Arise AB has sold the wind farm Solberg in Örnsköldsvik municipality in northern Sweden to Fortum Generation AB. The ready for construction wind farm has a total effect of 75 MW.
Setterwalls assisted Arise. Setterwalls’ team was headed by Jonas Frii with assistance of Elin Hjort.
Norton Rose Fulbright has advised Sonnedix Italia S.r.l. a company belonging to the Sonnedix Group, an independent solar power producer, on the acquisition of Solar Holding, owner of a portfolio of solar photovoltaic projects in Italy having an aggregate capacity of around 48MWp. The sellers included Diamond Generating Europe (a 100% subsidiary of Mitsubishi Corporation) and Innovation Network Corporation of Japan.
Allen & Overy LLP advised Senvion S.A. (Luxembourg) (“Senvion”), a leading global manufacturer of onshore and offshore wind turbines, on the successful listing of its shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange and a private placement of shares by its shareholders Centerbridge and Arpwood with institutional investors.
Clifford Chance has advised the sponsors on the project financing of Project Luchterduinen. This 129 MW offshore wind farm is situated in the Dutch Exclusive Economic Zone in the North Sea, approximately 23 km off the coast of the Netherlands, and consists of 43 wind turbines. The project generates clean electricity for nearly 150,000 houses. This is a joint project between Eneco Holding N.V. and Mitsubishi Corporation who raised approximately EUR 440,000,000 with this financing. The loan has a 14.5 year tenor replacing a substantial part of the equity contributed upfront by the sponsors.
Clifford Chance is advising Kuwait National Petroleum Company (KNPC) on its multi-billion Clean Fuels Project, the first time that KNPC has sought to access debt markets.
Financing of the first phase of the project is expected to close with local banks in early April 2016 where the mandated lead arrangers include National Bank of Kuwait (NBK) and Kuwait Finance House, on the conventional and Islamic finance tranches respectively. Future phases are expected to be open to international banks and export credit agencies.
Burges Salmon has advised Mean Moor Wind Farm Ltd on the development and financing of a wind farm in Cumbria.
The project involves the commissioning, construction and operation of three new 2.3MW wind turbines at the Mean Moor site in Cumbria. Triodos Bank provided the financing for the project.
The Burges Salmon team was led by partner Graham Soar, with advice covering banking, real estate, energy, construction, corporate and tax.
The shares in GARO AB (publ) have on 16 March 2016 been admitted to trading on Nasdaq Stockholm. The listing included an offer by the company's owners, Lars Svensson, Jerzy Petersson and Stefan Jonsson Invest AB, to the general public in Sweden and qualified institutional investors in Sweden and abroad to acquire existing shares in the company corresponding to 40 per cent of the total number of shares. In addition, the owners has granted an over-allotment option of not more than 15 percent of the offering. Lars Svensson remains the principal shareholder in GARO following the listing.
We assisted Kilpilahti Power Plant Limited (KPP), a joint venture of Neste, Veolia and Borealis, in its major project financing arrangement in which KPP will build a new 450 MW power plant in Kilpilahti, Porvoo.
CMS has advised SSE plc (“SSE”) on the signing of agreements for the disposal of 49.9% of its operational 349.6MW Clyde Wind Farm to Greencoat UK Wind Plc (“UKW”) and GMPF & LPFA Infrastructure LLP (“GLIL”), a partnership between the Greater Manchester Pension Fund and the London Pensions Fund Authority, for a headline consideration of £355m.
An extension to the Clyde Wind Farm is currently under construction and, once completed, will increase the capacity of the Wind Farm to 522.4MW.
Berwin Leighton Paisner (BLP) has recently acted for Pantheon Resources plc, the AIM listed oil and gas exploration and production company, on its placing which targeted $25m but with strong demand raised $30m. The placing was conducted through an accelerated bookbuild process with Stifel Nicholas Europe acting as bookrunner for the placing. Akin Gump advised Stifel.
This was the first significant raise by an Oil & Gas company of 2016.