Freshfields advises on financing: Glennmont Partners acquires 50% of offshore wind farm Gode Wind 3

Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) advises the international consortium of lenders providing debt financing for the acquisition of a 50% stake in the Gode Wind 3 offshore wind farm. Purchaser are funds managed by Glennmont Partners who commit to fund 50% of the construction. Seller is Danish offshore wind developer Ørsted. The transaction is expected to complete in the coming months, subject to regulatory approvals.

Gode Wind 3 consists of 23 turbines with a total capacity of 253 MW and was awarded with a feed-in tariff. The offshore wind farm is currently under construction with commissioning targeted for 2024. The transaction is a continuation of the collaboration between Ørsted and Glennmont Partners who already acquired a 50% in Ørsted’s 900MW Borkum Riffgrund 3 wind farm.

The Freshfields team was led by Finance Partners Michael Josenhans (Frankfurt) and Mario Hüther (Frankfurt), Counsel Mirko Masek (Corporate, Hamburg) and Principal Associate Marlin Jürgens and included Counsel Alexander Ruschkowski, Principal Associate Dennis Chinnow and Associate Alexander Bräuer (all Finance, Frankfurt), Associates Steffen Blume, Florian Nicolas Schröder and Esther von Bronk (all Corporate and Projects, Hamburg), Counsel Sascha Arnold (Regulatory, Hamburg) and Associate Philipp Reinecke (Energy, Düsseldorf) and Transaction Lawyers Sazan Isufi and Aydan Oorzhak.

Freshfields also acted as lenders’ legal adviser when Glennmont Partners engaged in Borkum Riffgrund 3 wind farm.