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.
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