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Simmons & Simmons and Integrites Advises NBT on EPC Contracts for Europe’s Largest Onshore Wind Farm

Simmons & Simmons and Integrites Advises NBT on EPC Contracts for Europe’s Largest Onshore Wind Farm

Ukraine
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Simmons & Simmons and Integrites have advised NBT, a Norwegian wind power developer and the largest foreign investor in Ukraine, on its successful negotiations for Engineering, Procurement and Construction contracts with China Electric Power Equipment and Technology Co, Ltd. for the 300 MW second stage and 450 MW third stage of the Zophia Wind Park in Ukraine (“Zophia II” and “Zophia III” respectively).

Once completed, together with the 42.5 MW first stage, the Zophia Wind Park will become the largest onshore wind farm in Europe, with a total capacity of 792.5 MW – and will generate enough electricity to power the needs of approximately 340,000 households.

Simmons also advised NBT on its Preliminary Financing Arrangement Agreement, under which NBT and CET set out their intentions for financing for Zophia II and Zophia III. According to Simmons & Simmons, "NBT plans to tap Chinese banks including Industrial Commercial Bank of China, the Export-Import Bank of China, and China Construction Bank for EUR 500 million of senior debt and arrange an additional EUR 250 million from international banks." According to Simmons & Simmons, "this promises to be a landmark Belt and Road project in respect of its combined international and Chinese financing."

With a focus on emerging markets, NBT was the first company to close a limited-recourse financing in the fledgling wind power market in China in 2010 and earlier this year NBT, together with its equity partner Total Eren, closed the first limited-recourse financing of a wind farm in Ukraine with the 245.7 MW Syvash project (as reported by CEE Legal Matters on February 11, 2019).

Simmons & Simmons' London-based team was led by Partner Alex Blomfield and included Associates Louise Mackenzie and Elizabeth Ormesher.

The Integrites team was led by Managing Partner Oleksiy Feliv and included Partner Viktoriya Fomenko, Counsel Gennadiy Roschepii, Senior Associate Dmytro Kiselyov, and Associates Olena Zhydenko and Alina Trofimova. 

Integrites at a Glance

INTEGRITES is a full-service law firm with the head office in Ukraine, offices in Kazakhstan and Russia, and representative offices in Germany, the Netherlands, and the UK.

We provide legal services to companies seeking comprehensive advice on large deals and major disputes, as well as day-to-day operation. INTEGRITES is highly recommended for its cross-border work (whether sophisticated transactions or complex dispute resolution) and for the projects in energy, in particular, renewable.

Our mission is to help companies concentrate on development of their business while we take care of the legal issues. With profound industry-focused expertise, we deliver legal solutions that add value to the business of our clients and help them successfully handle legal challenges.

In 14 years INTEGRITES has served more than 850 clients from around the globe, including Fortune 500 companies and international financial institutions. Clients in our portfolio are recognized leaders in various industries: from manufacturing, pharmaceuticals, and retail to agriculture, logistics, and renewables. Currently 80% of the companies we serve are international.

INTEGRITES has been consistently recognized by the leading international legal directories and rankings: Chambers Global/Europe, The Legal 500 EMEA, Who’s Who Legal, IFLR 1000, Best Lawyers, FT Innovative Lawyers.

All News about, and Legal Analysis by, Integrites can be found here.

Firm's website: www.integrites.com