Global law firm Norton Rose Fulbright has advised KFW IPEX Bank GmbH and Skandinaviska Enskilda Banken AB (PUBL) on the financing of the Hedet wind power project, which has been developed by Neoen and Prokon Finland. The financing was signed on December 19, 2018.

Hedet wind farm is based in Finland, and the output of the farm will be sold to Google under a corporate PPA. The wind farm will generate 81MW of electricity, with Nordex acting as turbine supplier and EPC contractor.

The firm advised the lenders on the project financing arrangements including due diligence on the PPA, construction arrangements and operation and maintenance arrangements. Krogerus advised the lenders on matters of Finnish law.

The Norton Rose Fulbright team was led by Charles Whitney, head of energy for Europe, Middle East and Africa, with assistance from senior associate Alexandra Jeffreys. Partner Andrew Hedges advised on the PPA with Google and led the firm’s due diligence team.

Charles Whitney commented:

“We are delighted to have worked with KfW and SEB on the project financing of this wind project, supported by Neoen, Prokon and Google. There are a number of challenges that arise in the context of project financing a corporate PPA. The parties were able to work together constructively to identify these challenges, allocate the risks amongst each other and move to close the transaction quickly and efficiently. We are delighted that we had an opportunity to support the lenders on this important financing for the sponsors, Google and the Finnish corporate PPA market.”

Norton Rose Fulbright’s Nordic practice provides a close fit with the Nordic economy, aligning itself with market’s key industries including energy and mining. Norton Rose Fulbright is at the forefront of the global corporate PPA market. The firm has advised on a number of significant corporate PPAs signed in Europe, such as the Krammer wind park in the Netherlands and on Nestlé’s direct power purchase agreement for 50 per cent of its UK demand.