GIG, advised Linklaters LLP, has reached financial close on the €270m project financing of a 235 MW onshore wind farm in central Sweden. The project was developed by GIG and SCA Energy AB and will comprise 56 Siemens Gamesa 4.2 MW turbines.

The deal includes the origination and structuring of one of the longest corporate wind energy PPA’s globally, with a 29-year fixed-volume agreement with Norsk Hydro.

GIG own 100 per cent of the equity in the project. As part of the financing, c.€160m of senior debt was provided by Crédit Agricole Corporate and Investment Bank and KfW IPEX-Bank GmbH. EKF, Denmark’s Export Credit Agency, provided export credit cover.

Linklaters advised GIG on their acquisition of the project as well as on the full suite of project document and on the project financing.

Elisabet Lundgren, Corporate partner at Linklaters, said: “As the demand for renewable energy is growing at a rapid pace, it’s exciting to be involved in such a market leading project. The future for the Swedish renewables market looks bright and we look forward to continuing to play a key role for our clients.”

Richard Coar, Energy partner at Linklaters, said: “Transactions like this demonstrate the significant value of Linklaters’ market leading renewables experience coupled with our extensive geographic coverage. The ability to deploy Linklaters’ expertise from each of our Swedish, French, Spanish and English offices, as well as from Allens, was key to making this transaction a success.”

The Linklaters team advising on the deal include Corporate partner Elisabet Lundgren and Energy partner Richard Coar. Linklaters regularly advises clients on the largest, most complex and award winning renewable transactions around the world. It is ranked Band 1 by Chambers 2018 for Energy and Natural Resources and awarded Projects, Energy and Natural Resources Firm of the Year 2017 by Legal 500.