White & Case advises institutional investors on first fully merchant project bond for Swedish wind farm
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Global law firm White & Case LLP has advised MEAG and institutional investors on the first fully merchant project bond financing for the Swedish wind farm MB2 North, located in the world's biggest onshore wind farm cluster Markbygden in Northern Sweden.
White & Case partner Florian Degenhardt, who led the Firm's deal team, said: "This landmark project finance transaction is tailor-made without a power purchase agreement in place for the first time and has an innovative structure with risk-reducing features to mitigate the fully merchant project bond for the institutional investors.”
The wind farm MB2 North, owned by renewable energy funds advised by the investment manager Energy Infrastructure Partners AG (EIP), has recently started operating with a capacity of 253MW. EIP acquired the wind farm from the developer Enercon in an initial all-equity acquisition. The long-term project bond is secured by a customary project finance security package and has been subscribed by a group of ten institutional investors, including the MEAG Infrastructure Debt Fund II advised by MEAG.
White & Case previously advised MEAG on the world’s largest privately placed project bond for the 753MW onshore wind farm Önusberget in Northern Sweden.
The White & Case team which advised on the transaction was led by partner Florian Degenhardt (Hamburg) and included partner Magnus Wennerhorn (Stockholm), local partner Matthias Grigoleit (Hamburg), counsel Beate Treibmann (Hamburg) and associates Martin Riederer (Hamburg), Max Axelsson, Filip Westling, Minna Horwitz (all Stockholm).
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