Linklaters advises commercial banks and the EIB on the financing of the first floating offshore wind farm to close its financing
Linklaters advised eight commercial banks (BNP Paribas, Crédit Agricole, Natixis, Société Générale, Caisse d’Epargne, MUFG, Rabobank and Santander) and the European Investment Bank (EIB) on all aspects of the financing of approximately 300 million euros from the construction of the Provence Grand Large floating offshore wind farm.
This financing, which closed in November 2021, marks the first time that commercial lenders have taken limited recourse construction risk on a floating offshore wind asset (a world first).
With an installed capacity of 25 MW, the Provence Grand Large floating offshore wind farm project will be located 17 km off Port-Saint-Louis-du-Rhône, in the Mediterranean Sea. The commissioning of the project is scheduled for 2023. The power generated by the wind farm will produce the equivalent of the annual electricity consumption of 45,000 people.
This project is co-developed by EDF Renouvelables and Enbridge Eolien France 2 S.à.rl, a subsidiary of Enbridge Inc. and CPP Investments. The French Agency for Ecological Transition (ADEME) and the Southern Region also financially supported the construction phase in the form of a mix of grants and development loans.
The Linklaters advisory team common to all lenders was led by Francois AprilPartner and included Samuel BordeleauAdvice, Mylinh Pham, Salimatou Kaba, Noemie Lisbonis-Boyeremployees within the Energy & Infrastructures practice, Pierre GuillotPartner, Thibaud Troublaiewitch, Athanasius by Guitautand Sandra Hoballah Campuslawyers practicing public law, and Vincent PouilleuxCounsel within the Capital Markets practice.
The Linklaters team advising on specific aspects of the European Investment Bank was led by Bertrand AndrianiPartner and included Justin C.FayePartner and Roman MarchandAssociate, within the Energy & Infrastructures practice.
The offices of Linklaters Luxembourg and London also participated in this project.