Provence Grand Large’s c.€300 Million Project Financing

Linklaters has advised eight commercial banks and the European Investment Bank. Clifford Chance and BCTG Avocats advised the project company Parc Eolien Offshore de Provence Grand Large.

BNP Paribas, Crédit Agricole, Natixis, Société Générale, Caisse d’Epargne, MUFG, Rabobank and Santander and the European Investment Bank (EIB) provided c.€300m financing of the construction of the Provence Grand Large floating offshore wind farm.

This financing, which closed in November 2021, marks the first time commercial lenders take limited-recourse construction risk on a floating offshore wind asset (worldwide first).

With an installed capacity of 25 MW, the Provence Grand Large floating offshore wind farm project will be located 17 km off the coast of Port-Saint-Louis-du-Rhône, in the Mediterranean Sea. Project commissioning is scheduled in 2023. The power generated by the wind farm will produce the equivalent of the annual electricity consumption of 45,000 people.

This project is being co-developed by EDF Renewables and Enbridge Eolien France 2 S.à.r.l., a subsidiary of Enbridge Inc. and CPP Investments. The French Agency for Ecological Transition (ADEME) and the Sud Region also provided financial support for the construction phase in the form of a mix of subsidies and development loans.

The Linklaters team advising common to all Lenders was led by François April, Partner and included Samuel Bordeleau, Counsel, Mylinh Pham, Salimatou Kaba, Noémie Lisbonis-Boyer, associates in the Energy & Infrastructure practice, Pierre Guillot, Partner, Thibaud Troublaïewitch, Athanase de Guitaut, and Sandra Hoballah Campus, associates in the Public law practice, and Vincent Poilleux, Counsel in the Capital Markets practice.

The Linklaters team advising on aspects specific to the European Investment Bank was led by Bertrand Andriani (Picture), Partner and included Justin C. Faye, Partner and Romain Marchand, Associate, in the Energy & Infrastructure practice.

The Luxemburg and London offices of Linklaters were also involved on this project.

Clifford Chance advised the project company Parc Eolien Offshore de Provence Grand Large on this operation with a team made up of Daniel Zerbib (Partner), Nina Yoshida (Associate) and Sophie Laporte (Associate), for matters related to financing, Gauthier Martin (Partner), Daphné Celet (Associate), Clémence Graffan (Associate) and Elise Mayer (Associate), for the aspects of public law, energy law and state aid law, Fabien Jacquemard (Counsel), on matters relating to derivatives, David Metzger (Partner), Irina Steinberg (Senior Associate), Olivier Gaillard (Associate), Alexander Kennedy (Counsel) and Jérémy Guilbault (Associate), for matters relating to industrial contracts and construction.

The BCTG Avocats included Paul Elfassi, Aurélie Surteauville, Antoine le Dylio.

Involved fees earner: Paul Elfassi – BCTG & Associés; Antoine Le Dylio – BCTG & Associés; Aurélie Surteauville – BCTG & Associés; Daphné Celet – Clifford Chance; Olivier Gaillard – Clifford Chance; Clémence Graffan – Clifford Chance; Jérémy Guilbault – Clifford Chance; Fabien Jacquemard – Clifford Chance; Alexander Kennedy – Clifford Chance; Sophie Laporte – Clifford Chance; Gauthier Martin – Clifford Chance; Elise Mayer – Clifford Chance; David Metzger – Clifford Chance; Irina Steinberg – Clifford Chance; Nina Yoshida – Clifford Chance; Daniel Zerbib – Clifford Chance; Bertrand Andriani – Linklaters; François April – Linklaters; Samuel Bordeleau – Linklaters; Athanase de Guitaut – Linklaters; Justin Faye – Linklaters; Pierre Guillot – Linklaters; Sandra Hoballah Campus – Linklaters; Salimatou Kaba – Linklaters; Noémie Lisbonis Boyer – Linklaters; Romain Marchand – Linklaters; Mylinh Pham – Linklaters; Vincent Poilleux – Linklaters; Thibaud Troublaïewitch – Linklaters;

Law Firms: BCTG & Associés; Clifford Chance; Linklaters;

Clients: BNP Paribas; Caisse d’Epargne; Credit Agricole; European Investment Bank; MUFG; Natixis; Parc Eolien Offshore de Provence Grand Large; Rabobank; Santander; Société Générale;

Giulia Di Palma

Author: Giulia Di Palma