Linklaters Helps Bring Beatrice to Financial Close

London-headquartered law firm Linklaters has advised SSE Renewables, Copenhagen Infrastructure Partners and SDIC Power on the construction and financing of the GBP 2.6 billion Beatrice offshore wind farm.

Linklaters advised on all aspects of the project, including on the GBP 1.9 billion debt financing, which involved 13 commercial lenders, the European Investment Bank (EIB) and the Danish export credit agency Eksport Kredit Fonden (EKF).

The 588MW Beatrice offshore wind project was consented by the Scottish government in March 2014 and granted an investment contract by the UK Government in May 2014. Offshore construction will begin in 2017. The wind farm is expected to become fully operational in 2019.

The project represents the largest project to have successfully reached financial close under the contract for difference (CfD) regime and one of Scotland’s largest infrastructure projects.

This deal follows the GBP 1.3 billion project financing of the Dudgeon offshore wind farm which closed in the last two weeks and on which Linklaters also advised.

Richard Coar, Projects partner at Linklaters, said: “The successful financing of this transaction represents an important landmark not only for each of the Sponsors and the Scottish economy but also for the UK renewable industry. It demonstrates that there remains strong appetite in both the equity and debt markets for well structured renewable transactions, even ones of this scale and complexity.”