Hogan Lovells advises Merkur Offshore on project financing
16 August 2016
Corporate Communications Manager Germany
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Hogan Lovells has advised Merkur Offshore GmbH on the project financing of the planned offshore wind farm Merkur. The financing volume amounts to approx. 1.6 billion euro including an equity share of nearly 500 million euro.
An equity consortium consisting of Partners Group, the global private markets investment manager (with a 50% equity share on behalf of its clients), InfraRed Capital Partners (25%) DEME Concessions Wind, the infrastructure investment arm of the DEME Group (12.5%), GE Energy Financial Services (6.25%) and L’Agence de l’environnement et de la maîtrise de l’énergie (ADEME), investing on behalf and account of the French state (6,25 %), will provide the equity share. The debt financing will be provided by an international banking consortium consisting of ABN Amro Bank N.V., Commerzbank Aktiengesellschaft, Coöperatieve Rabobank U.A., Deutsche Bank AG, KfW, KfW IPEX-Bank GmbH, Natixis, Natixis, SEB AG, Sumitomo Mitsui Banking Corporation and Société Générale.
The nearly 400 MegaWatt offshore wind farm Merkur will be built in the German North Sea, 45 km north of the island of Borkum. GE will supply the 66 Haliade 150-6 MW offshore wind turbines, GeoSea N.V. will supply the other components and will be responsible for the entire installation of the wind farm. Construction is expected to commence in August 2017, with completion scheduled for March 2019.
An international Hogan Lovells team helped close and confirm the project financing within a short timeframe.
"We feel proud that we were able to help secure the financing of this prestigious project within the planned time frame", said Hamburg partner Christian Knütel, head of the Hogan Lovells offshore center of competence and lead partner in this project.
Hogan Lovells has been advising on this project since early 2015 including all aspects of the project development, finalizing the project contracts, aspects of grid connection and approval, and the preparation of the project financing.