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Delivering a significant renewables project for Finland

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    Eversheds Sutherland advises Glennmont Partners on the acquisition of a 211MW wind project

    A cross-practice team from Eversheds Sutherland has advised Glennmont Partners on its acquisition of a 211MW windfarm in Finland, marking its first investment in the Nordic market.

    Glennmont acquired the Piiparinmäki windfarm from Ilmatar Energy, a joint venture between Omnes-managed Capenergie 3 and Ilmatar Windpower plc. Construction for the project will start in October 2019, and when completed will be the largest wind farm in Finland, a significant wind power asset in the Nord Pool area, and one of the largest unsubsidised wind farms in Europe.

    A cross-practice team led by Jason Lovell, Corporate Partner advised on all aspects of the transaction including:

    • the corporate acquisition of the project SPV;
    • the drafting and negotiation of the construction and project agreements to be entered into with the seller group on completion;
    • the drafting and negotiation of a power purchase agreement with Google covering a significant portion of the total future production of the asset; and
    • all financing elements of the transaction including the granting of a facility by DekaBank Deutsche Girozentrale to the project SPV.

    The deal was primarily managed from Eversheds Sutherland’s London office, with the corporate, construction and finance teams working in close collaboration with the Helsinki office in relation to local law issues including corporate, real estate, tax and regulatory matters.

    The Eversheds Sutherland UK corporate team included Jason Lovell (Partner), Jean-Pascal Boutin (Partner) and Jack Gladman (Associate). The UK Finance team included Indraj Mangat (Partner), Victoria Quek (Legal Director) and Winnie Ma (Senior Associate). The UK construction team included Richard Streeter (Partner) and Sacha Bacco (Senior Associate). The Eversheds Sutherland Finland team included Sirkka Terho (Partner), Henrik Sandholm (Specialist Counsel) and Tuuli Vapaavuori-Vartiainen (Senior Associate).

    Michelle T Davies, International Head of Clean Energy and Sustainability, Eversheds Sutherland, said:

    “Glennmont has been hugely successful raising what is Europe’s largest renewable energy fund and completing this transaction in short order is a testament to the focus and strength of the team. We are delighted to have been able to assist with this important acquisition and wish Glennmont the very best going forward with this asset.”

    Peter Dickson, Partner at Glennmont, also commented:

    “Eversheds Sutherland provided pragmatic and commercial advice during all stages of the transaction, from the initial securing of exclusivity through to the completion of the acquisition and financing package. Eversheds Sutherland showcased their considerable experience of working on large-scale renewables deals, with their various specialist teams based in both London and Helsinki working seamlessly together to lead the transaction and provide consistent advice and support throughout.”

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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