Eversheds Sutherland advises Glennmont on the sale of a minority stake in 211MW Finnish wind project
Eversheds Sutherland has advised Glennmont Partners on its agreed sale of a 15% minority stake in Project Piiparinmäki, a 211.4MW wind farm, to Kansai Electric Power Company.
Glennmont is one of the world’s largest fund managers focused exclusively on investing in clean energy infrastructure.
The onshore wind farm, located in central Finland, is currently under construction with completion pf the deal expected in late 2021. Once operational, Piiparinmäki will be the largest wind farm in Finland, a significant wind power asset in the Nord Pool area, and one of the largest unsubsidised wind farms in Europe.
The Eversheds Sutherland team, led by corporate Partner in the global legal practice’s energy and infrastructure group, Jason Lovell, advised on all aspects of the deal. The wider team comprised corporate Partner Tom van Wijngaarden (Netherlands), and corporate Associates Lesley Koopmans (Netherlands) and Emma Waterhouse (UK), with assistance from the firm’s Finland-based office.
The sale of the stake in Piiparinmäki marks the first divestment from Glennmont’s €850m Clean Energy Fund III, which achieved financial close last summer. Piiparinmäki was acquired by Glennmont from Ilmatar Energy in September 2019 in their first ever investment in the Nordic market.
Jason Lovell, said:
“This was a fantastic team effort, the achievement of which will contribute towards the success of the largest unsubsidised wind farm in Europe. The deal required an innovative approach, combining legal technical excellence with a number of additional capabilities including DocuSign in order to sign and close the deal whilst under lockdown conditions. We thoroughly enjoyed working with Glennmont and the team and look forward to continuing to support them on future opportunities.”
This is the second transaction on which Eversheds Sutherland has been instructed by Glennmont in the last six months, having also advised on its original from Ilmatar Energy late last year, marking Glennmont’s first investment in the Nordic market.
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