Global law firm White & Case LLP has advised a group of institutional investors led and represented by MEAG MUNICH ERGO AssetManagement GmbH, the central asset manager of insurers Munich Re and ERGO, and Deutsche Bank Luxembourg S.A. as financing agent and security agent, on the financing of the Norwegian wind farm Eikeland-Steinsland and the structuring of the finance solution.
MEAG and Luxcara, one of the leading European asset managers for renewable energy investments, jointly initiated and structured the financing. The wind farm belongs to the Bjerkreim cluster, which is comprised of three neighbouring wind farms (Eikeland-Steinsland, Gravdal und Skinansfjellet) in south west Norway.
The projects exceed an investment volume of €400 million and will be built and operated over the long term by Luxcara. The financing is based on a long term power purchase agreement (PPA) with Facebook. The commissioning of the entire Bjerkreim cluster, with a capacity of 294 MW and a projected contribution of more than 1,000,000 megawatt hours of clean renewable energy to the Nordic grid each year, is planned for the fourth quarter of 2019.
The White & Case team in Hamburg which advised on the transaction was led by partner Florian Degenhardt and included counsel Beate Treibmann and Alexander Born, local partner Matthias Grigoleit and associates Max Sergelius and Lisa Kirchner.
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