The Canada Pension Plan Investment Board (CPP Investments) has refinanced its minority interest in the 609MW Hohe See and Albatros offshore wind farm complex in the German North Sea.
Refinancing in the form of a €510.6m green bond closed on 11 February and follows CPP Investments’ acquisition of 49% of Enbridge’s original 49.89% ownership in the two projects.
Senior secured notes were issued and placed with 18 institutional lenders in Europe led by the Talanx Group.
The notes were structured to qualify as green bonds under CPP Investments’ Green Bond Framework.
Amsterdam Capital Partners was financial advisor to CPP Investments, with Clifford Chance and Dentons providing legal advice.
KPMG advised on tax issues, DWPF the model audit and Poyry on markets.
The lenders received legal advice from Freshfields Bruckhaus Deringer, Everoze on technical issues and Aon on insurance.
Amsterdam Capital Partners managing director Michael van der Heijden said: “This is only the fourth project bond financing in the offshore wind sector and Amscap is very proud to have successfully structured, executed and placed this in the market.
“Not least in light of the short timelines: the entire process with the lenders, from inception to financial close, including due diligence, negotiating the documentation and in parallel obtaining the investment grade rating, was done in less than six months.”
Talanx head of infrastructure investments Peter Brodehser said: “We have found partners in CPP Investments and Amscap who possess exceptional international expertise and reputation in the area of large-scale infrastructure investments.
“We are consistently driving our strategy forward with the aim of further enhancing and diversifying the proportion of infrastructure assets in our investment portfolio.”
Amsterdam Capital Partners investment manager Quentin Le Noac’h said: “With three sponsors involved, structuring the refinancing to make it fit within the existing governance arrangements was a key element necessary to get the lenders comfortable with the transaction.
“Despite the complexity we managed to put an attractive package together for both CPP Investments and the lenders.”
Hohe See and Albatros comprises 87 Siemens Gamesa 7.0-154 turbines installed on monopile foundations over an area of approximately 53 square km.
EnBW owns the remaining 50.1% of the project.