Linklaters has suggested the business lenders (together with mandated lead arrangers BNPP, CACIB and SMBC) and the European Investment Bank on all features of the financing of the development of the Courseulles-sur-Mer offshore wind farm.
With a capability of 448 MW, the Courseulles-sur-Mer offshore wind farm mission will encompass 64 wind generators situated greater than 10 km off the Bessin coast, overlaying a complete space of roughly 45 km². When it turns into totally operational in 2024, it’ll produce the equal of the annual electrical energy consumption of 630,000 individuals, i.e. over 90% of the number living of Calvados.
The mission is sponsored by a consortium of EDF Renouvelables (a subsidiary of EDF), EIH (the offshore wind three way partnership of Canadian majors Enbridge Inc. and the Canada Pension Plan Investment Board (CPPIB)), and wpd (a world developer of renewable vitality initiatives).
Construction of the mission was formally launched in February following the signing of all financing agreements between the consortium and the finance events.
The complete funding price of the mission is estimated at round €2 billion. It will primarily be financed by non-recourse debt, offered by a syndicate of economic lenders and the EIB. The Calvados offshore wind farm advantages from a 20-year energy buy agreement (PPA), granted by the State in June 2018.
Construction will final 3.5 years and can create over 1,000 direct jobs in Normandy. It will contribute to the event of the French offshore wind vitality trade.
This mission advantages from a radical 10y+ one on one course of with native stakeholders (State companies, elected representatives of the Normandy Region, coastal municipalities and native residents’ associations).
This is the third offshore wind farm mission after these of Fécamp and Saint Nazaire, on which Linklaters additionally acted as lenders’ counsel.
The Linklaters crew 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 observe, Nicolas Zacharie, Counsel within the Competition/State Aid observe; and Aurore Imbabaz, Associate within the Capital Markets observe.
The Linklaters crew advising on features particular to the European Investment Bank was composed of Bertrand Andriani, Partner, Justin Faye, Counsel and Romain Marchand, Associate, of the Energy & Infrastructure observe.