White & Case Advises Lenders on €655 Million Offshore Belgian Wind Farm
Global law firm White & Case LLP has advised a consortium of senior lenders consisting of the European Investment Bank, BNP Paribas Fortis, Rabobank, SMBC, Mizuho Bank, EKF and GIEK, on the provision to Nobelwind of €460 million in funding for the €655 million construction and operation of a 165 megawatt offshore wind farm located on the Bligh Bank, around 46km off the Belgian coast.
Nobelwind is a special purpose vehicle owned by Parkwind (which in turn is owned by Colruyt, Korys and PMV), Meewind and the Sumitomo Corporation. The construction of the wind farm, which is expected to be operational by the end of 2017, is due to start in the spring of 2016. The balance of the €655 million financing is equity and subordinated debt provided by Parkwind NV, Summit Renewable Energy Belwind 1 Limited, Zeewind 1 B.V., PMF Infrastructure Fund NV, TINC Comm. VA and DG Infra Yield Comm. V.
"White & Case has substantial experience in the Belgian offshore wind energy sector," said Brussel-based local partner Ferdinand Brughmans, who led the Firm's deal team. "As well as Nobelwind, we have also advised a number of similar Belgian offshore projects including Belwind, C-Power and Northwind."
The White & Case team which advised on the transaction was led by local partner Ferdinand Brughmans (Brussels) and included partners Mark Castillo-Bernaus, Kirsti Massie (both London) and David Barwise (Singapore) with support from associates Serkan Alhan, Laurent Vercauteren (both Brussels), Laurence Coman (London), Laurent Lantonnois (Brussels), Ahyoung Koo, Alexander Barnes, Benjamin Bradstreet (all London) and Lilian Ting (Singapore).
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