22 March 2016
Clifford Chance advises Eneco and Mitsubishi Corporation as sponsors on the project financing of the 129 MW offshore wind project Luchterduinen
Clifford Chance has advised the sponsors on the project financing of Project Luchterduinen. This 129 MW offshore wind farm is situated in the Dutch Exclusive Economic Zone in the North Sea, approximately 23 km off the coast of the Netherlands, and consists of 43 wind turbines. The project generates clean electricity for nearly 150,000 houses. This is a joint project between Eneco Holding N.V. and Mitsubishi Corporation who raised approximately EUR 440,000,000 with this financing. The loan has a 14.5 year tenor replacing a substantial part of the equity contributed upfront by the sponsors.
The finance parties are Sumitomo Mitsui Banking Corporation, BNP Paribas Fortis SA/NV, Mitzuho Bank Ltd. and Sumitomo Mitsui Trust Bank, Limited (London Branch) as mandated lead arrangers, as original commercial lenders and as original hedging banks. BNP Paribas Fortis SA/NV acted as facility agent and security agent with BNP Paribas, acting through its Tokyo Branch as JBIC facility agent. Japan Bank for International Cooperation acted as lender under a separate loan facility and expanded its activities by entering the Dutch market for the first time.
The Clifford Chance team was led by Hein Tonnaer and consisted of Jasper Dijkshoorn and Bram Kocken. Liesbeth Buiter, Willem Jan Wieland, Mark Loefs, Sarah Lewis, Megan Roberts and Tim Heerschop were involved in project, hedging and corporate aspects.