Ashurst advised European Investment Bank ("EIB") on the financing of the construction of offshore wind farm Nordergründe in the German North Sea. EIB provides the debt financing in a banking consortium together with KfW IPEX-Bank. The borrower is OWP Nordergründe GmbH & Co. KG, a project company managed by German energy developer wpd offshore GmbH ("WPD"). The total financing volume amounts to €410 million. EIB agreed to support the project with €156 million.

The 111 megawatt project is planned to be built about 15 kilometres Northeast of the island of Wangerooge. Construction and commissioning are scheduled for 2016.

The Ashurst team was led by finance partner Dr Tom Beckerhoff and comprised senior associate Dr Endrik Kramski, transaction manager Dominique Blaurock (both finance) as well as counsel Dr Maximilian Boemke who advised regarding energy law and project agreements.

Ashurst has extensive experience in advising in the area of renewables. The finance and energy practices of the firm regularly represent lenders und sponsors in connection with the financing of offshore wind farms. In 2013, a team led by Dr Beckerhoff advised EIB on the financing of offshore wind park Butendiek in the German North Sea. In addition, Ashurst recently advised Macquarie Capital on the acquisition and the financing of a 49 per cent share in offshore wind farm Baltic II in the Baltic Sea.