White & Case Advises Lenders on €400 Million Refinancing of Offshore Belgian Wind Farm
Global law firm White & Case LLP has advised a consortium of senior lenders consisting of Rabobank as Mandated Lead Arranger, and ASN Bank and Belfius Bank as Lenders, on the provision to Belwind NV of approximately €400 million in funding for the refinancing of a 165 megawatt operational offshore wind farm located on the Bligh Bank, around 46km off the Belgian coast.
Belwind is a special purpose vehicle owned by Parkwind (which in turn is owned by Colruyt, Korys and PMV), Meewind and the Sumitomo Corporation. The decision to refinance has been taken by the Belwind team, led by François Van Leeuw and Ralf Bauer, and its shareholders.
The Belwind project achieved financial close on July 24, 2009 and construction of the wind farm, consisting of 55 turbines, started in September 2009. The wind farm became fully operational in December 2010.
The White & Case team which advised on the transaction was led by local partner Ferdinand Brughmans (Brussels) and included partners David Barwise (Singapore) and Mark Castillo-Bernaus (London) with support from associates Serkan Alhan, Laurent Vercauteren (both Brussels), and Lilian Ting (Singapore).
Loyens & Loeff, led by partner Marc Vermylen advised Belwind and its shareholders.
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