Linklaters provided extensive financing advice to the project company Nordsee One GmbH operating the offshore wind farm Nordsee One, with an investment volume of EUR 1.2 billion. The project sponsors, Northland Power Inc. and RWE Innogy GmbH, Essen, announced today that the financial close has been reached and the full financing necessary for the project (equity and debt) has been placed. Northland holds an 85-percent share in the offshore wind farm, and RWE holds the remaining 15 percent.

Almost 70 percent of the project costs will be covered via non-recourse project financing in the amount of EUR 840 million from ten international banks: ABN AMRO, Bank of Montreal, Commerzbank, Export Development Canada, Helaba, KfW IPEX, National Bank of Canada, Natixis, Rabobank and the Bank of Tokyo-Mitsubishi.

Nordsee One lies 40 km to the north of the island Juist, and will have 54 turbines with a capacity of 6.15 megawatts each, and thus a total capacity of 332 megawatts. Construction is scheduled to begin in 2016 and be completed by the end of 2017. Once in operation, Nordsee One is set to generate over 1,200 GWh of electricity per year, enough to power around 400,000 German homes.

The Linklaters team was led by Dr Eva Reudelhuber (Banking, Frankfurt) and Thomas Schulz (Corporate/Energy, Berlin). Other team members included Oliver Rosenberg (Tax, Düsseldorf), Dr Markus Appel (Public Law, Berlin), Dr Michael Ehret (Tax, Frankfurt), Christopher Bremme (Corporate/Energy, Berlin), Dr Jörg Fried (Capital Markets, Berlin), Judit Körmöczi (Banking, Frankfurt), Martin Dressel, Sebastian Pooschke, Dr Martin Borning (all Corporate/Energy, Berlin), Anna Burghardt (Public Law, Berlin), Dr Jens Hollinderbäumer (Corporate/Energy, Berlin), Tobias Kaufmann (Banking, Frankfurt), Dr Frank-Rüdiger Schommer (Capital Markets, Berlin), Isabelle-Carmen Weis (Banking, Frankfurt) and Dr Tobias Chowdhury (Banking, Frankfurt).