging Partner Belgium Attorney at Law
Marc Vermylen is Managing Partner of Loyens & Loeff Brussels. He is a member of Loyens & Loeff’s Banking & Finance Practice Group and heads the global Projects Team at Loyens & Loeff. He is recognised worldwide as an expert and influential lawyer in banking law and finance law.T: +32 2 743 43 15 M: +32 475 52 31 66 E: email@example.com
Christine DelagayeSenior associate Attorney at Law
Christine Delagaye is a member of the Loyens & Loeff Corporate & M&A Practice Group in Belgium and a member of the Energy & Utilities and Competition & Regulatory Teams. She is a senior associate in our office in Brussels.T: +32 2 743 43 61 M: +32 4 76 97 46 41 E: firstname.lastname@example.org
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