25 June 2020
- Hein Tonnaer, Liesbeth Buiter, Nanette Rutgers, Mike Niekoop, Rutger Dekker, Angela McEwan, Philip Walsh, Sarah Lewis, Gesrow Hamid, Arwin Lok, Mark-Jan Arends , Joris Dortmans, Femke Buijs, Johanneke Butijn
Clifford Chance Amsterdam advises Rabobank on the EUR 500 million project financing of Windpark Zeewolde and the development of the largest onshore wind farm in the Netherlands
Clifford Chance Amsterdam has advised Rabobank on the project financing of the onshore wind farm, Windfarm Zeewolde. Clifford Chance Amsterdam has been advising on this project as of September 2018 (including advice relating to structuring and due diligence on construction, operational and regulatory requirements).
This project is to be built in the municipality of Zeewolde and partly in the municipality of Almere (both in the Flevoland province). Windpark Zeewolde will be the largest onshore windfarm in The Netherlands, covering an area of 300 square kilometres and 83 wind turbines. With its capacity of 320 MW it will provide clean, green energy for more than a quarter of a million of Dutch households. New features include construction and financing of a substation owned by Vogelweg acting as network operator (netbeheerder) for Windpark Zeewolde and two other local wind farms. This is a part of a larger decommissioning plan of 221 turbines which runs in parallel with the construction of the new built turbines.
Windpark Zeewolde is initiated (financially and organizationally) by residents and entrepreneurs in the project area. That is unique for a park of this size and it creates a strong impetus for the regional economy. Windpark Zeewolde currently has over 250 stakeholders consisting of residents, agricultural entrepreneurs and property owners. To accommodate the construction and operation of the windfarm, a total of more than 2,300 land rights (such as rights of superficies, servitudes and qualitative obligations) over various parcels have been agreed with the relevant land owners. The financing of Windpark Zeewolde is provided by Rabobank, consisting of a subordinated loan and the project loan (approximately EUR 500 million) for the construction of the project.
Clifford Chance advised the lenders with the integrated projects team consisting of Hein Tonnaer, Liesbeth Buiter, Nanette Rutgers, Mike Niekoop, Rutger Dekker, Thomas Heijerman, Joris Dortmans, Johanneke Butijn, Femke Buijs, Shaun Campbell, Angela McEwan and Philip Walsh. Sarah Lewis, Moussa Louizi and Gesrow Hamid advised on hedging aspects. Arwin Lok, Charlotte Horsten and Mark Jan Arends advised on notarial aspects.