CMS advises in relation to the sale of a 50% stake in GIG’s Överturingen 235MW PPA-back 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 Macquarie’s Green Investment Group’s (GIG’s) 235MW Overturingen wind farm in Northern Sweden 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 is underway, and the wind farm is expected to reach commercial operation by the end of 2019. Siemens Gamesa will supply the 4.2MW turbines, as well as O&M services under a 25-year agreement.

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

Nicholas Ross-McCall comments: “We are delighted to have assisted GIG and the creditors again on this multi-source renewable energy finance transaction, achieving an equity sell-down in this landmark project in good time and during the construction period.”
Full details on the original transaction can be found on the Green Investment Group website.