International law firm Watson Farley & Williams (“WFW”) has advised Marguerite Fund, Luxembourg (“Marguerite”) on the financing of the Swedish wind farm project “Grimsås”.
The wind farm, which has a total capacity of 46.8 MW, has been acquired by Marguerite in an all equity deal in June 2017 from Element Power and Karftö Vind.
Marguerite has now entered into a long-term KfW backed debt refinancing which has been provided by NORD/LB, Germany. The project comprises 13 Siemens Gamesa turbines (3.6 MW). Civil works are being performed by the Swedish construction company Svevia.
The WFW Germany team advising Marguerite was led by banking & finance Partner Thomas Hollenhorst, supported by Partner Sven Fretthold, Senior Associate Marcus Mützelburg and Associate Dr Paul-Vincent Hahn (all banking & finance).
The WFW team worked closely together with Marguerite’s local Swedish counsel, Setterwalls, who advised Marguerite on the project acquisition and all Swedish legal aspects concerning the financing provided by NORD/LB.
Thomas commented: “We are delighted to have advised Marguerite for the first time on the German law financing of a Swedish project. This demonstrates the opportunity in the Swedish market, but also underpins the important role of KfW backed project financing for the Nordic renewables market.”