Watson Farley & Williams advised Nord L/B and AIB, as mandated lead arrangers, on the multi-jurisdictional financing of an onshore wind portfolio sponsored by NTR plc. The portfolio includes operational and ready-to-build assets in France and Ireland.
The first tranche of funding will be allocated to the refinancing of three fully operational wind farms: SPJ and Bricqueville in France; and Ballycumber in Ireland. These windfarms provide enough clean energy to power 22,913 homes, making a significant contribution to Europe’s clean energy transition. The remaining tranche will support the construction of the Momerstroff II wind portfolio in France, which is expected to enter commercial operations in mid-2026. Once operational, it is capable of supplying clean energy for 13,675 homes. All projects are owned by the NTR Renewable Energy Income Fund II.
Nord L/B is one of Germany’s leading commercial banks with a focus on special finance in the energy and infrastructure sector, aircraft finance and commercial real estate finance.
AIB is one of the ‘big-four’ commercial banks in the Republic of Ireland, offering a full range of financial products and services.
Established in 1978, NTR plc is an experienced sustainable infrastructure investor and asset manager driving Europe’s clean energy transition.
The cross-border WFW Projects team that advised Nord L/B and AIB was led by Global Energy Sector Head and London Projects Group Head Henry Stewart, supported by London Partner Jennifer Charles, Associates George Garthwaite and Ellen Mackie and Trainee Ankita Negi, with hedging advice provided by Kristina Buckberry. They worked closely with Paris Partners Laurent Battoue and Laurence Martinez-Bellet, Counsel Antoine Bois-Minot, Associates Julie Michelangeli, Caitlin Jenkins, Catherine Masquelet and Juliana Brandao Marques. Projects Partner Sven Fretthold and Associate Finja Schmale advised on the German law aspects of the deal.
Henry commented: “This was a deal that required great coordination between our teams of lawyers in the UK, France and Germany, advising on a broad range of complex finance documentation in a tight timeframe. The deal highlights the strength and depth of our energy practice and our ability to effectively advise on innovative, multi-jurisdictional financing structures”.
