Allen & Overy LLP has advised Norddeutsche Landesbank Girozentrale on the refinancing of the Finsterwalde II and III solar parks. The solar parks have a total capacity of around 40 MWp and thus rank among the largest solar parks in Germany. The sponsors are DIF Infrastructure II (DIF) and NIBC European Infrastructure Fund (NEIF), operating as a joint venture.

The favourable refinancing conditions currently available offered an attractive refinancing environment, enabling existing credit lines, which were fixed via a long-term KfW refinancing loan, to be repaid early.

Counsel Dr. Jens Gölz from Allen & Overy stated: "In view of the attractive conditions at present, we anticipate a number of similar cases in the near future. Many projects refinanced using KfW funds are reaching the end of their fixed interest period, and thus early refinancing can make economic sense, despite the break costs due, thanks to the more favourable interest rates."

The Allen & Overy team comprised partner Peter Stenz, counsel Dr. Jens Gölz (transaction manager), senior associate Kathrin Pätzold-Schwarz and associate André Melchert (all Projects, Energy and Infrastructure, Frankfurt).

Teams from the Amsterdam office advised on Dutch law issues.

The sponsors were represented by Watson Farley & Williams LLP, with teams led by Sven Fretthold and Dr. Malte Jordan.