Clifford Chance

Clifford Chance advises Rabobank and senior lenders on the EKF-backed project financing of the 353 MW Blakliden \/ Fäbodberget onshore wind farm developed by Vattenfall, Vestas and PKA in Sweden

Clifford Chance Amsterdam has advised Rabobank and the senior lenders on the EKF-backed project financing of the Blakliden / Fäbodberget wind farm in Sweden, utilising a bespoke EKF guarantee structure co-developed by EKF and Rabobank.

The project is being jointly developed by Swedish utility and developer, Vattenfall, alongside Danish turbine-manufacturer Vestas and Danish pension fund PKA. The project will be funded through a mix of equity, mezzanine debt from PKA and Vattenfall and the senior EKF-backed project financing debt.

This transaction marks a limited-recourse project financing for a Vattenfall developed project, the first co-development of an entire project by Vestas and is the first onshore wind investment for PKA. When completed, it will be one of Sweden's largest onshore wind farms and Vattenfall´s largest onshore wind development.

The project will use 84 new V136 4.2MW turbines manufactured by Vestas, with 50 turbines being located at Blakliden in Åsele municipality and 34 turbines located at Fäbodberget in Lycksele and Åsele municipalities.

Hydro Energi AS, a wholly-owned subsidiary of Norsk Hydro ASA will be the primary offtaker for the majority of the electricity produced from the wind farm, which will be an equivalent amount of electricity to power approximately 220,000 households. The project is scheduled to complete in early 2022.

The core Clifford Chance team in Amsterdam consisted of Hein Tonnaer, Philip Walsh, Liesbeth Buiter, Rutger Dekker, Alexander Freund, Catherine van der Helm and Máire Toner. Advokatfirman Lindahl KB in Stockholm also acted as local counsel to the senior lenders.