CMS advises in relation to sale of a further 50% stake in Överturingen 235MW PPA-backed onshore wind farm in Sweden

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 the sale of a 50% shareholding in 235MW Overturingen wind farm in Northern Sweden from Macquarie’s Green Investment Group (GIG) to Red Rock Power, the Edinburgh-based subsidiary of SDIC Power Holdings in Beijing.

This follows a previous sale of a 50% interest to Korean investors managed by Nordic private asset specialist CapMan Infra.

The wind farm, located in the Ånge municipality of Västernorrland, is backed by a 29-year offtake agreement with aluminium producer Norsk Hydro. Construction of the project was recently completed. Siemens Gamesa supplied the 4.2MW turbines, as well as O&M services under a 25-year agreement.

CMS’s advice was provided by a team led by Energy Finance partner Nicholas Ross-McCall. The creditors were advised on Swedish law issues by Mannheimer Swartling.

Nicholas Ross-McCall comments: “We are delighted to have assisted GIG, CapMan Infra and the creditors again on this multi-source renewable energy finance transaction, achieving a further equity sell-down in this landmark project as it successfully enters into operation.”

Further details on the original transaction can be found here.

Further details on the sell down to Red Rock Power can be found here.