Karhunnevankangas’ EUR 220 Million Project Financing

Simmons & Simmons has advised Commerzbank Aktiengesellschaft and NORD/LB on the financing.

The Karhu project is being developed with Bremen-based wind and solar park developer wpd and will deliver a total capacity of 188 MW in the Österbotten region of western Finland. The green electricity from Karhu wind farm will be sold to the paper group UPM Kymmene via a Power Purchase Agreement (PPA) for a long term electricity supply contract.

The financing package of EUR 220m covers the construction and operation phases and includes a long-term Euler Hermes facility, various guarantees and an equity bridge facility.

The Simmons & Simmons team was led by banking partner Dr Jens Gölz (Picture) and associate Marlin Jürgens.

Involved fees earner: Jens Gölz – Simmons & Simmons; Marlin Jürgens – Simmons & Simmons;

Law Firms: Simmons & Simmons;

Clients: Commerzbank AG; NORD/LB Luxembourg S.A. Covered Bond Bank;

Author: Federica Tiefenthaler