The Energy, Natural Resources and Infrastructure team projects team at Simmons & Simmons advise EKF Denmark's Export Credit (EKF).

The Energy, Natural Resources & Infrastructure projects team at Simmons & Simmons has advised EKF Denmark's Export Credit (EKF) on its first issuance of a guarantee (wrap) for CPI linked project debt provided by Macquarie's MIDIS as part of an approx. £1.3bn bond financing debt package that will support construction of the approx. £2bn Walney offshore windfarm extension in which Ørsted (formerly known as DONG) simultaneously sold a 50% stake to two Danish pension funds.

Once the extension becomes operational, which is expected in the second half of 2018, Walney is due to overtake another Ørsted project, London Array, to be the world's largest offshore wind farm. Simmons & Simmons acted for CPDQ, the Canadian pension fund, in 2013 when they acquired 25% of London Array.

Commenting on the transaction, project finance partner Andrew Petry said: "I am delighted to have advised EKF with their first ever wrapped CPI-linked project debt and that they are able to offer this new product for off-shore windfarm financings. It is great to help close such a landmark transaction."

The team was led by Andrew Petry with support from managing associate, Rose-Anna Daukes and associate, Shu Shu Wong.

Simmons & Simmons advise on all kinds of renewable transactions and were recently winners of Project Finance Deal of the Year at the IFLR Europe Awards 2017 for their contribution to 'Solar Storm' as well as having advised the Lenders on the ground-breaking 650MW Markbygden on-shore windfarm financing in Sweden which also closed recently.