GÖRG Advises Trianel Windkraft Borkum GmbH & Co. KG on Refinancing of Trianel Offshore Wind Farm

07.07.2017

[Cologne/Frankfurt am Main, ] Shortly after the project financing for the second phase of the Trianel Windpark Borkum II offshore wind farm was successfully put in place, TRIANEL refinanced its Phase 1 facility from the year 2010. Completion of Phase 1 means that 40 wind turbines with a total output capacity of approximately 800 gigawatt hours per year have been feeding electricity into the grid since 1 February 2015. This capacity represents enough electricity to supply approximately 200,000 households with electricity. Phase 1, which is already operational, and Phase 2, which is now starting up, are operated by independent project companies but share the same infrastructure and BSH approval.

A club consisting of six banks has made approximately € 300 million available to refinance Phase 1. GÖRG provided TRIANEL with in-depth advice and guidance in connection with the refinancing. The tender procedure for seeking refinancing on the banking market was not based on the otherwise usual term sheets, but rather on a complete loan agreement designed by GÖRG, which made it possible to reduce the time required to negotiate the financing documents considerably. Apart from the tight timing constraints, the design of the amortisation mechanism represented a special challenge. The drawdown of new funds had to be designed to permit simultaneous repayment of the amortisation of existing financing and release of the corresponding existing securities as well as establishment of new securities for the refinancing banks.

GÖRG has a client relationship with the Trianel Group that dates back many years. It currently advises the cooperative venture of municipalities and their project companies in connection with a large number of major development projects, including project financing.

Advisors to Trianel

GÖRG Partnerschaft von Rechtsanwälten mbB
Dr. Mark O. Kersting, Partner, Finance, Frankfurt am Main
Dr. Achim Compes, Partner, Energy, Project Contracts, Cologne
Dr. Jörn Nissen, Partner, Corporate, Cologne
Sherjeel Chaudhry, Associate, Finance, Frankfurt am Main
Thorsten Kirch, Associate, Energy, Corporate, Cologne

Advisors to the Loan Syndicate

Allen & Overy
Partner Dr. Norbert Wiederholt and Senior Associate Dr. Jan-Hendrik Bode (both leading), Counsel Dr. Jens Gölz, Senior Associates Frederik Jahn and Lorenz Riehl (all Banking and Finance, Frankfurt), Partner Dr. Heike Weber (Tax), Senior Associates Max Landshut (Corporate/M&A, Hamburg), Dr. Andreas Ziegler (Public Law),  Associate Thomas Dieker (Tax, all Frankfurt)

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