WFW Advises Lenders on Malaspina Wind Farm Financing

Watson Farley & Williams (“WFW”) advised a syndicate of lenders comprising Kreditanstalt für Wiederaufbau and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., as well as KfW IPEX-Bank GmbH as arranger and agent, on the US$104m financing of the Malaspina onshore wind farm. The loan documentation was signed in December 2018, with the transaction closing in January 2019.

The financing is partly covered by an ECA guarantee from German export lender Euler Hermes. The onshore wind farm project was developed and is indirectly owned by French renewable energy company Total Eren S.A. After completion, it will have a total capacity of 50.4 MW and will consist of 14 wind turbine generators of 3.6 MW each, supplied by Senvion.

The WFW team advising on the lenders was led by Hamburg Banking & Finance Partner Dr. Stefan Kilgus who said: “We are delighted to have advised the lenders on the third German law governed non-recourse project financing transaction in Argentina to date. We are particularly pleased that we were again selected to work on a Total Eren project. This also highlights WFW’s important role and capabilities in cross-border energy projects, both increasingly in Latin America generally and in Argentina in particular”.