Watson, Farley & Williams, an international law firm, said it has advised a group of seven commercial lenders, two ECAs (Euler Hermes and Export Kredit Fonden) and the European Investment Bank on the financing of the second and third phases of C-Power’s Thornton Bank wind farm off the Belgian coast.
The financing will enable the construction of these phases of the 325MW wind farm between 2011 and 2013, for a total investment cost (excluding contingencies) of EUR1,289m, which includes the refinancing of the already operational 30MW pilot phase.
The 30MW pilot phase comprises six REpower 5M offshore turbines and REpower will also supply 48 turbines of the 6M type for the second and third phases.
The seven commercial lenders include ASN Bank, Commerzbank, Dexia, KBC, KfW Ipex-Bank, Rabobank and Societe Generale.
Together with export credit agencies Euler-Hermes of Germany and EKF of Denmark, and the European Investment Bank, the lenders will provide between them long term facilities totalling EUR869m.
This is the third such financing on which Watson, Farley & Williams has advised, either as lenders’ or borrower’s counsel.
