Allen & Overy and Borenius Attorneys LLP advised ING on the up to EUR 70.6 million project financing for the Lakiakangas wind farms located in Finland.

The Lakiakangas wind farms comprise of two operating Vestas V126 wind turbines with 3.45 megawatt nominal capacity each and further twelve Vestas V150 wind turbines under construction with 4.2 megawatt nominal capacity each. The financing was arranged by ING Bank, a branch of ING-DiBa AG, and ING Bank N.V. is acting as facility agent, security agent and hedging bank.

The project was developed by German sponsor CPC Germania GmbH & Co. KG (CPC Germania). CPC Germania plans, builds and operates wind farm projects in Germany and abroad. The Lakiakangas wind farm, which is a further milestone of CPC Germania on its way to become an independent power producer, is a subsidy free 57,3 MW on-shore wind project. Revenues are solely provided under a 10-years Google corporate power purchase agreement.

The Allen & Overy team comprised partner Dr Norbert Wiederholt, counsel Dr Jens Gölz (both lead) and senior associate Dr Jan-Hendrik Bode (all banking and finance, Frankfurt).  Norbert Wiederholt comments: “We are particularly excited to have been involved because this project is not driven by state-supported payments but rather through means of a power purchase agreement with a private off-taker. This will be the future of renewables energy production throughout Europe and we expect many more deals of this type to come.”

Finnish law advice to ING was provided by Borenius Attorneys LLP.  The Borenius team comprised Niina Nuottimäki, Tuomas Tikkanen, Saara Mohamed and Mikael Calonius.

CPC Germania was externally advised by Jochen Terpitz on German law matters, Finnish law advice was provided by Heidi Kivenjuuri from Krokerus. The in-house coordination of the transaction was supervised at CPC Germania by Gunnar Schwender (Head of Legal Department).