Global law firm Norton Rose Fulbright has advised a consortium of lenders and financial institutions in relation to the financing of the £2.6bn Beatrice offshore wind farm in Scotland. The senior debt comprised facilities from 13 commercial lenders, along with EKF (Eksport Kredit Fonden) and European Investment Bank.

Offshore construction of the 588MW site is expected to begin in 2017 and be operational in 2019. It is anticipated that the project will power approximately 450,000 homes.

Nicholas Pincott, partner, comments:

“This is a flagship project for the European energy sector, both for its size and the complexity of the deal and we’re delighted to have played our part in reaching financial close. Bringing together such a large group of commercial lenders, financial institutions and investors is a significant achievement and demonstrates the market’s confidence in the offshore wind sector.”

Robert Marsh, partner, comments:

“Hot on the heels of the Dudgeon deal announced last week, this is a further stamp of approval for offshore wind and evidence of the continued appetite among the project finance community to provide debt to well-structured transactions. UK renewables projects continue in their attractiveness for the debt and investment communities alike and we anticipate continued competitive tension for opportunities relating to these types of assets.”

The Norton Rose Fulbright team was led by Nicholas Pincott and Robert Marsh, and included derivatives partner, Nigel Dickinson and tax partner, Matthew Hodkin.

Burness Paull provided Scots law advice on planning and real estate matters.