Linklaters advises on £1.4bn wind farm refinancing
Linklaters has advised a group of fifteen commercial lenders and an institutional investor in relation to the £1.4 billion refinancing of the 353MW Galloper Offshore Wind Farm located off the coast of Suffolk, UK. The wind farm, which commenced its operational phase on 3 September 2018, consists of 6.3MW turbines manufactured by Siemens.
Galloper Offshore Wind Farm is owned by innogy SE (25%), Siemens Financial Services (25%), Sumitomo (12.5%) and ESB (12.5%) and a consortium managed by Green Investment Group and Macquarie Infrastructure and Real Assets (25%).
Richard Coar, partner at Linklaters, said:
“We are delighted to have been able, once again, to assist in the successful financing of the Galloper Offshore Wind Farm, having advised on the original financing just over three years ago. It also brings up the hat-trick of recent UK offshore wind farm refinancings on which we have advised (Dudgeon, Race Bank and Galloper). We are excited about the potential to be involved with more offshore wind opportunities being developed and financed in 2019.”
The Linklaters Energy and Renewables team was led by partner Richard Coar and included associates Arani Chakrabarty and Madeline Collins, and the Structured Finance team was led by partner Adam Fogarty and associates Peter Hudson and Anna O’Neill.