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We advised Glennmont Clean Energy Fund in a windfarm project

  • Finland

    10-10-2019

    Eversheds Sutherland Finland and Eversheds Sutherland UK have advised Glennmont Clean Energy Fund Europe III SCSp in a windfarm project. Eversheds Sutherland offices in the United States and the Netherlands also assisted in the project. Glennmont Clean Energy Fund Europe III SCSp is a clean energy fund managed by Glennmont Partners.

    Glennmont Clean Energy Fund Europe III SCSp successfully acquired the company Ilmatar Piiparinmäki Oy from Ilmatar Energy Ltd, marking the fund’s first investment in the Nordic market. Ilmatar Piiparinmäki Oy is constructing the Piiparinmäki windfarm in the municipalities of Kajaani and Pyhäntä. The farm will consist of 41 windmills and have a total capacity of 211 MW. Electricity production is set to begin in 2020.

    We advised the client in agreements concerning the project, due diligence review, the preparation and execution of the transaction, and questions pertaining to taxation, competition law and funding.

    With respect to the electricity production of the wind farm, a long-term power purchase agreement was concluded with Google, i.e. Tuike Finland Oy. Under the agreement, Google acquires a 125 MW share of the production of the windfarm for its data center in Hamina.

    The Eversheds Sutherland UK corporate team included Jason Lovell (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).

    For more information contact

    Sirkka Terho, Partner

    Disclaimer

    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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