Linklaters advises on £2.6bn wind farm

Linklaters has advised the sponsors, SSE Renewables, Copenhagen Infrastructure Partners and SDIC Power on the construction and financing of the £2.6bn 588-megawatt, 84 turbine Beatrice offshore wind farm. Linklaters advised on all aspects of the project, including on the £1.9billion debt financing, which involved 13 commercial lenders, the European Investment Bank (EIB) and the Danish export credit agency Eksport Kredit Fonden (EKF).

The 588MW Beatrice offshore wind project was consented by the Scottish Government in March 2014 and granted an Investment Contract by the UK Government in May 2014. Offshore construction will begin in 2017. The wind farm is expected to become fully operational in 2019.  

The project represents the largest project to have successfully reached financial close under the contract for difference (CfD) regime and one of Scotland’s largest infrastructure projects.

This deal represents the latest in a long line of offshore wind farms upon which Linklaters has advised and follows hot on the heels of the £1.3billion project financing of the Dudgeon offshore wind farm which closed in the last two weeks. Linklaters are also currently advising on the UK’s largest biomass transaction.

Richard Coar, Projects partner at Linklaters, said: “The successful financing of this transaction represents an important landmark not only for each of the Sponsors and the Scottish economy but also for the UK renewable industry. It demonstrates that there remains strong appetite in both the equity and debt markets for well structured renewable transactions, even ones of this scale and complexity.”

The Linklaters team was led by Projects partner Richard Coar and included managing associates Andrew Penfold, Rasha Sami and Elisabeth Johnson and associates Subir Rajadhyaksha, Noor Ashraf, Shwetha Janarthanan and Peter Greenall.