- Advising Copenhagen Infrastructure Partners (CIP) on its partnership with Bute Energy (Bute). As part of the transaction, CIP’s flagship fund Copenhagen Infrastructure IV K/S will invest in Bute’s portfolio of onshore wind farms and solar PV projects, some with co-located battery energy storage systems, under development in Wales, UK. The Bute portfolio consists of projects at various stages of development and is expected to have a total installed capacity of over 2GW by 2030.
- Advising the lenders and hedge providers on the approximately US$1.6 billion project financing of the 298MW Zhong Neng offshore wind farm in Taiwan, which is being constructed in a joint venture between China Steel Corporation (CSC) (51%) and Copenhagen Infrastructure Partners (CIP) through its fund Copenhagen Infrastructure IV (49%). This financing is the first majority Taiwanese bank non-recourse financing of an offshore wind farm in Taiwan (a new source of liquidity), the first without ECAs and is the most “localised” offshore wind project in Taiwan to date. The transaction also marks China Steel Corporation’s entry into the offshore wind market.
- Ørsted Onshore A/S on its agreement to acquire Brookfield Renewable’s Irish and UK onshore wind business. The agreement is based on an enterprise valuation of EUR 571 million as of 31 December 2020 (subject to customary adjustments) and marks Ørsted’s entry into the European onshore market. With the acquisition, Ørsted is acquiring one of Europe’s leading integrated renewable energy platforms, including 389MW under construction and in operation, 149MW in advanced development and more than a 1 GW development pipeline in Ireland and the UK.
- A syndicate of international and local commercial banks, life insurance companies and cover providers (including ECAs) on the US$3bn project financing of the Changfang and Xidao Taiwanese offshore wind project being developed by Copenhagen Infrastructure Partners, Taiwan Life Insurance Co., Ltd. and TransGlobe Life Insurance Inc.
- Lightsource BP on an innovative £180m “whole-business” style holdco debt financing for its international portfolio of 100+ solar projects with an aggregate generating capacity of approximately 700 MW.
- Nord/LB on the project financing of the 307 MW Hästkullen wind farm and the 167 MW Björnlandhöjden wind farm, both located in Sweden and together one of Europe’s largest onshore wind clusters. The financing included ECA-backing by Euler Hermes and one of Europe’s largest corporate PPAs to date in the onshore wind sector.
- Advising a consortium of lenders comprising SMBC, Helaba and NatWest, on the £243m refinancing of a 351 MW portfolio of 28 operating solar PV assets in England and Wales, owned by Foresight Group.
- The institutional investors on an award winning £1.3bn bond to finance the acquisition by PKA and PFA of a 50% stake in the 659 MW Walney Extension UK offshore wind farm.
- Bayerische Landesbank on the sale of three PV projects having a non-cross-collateralised C.I.C. financing structure.
Please note, Oliver's experience includes that prior to joining Orrick.