Borenius advised Commerzbank and NORD/LB on the financing of Finnish onshore wind farm project to the value of EUR 220 million

We acted as Finnish counsel to Commerzbank and NORD/LB in the EUR 220 million financing of Finnish onshore wind farm project, Karhunnevankangas (Karhu).

The project is being developed by wpd, a Bremen-based wind and solar park developer, and will deliver a total capacity of 188 MW in the Österbotten region of western Finland. The green electricity from the Karhu wind farm will be sold to UPM Kymmene via a power purchase agreement as a long-term electricity supply contract.

The EUR 220 million financing package covers the construction and operation phases and includes a long-term Euler Hermes facility, various guarantees and an equity bridge facility.