Michael Kruger

Michael Kruger
Senior Associate

LONDON

T: +44 20 7814 8000
D: +44 20 7863 8929
M: +44 7595118067

Summary Open

Michael is a Senior Associate in the firm’s Energy & Infrastructure group in London. He specialises in project financing, with a particular focus on the energy sector, and also has experience in the structured commodities finance sector. In 2014, Michael completed a secondment in the energy and infrastructure group at a major bank, working on a range of UK-based project financings and loans to listed funds operating in the UK renewable energy sector. Since joining Watson Farley & Williams, Michael has also worked in the firm’s office in Greece.

Experience Open

    Michael’s experience includes advising:
    • RBS on numerous project financings of ground-mounted solar PV plants developed by Lightsource in the UK (both on a single asset and cross-collateralised basis).
    • RBS on its financing of Lightsource’s rooftop solar PV portfolio. The financing was secured over a mixture of commercial, residential and school rooftops all located throughout the UK.
    • Investec on its project financing of a portfolio of eleven ground-mounted solar PV plants owned by Octopus Investments.
    • The Banco Santander-led syndicate of ten lenders on the €528m refinancing of FCC and Plenium FMPG’s 422 MW Olivento onshore wind portfolio, comprising 14 assets located across four autonomous regions of Spain.
    • Bayern LB on its long-term project financing of 28 single-turbine onshore wind plants which were developed by Golden Square Energy (a JV comprising Ingenious Infrastructure and AGR Renewables) and later sold to the Pensions Infrastructure Platform.
    • A major developer of anaerobic digestion plants on its senior and mezzanine construction financing of a portfolio of eight anaerobic digestion plants.
    • Canadian Solar on its sale of a 142 MW solar PV portfolio with an enterprise value of c. £191.2m to Greencoat Solar Assets II Ltd, a fund managed by Greencoat Capital.
    • European renewables platform Vortex, which is managed by the private equity arm of EFG Hermes, on its acquisition and refinancing of a 365 MW UK solar PV portfolio with an enterprise value of c. £470m from TerraForm Power. Comprising 24 operational assets, Vortex’s acquisition represents one of the largest solar PV portfolios in the UK.
    • A group of seven commercial lenders (ASN Bank, Commerzbank, Dexia, KBC, KfW IPEX-Bank, Rabobank and Société Générale), two ECAs (Euler Hermes and Export Kredit Fonden) and The European Investment Bank on the €869m financing of the second and third phases of C-Power’s Belgian offshore wind farm Thornton Bank.
    • The commercial lenders (KfW-IPEX Bank, Dexia, Commerzbank, Santander, Lloyds Banking Group, Siemens Bank, and Bank of Tokyo-Mitsubishi) on the financing of Blackstone and Windland’s €1.2bn German offshore wind farm project Meerwind.
    • Ørsted on its divestment of the transmission assets of the Walney I, Walney 2, Barrow and Gunfleet Sands offshore wind farms, as part of the OFTO tender process run by Ofgem.
    • RBS (whilst on secondment) on the limited recourse syndicated loan financing of a special purpose vehicle owned by Calvin Capital in relation to the UK smart metering roll-out.
    • RBS (whilst on secondment) on an £80m revolving acquisition facility made available to The Renewables Infrastructure Group Ltd for the purpose of funding acquisitions of renewable energy generation projects in the UK and Northern Europe.

Membership of Professional Societies Open

  • Law Society of England & Wales

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