International law firm CMS has advised the senior lenders in respect of the €180million refinancing of the 241MW Överturingen operational wind farm in central Sweden, owned by an equal joint venture between Red Rock Power Limited and CapMan Infra.
The senior lenders are DekaBank, NatWest, NordLB and Bank of China.
Macquarie Capital advised Red Rock Power and CapMan Infra on the transaction. The senior lenders were also advised on Swedish law elements by a team at Mannheimer Swartling led by Andreas Zettergren.
CMS’s advice was led, on financing matters, by Energy Finance partner Nicholas Ross-McCall, assisted by Senior Associate Will Fenn and, on project matters, by Energy partner Philip Duffield.
Nicholas Ross-McCall comments: “We are delighted to have advised the senior lenders on this significant Nordic renewables transaction, enabling the sponsors to optimise the project’s capital structure utilising its 29-year corporate PPA.”
Shi Weifei, Chief Financial Officer of Scotland-based renewable energy company Red Rock Power, said: “The refinancing of Överturingen was one of our strategic priorities following our acquisition of the project in December 2020. Optimising the project’s capital structure allows us to focus our financial resources on continuing to expand our portfolio of projects and partnerships across Europe.”
Harri Halonen, Partner at Nordic infrastructure investor CapMan Infra said: “We are very pleased to complete this refinancing, which secures the continued generation of over 800 GWh of carbon-free electricity per annum. We look forward to work with the incoming consortium of lenders DekaBank, Natwest, NordLB and Bank of China, as well as continue the optimisation of the project with our partner Red Rock Power.”
For further information regarding the transaction and the project, please see:
https://www.redrockpower.co.uk/2022/04/14/red-rock-power-and-capman-infra-refinance-overturingen-wind-farm-for-e180m/
https://www.capman.com/2022/04/capman-infra-and-red-rock-power-refinance-overturingen-wind-farm-for-e180-million/
