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White & Case Advises Institutional Investors on Green Secured Schuldschein Loans for Finnish Wind Farm Portfolio

Global law firm White & Case LLP has advised institutional investors and Deutsche Bank Luxembourg S.A., as financing agent and security agent, on the secured financing of a portfolio of three wind farms located in North Ostrobothnia, Finland.

"With the final drawdown for the construction phase now complete, we have comprehensively advised on this secured German promissory loan notes financing of Finnish wind farms,” said White & Case partner Florian Degenhardt, who led the Firm's deal team. "It is the first green project notes financing of its kind of a wind farm portfolio in Finland and builds on White & Case’s unique track record in this area."

The financing consists of senior secured promissory loan notes (Schuldscheindarlehen) made available by international institutional investors from Canada, Germany and Luxembourg including insurances, debt funds and German pension funds (Versorgungswerke).  The financing  is aligned to investment regulation and pension fund rules. Equity was provided by a renewable energy fund for institutional investors advised by Luxcara, one of the leading European asset managers for renewable energy investments. 

The portfolio consists of three wind farms, Välikangas, Sievi and Pihtipudas, located in North Ostrobothnia, Finland with total capacity of 163 MW and the ability to provide more than 140,000 Finnish households with renewable energy. The electricity generated by the wind farms will be sold under long-term power purchase agreements (PPAs) with Norwegian utility Agder Energi. 

The White & Case team which advised on the transaction was led by partner Florian Degenhardt (Hamburg) and included partner Tanja Tornqvist (Helsinki), local partners Matthias Bochum and Matthias Grigoleit (both Hamburg), counsel David Tayler (Stockholm) and associates Martin Riederer (both Hamburg), Henna Viljakainen and Maija Kokkonen (all Helsinki). 

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