Landmark wind power transaction in Norway
Wikborg Rein would like to congratulate Stadtwerke München GmbH (SWM) with its landmark 1,5 GWh wind power transaction in Trøndelag.
Wikborg Rein has assisted SWM with its acquisition of 70 % of the shares in Midgard Vind Holding AS, a company owning four existing and four new wind power projects previously owned by TrønderEnergi Kraft AS, NTE Energi AS and Sarepta Energi AS. TrønderEnergi will own 30 % of Midgard Vind Holding AS. We would also like to congratulate TrønderEnergi, NTE and others involved with the transaction.
Following SWM's acquisition of the shares in Midgard Vind Holding AS, an investment decision has already been made for the four greenfield projects (Sørmarkfjellet, Stokkfjellet, Frøya and Hundhammerfjellet), totalling 1,160 GWh and approx. NOK 3 million of investments. SWM and TrønderEnergi have also agreed to establish a management company which will build and operate the wind portfolio. The management company is named TrønderEnergi Vind AS, and will be owned 51/49 by TrønderEnergi and SWM.
Our work, ongoing since the autumn of 2018, comprises due diligence, negotiation of transaction agreements, project development agreements and financing agreements, power purchase agreements, as well as advice on various project development and regulatory matters. The deal was successfully closed on Thursday 20th December 2018. The notice to proceed was given to Vestas Norway AS as the wind turbine supplier the next day, confirming the realisation of the whole portfolio.
The team advising SWM in this matter consists of Tormod Ludvik Nilsen as partner in charge, Ole Henrik Wille, Birgitte Karlsen, Lars-Erik Østerbø, Mike Stewart, Mads Magnussen, Are Zachariassen, Ingeborg Collett, Vegard Thunes Jørgensen, Jonathan Kjerschow, Stuart Stock and Lene Kristin Hennø.