International law firm CMS has advised Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB), KfW IPEX-Bank GmbH (KfW) and Denmark’s Export Credit Agency (EKF) as creditors in relation to €270m of total funding for a 235 MW onshore wind farm at Länsterhöjden & Storflötten in the Ånge Municipality of Västernorrland, central Sweden.

Green Investment Group (GIG), the specialist green energy principal investment business of Macquarie Group will own 100 per cent of the equity in the project, which was developed by GIG and SCA Energy AB (SCA) and which will comprise 56 Siemens Gamesa 4.2 MW turbines. The project includes what is believed to be one of the longest corporate wind energy PPA’s globally, including a 29-year fixed-volume agreement with Norsk Hydro. Siemens Gamesa will provide operations and maintenance services to the project through a 25-year agreement. NEAS Energy (part of Centrica plc) will provide balancing and hedging services for the project.

Macquarie Capital (Europe) Limited acted as financial adviser to the sponsor on the project, raising c.€160m of senior debt from Crédit Agricole CIB) and KfW. EKF is providing export credit cover.

The transaction extends the growing relationship between GIG and Norsk Hydro following the GIG backed 650 MW Markbygden Ett onshore wind farm last year, on which CMS advised GIG and GE Energy Financial Services as joint sponsors.

CMS’ advice was led, on financing matters, by Energy Finance partner Nicholas Ross-McCall and, on project matters, by Energy partner Munir Hassan. The creditors were advised on Swedish law elements by a team at Mannheimer Swartling led by Andreas Zettergren. EKF was also advised by a team at Kromann Reumert.

Nicholas Ross-McCall comments: “We are honoured to have acted for the creditor group on another market leading, multi-source renewable energy finance transaction developed and structured by GIG, involving a bespoke financing structure and PPA/revenue arrangements.”

Munir Hassan comments: “This transaction demonstrates once again CMS’ capability in London to efficiently deliver complex high value renewable project financings across Europe.”