DLA Piper advises lenders on EUR200 million Finnish renewables refinancing

DLA Piper has advised Kommunalkredit Austria AG (Kommunalkredit) and AP Pension Livsforsikringsaktieselskab as lenders in the refinancing of a portfolio of 3 wind farms in Finland, with a combined capacity of 171 MW. The wind farms, which are all operational, are owned by Renewable Power Capital the renewable energy investment platform backed by Canada Pension Plan Investment Board (CPP Investments), with turbines supplied by GE. The total debt is almost EUR200 million, with one facility backed by Euler Hermes and will refinance a previous construction bridge facility. Kommunalkredit Austria acted as Mandated Lead Arranger & Structuring Bank, with AP Pension Livsforsikringsaktieselskab acting as Lender, and Euler Hermes, the German Export Credit Agency, as guarantor to part of the debt.

Natasha Luther Jones, Global Co-Chair, Energy & Natural Resources, commented “We are really pleased to continue to work with RPC and Kommunalkredit, and to work with AP Pension, to deliver stable financing for the lifetime of these projects. It is great to see the continued deal flow for renewables in the Nordics – congratulations to all involved.”

An international DLA Piper team spanning its London, Leeds, Frankfurt and Helsinki offices advised on the transaction, comprising Laura Gordon (Legal Director, London), Charlotte Eliades (Senior Associate, London), Tom Metcalfe (Senior Associate, Leeds) and Gabriela Von Wietersheim (Senior Associate, Frankfurt) and Antti Niemi (Partner, Helsinki). This refinancing marks the latest of a number of mandates for Kommunalkredit Austria in recent years.