International legal practice Norton Rose Group has advised Norddeutsche Landesbank Girozentrale ("NORD/LB") on the £27 million structured financing of Energiekontor AG, a company located in Bremen, Germany.
The funds will be used for the construction of the Withernwick Wind Farm on England’s east coast, which is expected to begin operating in mid 2013. The construction of nine REpower MM82 turbines is planned with a total output of 18.45 MW.
NORD/LB is the leading all-purpose bank in Northern Germany. NORD/LB has been involved in the renewable energy sector since the mid 1990s. With total committed finance of over €4.8 billion in Germany, Europe and North America, NORD/LB group is one of the world’s leading financial institutions in this area.
Since 1990, Energiekontor AG has planned, financed and operated wind power stations in Germany, Portugal and Great Britain and offered theses as an investment. A further area of focus for the company is the development of offshore wind farms.
Rob Marsh, partner, Norton Rose LLP, commented:
“The closing of the Withernwick project represents another important step forward in EnergieKontor's UK portfolio and its presence as a developer in the UK market. It also underlines the benefits offered by the Nord/LB KfW finance structure, based on the KfW renewable energy support regime, particularly in the increasingly challenging project finance market.”
“The project provided another opportunity for our London and German teams to collaborate in offering a full legal service to the project and we look forward to working with Nord/LB and EnergieKontor as they continue to develop the UK portfolio"
The team was led by banking partners Rob Marsh and Richard Hill in London and energy partners Antje Günther and Corrado Wohlwend in Frankfurt with assistance from senior associates Matthias Heßler, Annie Scrimshaw and associates Joanne Ryan and Laura Kiwelu.
For further information please contact:
Kathrin Zander, PR and communications executive, Norton Rose LLP
Tel: +49 (0)89 212148 360; Mob: +49 (0)172 7163 593
Jane Lougher, PR manager, Norton Rose LLP
Tel: +44 (0)20 7444 2063; Mob: +44 (0)7595 886 200