Simmons & Simmons has advised Commerzbank Aktiengesellschaft and NORD/LB on the financing of Finnish onshore wind farm project, Karhunnevankangas (Karhu), to the value of EUR 220 million.
The Karhu project is being developed with Bremen-based wind and solar park developer wpd and will deliver a total capacity of 188 MW in the Österbotten region of western Finland. The green electricity from Karhu wind farm will be sold to the paper group UPM Kymmene via a Power Purchase Agreement (PPA) for a long term electricity supply contract.
The financing package of EUR 220m covers the construction and operation phases and includes a long-term Euler Hermes facility, various guarantees and an equity bridge facility.
The Simmons & Simmons team was led by banking partner Dr Jens Gölz and associate Marlin Jürgens.
Commenting on the deal, Dr Jens Gölz said: "We are very proud to have been appointed to provide legal advice on this complex financing. It was certainly an advantage that the parties had already realised the Finnish Tohkoja wind farm in the same constellation.".