Parkwind obtains financing for 257 MW Arcadis Ost 1 offshore wind farm
Client(s) Parkwind NV
Jones Day advised Parkwind NV, an independent green energy company that develops, finances, and operates offshore wind farms, on the financing of the 257 MW Arcadis Ost 1 offshore wind farm. The wind farm will be located in the German territorial waters of the Baltic Sea, northeast of the island of Rügen. It will generate green energy to power the equivalent of up to 290,000 households as of 2023. After being successful in the 2018 auction organized by the German Federal Network Agency (BNetzA), the project was awarded a market premium and recently obtained an amendment permit in March 2021. Offshore installation works are due to begin in 2022 and the wind farm is expected to be fully operational in 2023.
The project raised about €570 million of debt from a group of nine lenders: KBC, Belfius, Helaba, KFW, Rabobank, Société Générale, ING, EKF, and the European Investment Bank.Jones Day advised Parkwind on the acquisition of the project in 2018 and on its development. A cross-office team of Jones Day lawyers from Germany, Brussels, Paris, and London assisted Parkwind on the financing. This financing is another example of Jones Day's ability to seamlessly cooperate across offices and jurisdictions for the benefit of its clients and for the Firm's increasing activity in energy and infrastructure transactions.