International law firm CMS has advised the creditors to Renewable Power Capital (RPC) on the closing of long-term senior facilities, totalling €555m, relating to RPC’s 553MW onshore wind portfolio in Sweden. The suite of experienced creditors comprised CIBC, Danske Bank, Export Development Canada, NatWest, and NordLB. CMS also advised on related equity bridge facilities.
This constitutes one of the largest financing packages for a greenfield onshore wind portfolio in Europe, helping to deliver clean energy to power the equivalent of 182,000 households.
The facilities cover both the construction and operation of four large wind farms in the Kramfors and Sollefteå municipalities. Almost 100% of the renewable energy generated by this portfolio has been contracted under bespoke corporate PPAs with Procter & Gamble, LyondellBasell and Ardagh. The turbines will be provided by Nordex.
Energy Finance partner Nicholas Ross-McCall led CMS’ advice led on financing matters, and Energy partner Dalia Majumder-Russell on project matters. The creditors were also advised by CMS Wistrand on Swedish law elements, led by partners Rudolf Laurin and Kristofer Selvin.
Sylvain Delion, Managing Director – Head of Investment and Structured Finance at RPC, comments: “This portfolio is RPC’s largest investment to date, so we’re thrilled to be taking a crucial step towards operation. Closing a long-term financing for our flagship onshore wind portfolio in Sweden is another major milestone in our investment and operating strategy, supporting RPC’s approach to obtain long-term stable risk adjusted returns. The level of external debt raised and the complexity of the financing structure are testament to RPC’s expertise and progress as a renewables company. We’re delighted to have closed this financing with such an impressive number of partners, and we look forward to working alongside them to drive decarbonisation.”
Nick Ross-McCall adds: “We are delighted to have acted for the creditor group on another market leading renewable energy project finance transaction, and to support RPC’s fast trajectory towards becoming one of the leading renewable assets owners in Europe.”
