Ashurst advises the financial parties on a 30 MW floating offshore wind farm in the Gulf of Lion

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    OW Ocean Winds, joint-venture between ENGIE and EDP Renewables, and the Banque des Territoires announced the closing of the financing of the EFGL 30 MW floating offshore wind farm pilot project in the Golfe du Lion. The first disbursement of funds took place this Friday July 29 2022, thus confirming financial close.   

    Winner of the ADEME's tender for floating wind farm projects as part of the French government's Programme d'Investissements d'Avenir ('PIA') - now called France 2030 - the EFGL pilot project provides for the construction and operation of three floating wind turbines of 10 MW each, located over 16 km off the coast of Leucate and Le Barcarès. The launch of the wind farm should take place at the end of 2023, with a 20-year operating period.

    The non-recourse financing of the construction, particularly complex and optimised, is granted to the project company, Les Eoliennes Flottantes du Golfe du Lion, by the European Investment Bank (EIB), Mizuho Bank, Ltd, Banco Santander, S.A., KfW-ipex-Bank, Crédit Agricole Corporate and Investment Bank supported by EKF Denmark's Export Credit Agency (EKF) through an EIB tranche, a commercial tranche secured by EKF and an unsecured commercial tranche, in addition to the support of the PIA operated by ADEME - now part of the "France 2030" plan.

    Ashurst advised the finance parties in the context of this project as well as Banco Santander, S.A. on the implementation of an equity bridge loan, with a team led by project finance partner Mark Barges, assisted by senior associate Cédric Gamambaye Dionmou and associates Alix Damecour, William Toutain and Bambi Mpoy. The team was also supported on the Public law aspects by partner Jacques Dabreteau and associate Tristan Choppin de Janvry ; on the Corporate aspects by partner Anne Reffay, Counsel Charles-Douglas Fuz and senior associate Mariana Simon ; on the Derivatives and Structured aspects by Partner Kerion Ball, senior associate Annabel Massey and associate Trisha Bhattacharya ; and on the Competition law aspects by partner Christophe Lemaire and senior associate Marie Florent. The European Investment Bank was advised by finance partner Pierre Roux and senior associate Kévin Boyero.