International law firm Ashurst has advised Japan Bank for International Cooperation (JBIC), EKF, Denmark's Export Credit Agency, and 16 commercial banks on the financing of the Moray East offshore windfarm, which achieved financial close on December 6th. The project sponsors are EDPR, Mitsubishi Corporation, Engie, Kansai Electric and Mitsubishi UFJ.
The JBIC, EKF-backed and commercial term loans and various ancillary facilities amount to approximately £2.6 billion.
Moray East is a 950MW offshore windfarm being developed in the Moray Firth off the east coast of Scotland. It was one of three offshore wind projects awarded a 15 year contract for difference in October 2017 and uses V164-9.5 MW turbines, the world's most powerful commercially available turbine. When complete, the wind farm will be capable of meeting the electricity needs of 950,000 homes, with 100 turbines across a site spanning nearly 300 square kilometres.
The Ashurst London/Tokyo team was led by head of utilities David Wadham, with support from partners Michael Smith and Antony Skinner, counsel Nick Hilder and assisted by senior associates Lindsey Bouchara and Pete Grayson, associates Harriet Gray, Zeina Talhouni, Matt Gillam, Elle Hansen, Sinead Tulley, Josh Kaye and Camilla Booth-Clibborn and trainee Rebecca Hacker. Hedging support was provided by partner Kerion Ball and associate Alec Peschlow. Tax support came from partner Paul Miller and associate Martin Voelker. Luxembourg advice was provided by Isabelle Lentz and Ludmilla Bouchez-Lecuy.
Earlier this year Ashurst also advised Kansai Electric Power Company on its agreement to acquire a 16% stake in the approx. 860 MW Triton Knoll offshore wind farm, which reached financial close in late August.
Commenting, David Wadham said:
"We are delighted to reach financial close on this key project. Moray Firth will be one of the UK's largest offshore windfarms deploying state of the art turbines. We are proud to have supported JBIC, EKF, the commercial banks and sponsors on delivering this complex, multi-sourced financing. This project, together with our work for Kansai on Triton Knoll, demonstrates that Ashurst is at the forefront of advising sponsors and funders on the new wave of highly competitive offshore wind financings.
