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Clifford Chance Amsterdam advises Rabobank, NWB Bank and EKF on the refinancing of the largest onshore wind farm in the Netherlands Windpark Zeewolde

3 August 2020

Clifford Chance Amsterdam advises Rabobank, NWB Bank and EKF on the refinancing of the largest onshore wind farm in the Netherlands Windpark Zeewolde

Clifford Chance Amsterdam has advised the Nederlandse Waterschapsbank (NWB Bank) and the Danish export credit insurer EKF, that have joined Rabobank as co-financiers of Windpark 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 and project finance).

The second major milestone in the financing of the largest onshore wind farm in the Netherlands Windpark Zeewolde is a fact: NWB Bank and EKF have joined Rabobank as co-financiers of this wind farm. The financing of Windpark Zeewolde was reached in June 2020 by means of a loan of approximately EUR 500 million from Rabobank. In the new structure, NWB Bank, EKF and Rabobank share the risks of the large loan. In addition to the large loan, there is also a smaller subordinated loan that remains fully in the hands of Rabobank.

Windpark Zeewolde is an important step towards achieving the goals of the Dutch Climate Agreement. Construction of the wind turbines is expected to start in the first quarter of 2021. The entire wind farm will be completed in 2022 and it will also be the largest community wind farm in Europe. With its capacity of 320 MW this wind farm will generate electricity for more than 250,000 local households.

Clifford Chance advised the lenders with the integrated projects team consisting of Hein Tonnaer, Liesbeth Buiter, Nanette Rutgers, Mike Niekoop, Rutger Dekker, Thomas Heijerman, Femke Buijs, Shaun Campbell, Iga Mamczarz, Angela McEwan and Philip Walsh. Moussa Louizi and Gesrow Hamid advised on hedging aspects.