Linklaters advises commercial banks and the EIB on the financing of the first floating offshore wind farm to reach financial close
Linklaters has advised eight commercial banks (BNP Paribas, Crédit Agricole, Natixis, Société Générale, Caisse d’Epargne, MUFG, Rabobank and Santander) and the European Investment Bank (EIB) on all aspects of the c.€300m financing of the construction of the Provence Grand Large floating offshore wind farm.
This financing, which closed in November 2021, marks the first time commercial lenders take limited-recourse construction risk on a floating offshore wind asset (worldwide first).
With an installed capacity of 25 MW, the Provence Grand Large floating offshore wind farm project will be located 17 km off the coast of Port-Saint-Louis-du-Rhône, in the Mediterranean Sea. Project commissioning is scheduled in 2023. The power generated by the wind farm will produce the equivalent of the annual electricity consumption of 45,000 people.
This project is being co-developed by EDF Renewables and Enbridge Eolien France 2 S.à.r.l., a subsidiary of Enbridge Inc. and CPP Investments. The French Agency for Ecological Transition (ADEME) and the Sud Region also provided financial support for the construction phase in the form of a mix of subsidies and development loans.
The Linklaters team advising common to all Lenders was led by François April, Partner and included Samuel Bordeleau, Counsel, Mylinh Pham, Salimatou Kaba, Noémie Lisbonis-Boyer, associates in the Energy & Infrastructure practice, Pierre Guillot, Partner, Thibaud Troublaïewitch, Athanase de Guitaut, and Sandra Hoballah Campus, associates in the Public law practice, and Vincent Poilleux, Counsel in the Capital Markets practice.
The Linklaters team advising on aspects specific to the European Investment Bank was led by Bertrand Andriani, Partner and included Justin C. Faye, Partner and Romain Marchand, Associate, in the Energy & Infrastructure practice.
The Luxemburg and London offices of Linklaters were also involved on this project.
