Clifford Chance

Clifford Chance advises Rabobank and EKF on bespoke EKF-backed project financing of the 357MW Åmot-Lingbo and Tönsen wind farms in Sweden

A joint team from Clifford Chance Amsterdam and Düsseldorf has advised Coöperatieve Rabobank U.A. and the lenders on the EKF-backed project financing of the 357MW Åmot-Lingbo and Tönsen (Valhalla) wind farms in Sweden.

This transaction marks one the first project financing with bespoke EKF guarantee structures in Sweden co developed by Rabobank and EKF, and some of the first international project financings involving Dutch-law governed finance documents.

Aquila Capital, the German investment fund, acquired the rights to develop the Valhalla project in December 2017, which will comprise 85 4.2MW Vestas turbines and, when completed (expected in 2020), will be one of the largest onshore wind farms in Sweden. Statkraft Energi AS will be the primary offtaker for the electricity produced from the wind farm, which will be sufficient to meet the annual electricity requirements of approximately 223,800 households.

On the project financing of the wind farm, Rabobank acted as Mandated Lead Arranger, Facility Agent, Security Agent and VAT Lender and EKF Danmarks Eksportkredit, the Danish Export Credit Agency, acted as guarantor to the EKF Lenders.

The core Clifford Chance team in Amsterdam consisted of Hein Tonnaer, Liesbeth Buiter, Philip Walsh, Lotte de Bruin, Tara Kok, Pieter van Welzen, Alexander Freund and Mike Niekoop, together with support from Florian Mahler and Bahar Rahimyar in Düsseldorf.