Canadian Pension Plan Investment Board’s EUR 510.6 Million Green Bond Refinancing

Clifford Chance has advised Canadian Pension Plan Investment Board on the EUR 510.6 million green bond refinancing of CPP Investments’s minority interest in the “Hohe See” and “Albatros” offshore wind projects, Germany’s biggest offshore wind farm to date.

The debt refinancing follows CPP Investments’s acquisition of 49 percent of leading Canadian energy company Enbridge Inc’s original 49.89 percent ownership in the two projects, which Enbridge in turn had acquired from EnBW Energie Baden-Württemberg AG.

In total, over EUR 510 million of senior secured notes were issued and placed with 18 institutional lenders in Europe led by the Talanx Group. The notes, which were rated BBB+ by Scope Ratings, attracted strong interest from the market. The notes were structured to qualify as green bonds under CPP Investments’s Green Bond Framework.

Hohe See and Albatros, with a combined capacity of 609 megawatts, is Germany’s largest offshore wind power plant, located in the North Sea approximately 100 kilometres north of Borkum. Both Hohe See and Albatros are now generating approximately 2,500 GWh of electricity annually, providing energy to power around 710,000 homes.

The international Clifford Chance team advising CPP Investments was led by partner Florian Mahler (Picture – Project Finance) and comprised partner Björn Heinlein, counsel Dominik Heß (Corporate/Energy), associate Pamela Horn (Project Finance) (all Düsseldorf), senior associate Philip Walsh and associate Rutger Dekker (both Project Finance, Amsterdam), senior associate Kasia Sienko (Project Finance, London), partner Martin Wurth, senior associate Eimear O’Dwyer, associate Holger Nõmm (all Finance) as well as senior associate Louis Mamère and associate Nils Hülsenbeck (both Corporate, all Luxembourg).

Involved fees earner: Rutger Dekker – Clifford Chance; Björn Heinlein – Clifford Chance; Dominik Heß – Clifford Chance; Pamela Horn – Clifford Chance; Nils Hülsenbeck – Clifford Chance; Florian Mahler – Clifford Chance; Louis Mamère – Clifford Chance; Holger Nõmm – Clifford Chance; Eimear O’Dwyer – Clifford Chance; Kasia Sienko – Clifford Chance; Philip Walsh – Clifford Chance; Martin Wurth – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Canada Pension Plan Investment Board;

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