White & Case Advises Institutional Investors on World’s Largest Onshore Wind Project Bond for Swedish Wind Farm
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Global law firm White & Case LLP has advised MEAG as asset manager, other leading European institutional investors as bondholders and Deutsche Bank and Intertrust as agents on the secured financing of Önusberget wind farm in Northern Sweden, which is currently under construction and part of the wider Markbygden wind farm cluster.
White & Case partner Florian Degenhardt, who led the Firm's deal team, said: "This landmark transaction further demonstrates our market-leading expertise advising institutional investors on project bonds and high-volume PPA-based renewable energy projects to support their ambitious targets to reduce CO2 emissions and advance their ESG goals through renewables investments of this kind."
The Önusberget wind farm is Europe's largest single onshore wind project with an expected capacity in excess of 750MW and owned by renewable energy funds advised by Luxcara, one of the leading European asset managers for renewable energy investments.
The financing was secured from a group of 17 institutional investors, including the MEAG Infrastructure Debt Funds managed by MEAG and other leading European insurance groups and pension funds. Equity is provided by renewable energy funds, advised by Luxcara. Deutsche Bank and Intertrust provide agency services for the project. The value of the project bond is a mid-three-digit million amount and its proceeds will be used to fund the Önusberget wind farm's ongoing construction and operation.
The White & Case team which advised on the transaction was led by partner Florian Degenhardt (Hamburg) and included partners Magnus Wennerhorn (Stockholm) and Caroline Miller Smith (London), local partners Matthias Grigoleit and Matthias Bochum (both Hamburg), counsel Beate Treibmann (Hamburg) and associates Martin Riederer (Hamburg), Max Axelsson, Alexandra Stolt, Minna Horwitz (all Stockholm), Dayle Perles Fattal and Lauren Vallender (both London).
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