Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised a group of institutional lenders, led by the Talanx Group (‘Talanx’), in the €511m project bond financing of the investment by CPPIB Renewables Europe S.à r.l. (‘CPPIB’) in two German offshore windfarms.
The ‘Albatros’ and ‘Hohe See’ offshore windfarms, which are both in operation, bring a combined total of 609MW of capacity to the Germany electricity grid. CPPIB acquired its minority stake of approximately 24.5 per cent in the two windfarms in 2018; together with leading Canadian energy company Enbridge Inc., the companies hold a combined interest of 49.9 per cent in the project. The remaining 50.1 per cent is held by EnBW Energie Baden-Württemberg AG, which also developed the offshore windfarms.
The senior secured notes, which were assigned a BBB+ credit rating from Scope Ratings, were structured to qualify as green bonds under CPPIB’s Green Bond Framework. The financing closed on 11 February 2020.
Talanx coordinated the senior bond issuance with select German-speaking insurance investors, including Signal Iduna and Versicherungskammer Bayern. Following Talanx’s debt investments in the offshore wind projects Gode Wind 1 and Borkum Riffgrund 2, this is the third large-scale offshore wind financing on which Talanx has led the structuring and financing from the debt investor side, with Freshfields as their legal advisor.
The Freshfields team was led by partners Dr. Daniel Reichert-Facilides and Dr. Robin Helmke, and included partners Markus Benzing and Mandeep Lotay.
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