Global law firm Norton Rose Fulbright has advised a consortium of lenders on the senior debt refinancing of the Beatrice offshore wind project in Scotland. The consortium comprises 29 commercial and institutional lenders and 24 hedging banks.
Offshore construction of the 588MW site was completed in May 2019, and the wind farm is now fully operational.
Rob Marsh, Norton Rose Fulbright’s Head of Energy, Infrastructure and Natural Resources in London, who led on the deal, commented:
“The Beatrice offshore wind project continues to be a flagship project for the energy sector. The success of this refinancing demonstrates the appetite in the lending sector for UK offshore wind and its importance as part of the UK energy mix. We are delighted to have be involved again, having previously advised the lender group in the original financing in 2016.”
The Norton Rose Fulbright team also included associates Ben Carrozzi, Melusi Dlamini, Claudia Dorbez and Lee Donovan. Partner Daniel Franks and associate Charlotte Sirtoli advised on the hedging aspects of the refinancing.
Norton Rose Fulbright previously advised a consortium of lenders and financial institutions in relation to the original senior debt financing of the Beatrice wind farm, which reached financial close in May 2016.