Deutsche Bucht Offshore Windfarm’s €935 Million Project Refinancing

Watson Farley & Williams advised a consortium of leading German and international banks and financial institutions involved in the deal.

The 252 MW Deutsche Bucht is located in the German North Sea approximately 95km northwest of Borkum and was connected to the grid in 2019. Owned by Canadian energy company Northland Power Inc, it produces energy to supply approximately 178,000 households and has reduced CO2 emissions by over 360,000 tonnes per year. Deutsche Bucht was also one of the last wind farm projects to benefit from the statutory feed-in tariffs under the German Renewable Energy Act (EEG) that expired in 2020.

The consortium comprised Coöperatieve Rabobank U.A., The Norinchukin Bank, Canadian Imperial Bank of Commerce (London Branch), National Bank of Canada, Caixabank, S.A., The Korea Development Bank Headquarters (KDB Bank, HQ), The Korea Development Bank (London Branch), Swiss Re Europe S.A., Commerzbank Aktiengesellschaft, Société Générale S.A., Bayerische Landesbank (Bayern LB), DZ BANK AG, Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Sumitomo Mitsui Trust Bank, Limited (London Branch), KfW IPEX-Bank GmbH, Landesbank Hessen-Thüringen Girozentrale (Helaba), SCOR Infrastructure Loans III (represented by SCOR Investment Partners as management company) and Export Development Canada (EDC).

The multi-disciplinary WFW Germany team advising on the transaction was led by Finance Partner Sven Fretthold (Picture), supported by Associate Marie-Theres Recifo and Legal Manager Annika Schulz. Partner and Global Energy Sector Co-Head Malte Jordan led on the corporate aspects of the deal, supported by Associate Jan Schürmann. Regulatory expertise was provided by Partner Dr Christine Bader, Managing Associate Jule Martin and Associate Paul Philipp Greef.

Involved fees earner: Christine Bader – Watson Farley & Williams; Sven Fretthold – Watson Farley & Williams; Paul Philipp Greef – Watson Farley & Williams; Malte Jordan – Watson Farley & Williams; Jule Martin – Watson Farley & Williams; Marie-Theres Recifo – Watson Farley & Williams; Jan Schürmann – Watson Farley & Williams;

Law Firms: Watson Farley & Williams;

Clients: Bayerische Landesbank; CaixaBank; Canadian Imperial Bank of Commerce; Commerzbank AG; Coöperatieve Rabobank; Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main; Dz Bank; Export Development Canada; KfW IPEX-Bank GmbH; Korea Development Bank; Korea Development Bank, London Branch; Landesbank Hessen-Thüringen Girozentrale; National Bank of Canada; Norinchukin Bank; SCOR Investment Partners; Société Générale; Sumitomo Mitsui Trust Bank, London Branch; Swiss Re;

Author: Federica Tiefenthaler