Global law firm Norton Rose Fulbright has advised a consortium of lenders, hedging banks and export credit agencies on the project financing of Seagreen Wind Energy Limited (Seagreen). Seagreen is an offshore wind farm development owned by Perth based energy company SSE. Seagreen was awarded exclusive development rights by The Crown Estate for the Firth of Forth Zone of the UK's Round 3 offshore wind farm development programme and represents another milestone in the global offshore wind sector, with what will be one of the world’s largest offshore wind farms when construction is completed.
The financing included senior debt facilities provided by thirteen banks, with ECAs providing covered facilities to lenders in respect of exports from Norway and Denmark, along with a mezzanine tranche of financing.
Rob Marsh, Norton Rose Fulbright’s Head of Energy, Infrastructure and Natural Resources in London and co-chair of the firm’s renewable energy practice, who led on the deal commented:
“The success of this project financing demonstrates the ongoing importance and appetite for offshore wind energy in the UK, particularly when considered in the context of the current pandemic. To close a transaction of this nature in current conditions is testimony the efforts of all involved, but also a signal that the offshore wind sector will become an increasingly important part of the future energy mix, here in the UK and globally.”
The Norton Rose Fulbright team comprised lawyers based in London and Newcastle and included associates Ben Carrozzi, Claudia Dorbez, Christopher Aird and Richard Blackburn.
This is the second significant UK offshore wind financing that the Norton Rose Fulbright has closed this year and the team has recently advised a consortium of lenders on the senior debt refinancing of another of SSE’s projects, the Beatrice offshore wind project in Scotland.