Noerr has advised the European Investment Bank (EIB) on the refinancing of the North Sea offshore wind farm Butendiek. Together with a banking syndicate the EIB provided senior secured loans for the refinancing in excess of €950 million.

The North Sea offshore wind farm Butendiek has been in full operation since the summer of 2015 and comprises 80 offshore turbines in the North Sea off the German island of Sylt. The operator and co-owner is the Bremen-based wpd Group which specialises in onshore and offshore wind farms. The other investors are Marguerite Fund, Siemens Financial Services, Industriens Pension, Pensionskassernes Administration (PKA), Caisse des Dépôts and ewz (the electricity plant of City of Zurich).

Noerr regularly advises on financing deals and transactions in strongly regulated industries, especially in the area of renewable energies. Clients of Noerr’s financing practice consisting of more than 20 experts include banks, insurance companies, pension funds, financial service providers and companies. Among the clients who regularly rely on the expertise of the Noerr financing experts are Deutsche Bank, UniCredit Bank, NordLB, BayernLB, Berenberg, Bayerische Versorgungskammer, Deutsche Postbank, Fresenius Medical Care or INEOS.

Advisors to EIB: Noerr LLP

Dr Tom Beckerhoff (lead), Michael Schuhmacher (both Banking & Finance, Frankfurt)