Linklaters advises the commercial lenders and the EIB in connection with the financing of the construction of the Courseulles-sur-Mer offshore wind farm
Linklaters has advised the commercial lenders (including mandated lead arrangers BNPP, CACIB and SMBC) and the European Investment Bank on all aspects of the financing of the construction of the Courseulles-sur-Mer offshore wind farm.
With a capacity of 448 MW, the Courseulles-sur-Mer offshore wind farm project will consist of 64 wind turbines located more than 10 km off the Bessin coast, covering a total area of approximately 45 km². When it becomes fully operational in 2024, it will produce the equivalent of the annual electricity consumption of 630,000 people, i.e. over 90% of the population of Calvados.
The project is sponsored by a consortium of EDF Renouvelables (a subsidiary of EDF), EIH (the offshore wind joint venture of Canadian majors Enbridge Inc. and the Canada Pension Plan Investment Board (CPPIB)), and wpd (an international developer of renewable energy projects).
Construction of the project was officially launched in February following the signing of all financing agreements between the consortium and the finance parties.
The total investment cost of the project is estimated at around €2 billion. It will mainly be financed by non-recourse debt, provided by a syndicate of commercial lenders and the EIB. The Calvados offshore wind farm benefits from a 20-year power purchase agreement (PPA), granted by the State in June 2018.
Construction will last 3.5 years and will create over 1,000 direct jobs in Normandy. It will contribute to the development of the French offshore wind energy industry.
This project benefits from a thorough 10y+ consultation process with local stakeholders (State services, elected representatives of the Normandy Region, coastal municipalities and local residents' associations).
This is the third offshore wind farm project after those of Fécamp and Saint Nazaire, on which Linklaters also acted as lenders’ counsel.
The Linklaters team advising all Lenders was led by François April, Partner and included Pierre Guillot, Partner, Samuel Bordeleau, Counsel and Salimatou Kaba, Noémie Lisbonis-Boyer, Enzo Beule, Nathanaël Caillard, Sandra Hoballah Campus and Thibaud Troublaïewitch, Associates, of the Energy & Infrastructure practice, Nicolas Zacharie, Counsel in the Competition/State Aid practice; and Aurore Imbabaz, Associate in the Capital Markets practice.
The Linklaters team advising on aspects specific to the European Investment Bank was composed of Bertrand Andriani, Partner, Justin Faye, Counsel and Romain Marchand, Associate, of the Energy & Infrastructure practice.
