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Global Tech I offshore wind park: Allen & Overy advises on refinancing of one of the largest projects for sustainable energy production in Germany

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Melzer Wolfgang
Wolfgang Melzer

Partner

Frankfurt am Main

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Herding Franz Bernhard
Dr Franz Bernhard Herding

Partner

Frankfurt am Main

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Weber Heike
Dr Heike Weber

Partner

Frankfurt am Main

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Tredgett Richard
Richard Tredgett

Partner

London

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Harald Klett
Harald Klett

Manager PR & Communications

Frankfurt am Main

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09 November 2020

Allen & Overy has advised a syndicate of eight banks in connection with the refinancing of Global Tech I, an offshore wind park in the German North Sea, with a volume of more than half a billion euros.  The new financing is provided by Société Générale, SEB, KfW IPEX-Bank, BayernLB, Rabobank, ING, ASN and Kommunalkredit Austria.

Global Tech I Offshore Wind GmbH, the operator of the wind park located about 100 kilometres from the German North Sea coast, is refinancing its existing debt with an overall package of about EUR 520 million and additional bank guarantees, benefiting from the current low-interest environment.  The successful closing replaces the wind park's current project financing of originally over 1 billion euros which a total of 16 lenders as well as the two publicly owned investment banks EIB and KfW had participated in.

Global Tech I is one of the first far offshore wind parks in the German North Sea.  The power plant with a total installed capacity of 400 MW, produced by 80 wind turbines, started to operate in 2015.  With an annual eco-friendly energy production of about 1.4 billion kilowatt hours, the plant delivers the average annual electricity consumption for 450,000 households, avoiding emissions of around 560 thousand tons of CO2.

The Allen & Overy team was led by partner Wolfgang Melzer (Banking & Finance, Frankfurt) and comprised partners Dr Franz Bernhard Herding (Banking & Finance), Dr Heike Weber (Tax, all Frankfurt) and Richard Tredgett (ICM, London) as well as counsel Max Landshut (Corporate/M&A, Hamburg), Dr Christopher Kranz (Banking & Finance), Dr Udo Olgemöller (Public Law, both Frankfurt) and Shanthi Maria Vignasen (ICM, London).  The team also included senior associates Kathrin Pätzold-Schwarz, Susanne Beckhaus and Dr Tobias Wintermantel as well as associates Alan Markgraf, Tom Haeseler, Oliver Köhler (all Banking & Finance, Frankfurt), Dr Moritz Meister, Dr Moritz Merkenich (both Corporate/M&A, Hamburg), Paul Kessler (Tax, Frankfurt), Chloe Kiliari (Banking & Finance, London), Max Sassel and Alexis Poisson (both Banking & Finance/ICM, Luxembourg).