Watson Farley & Williams (WFW) provided counsel on the €488 million financing of Masdar's 49% stake in the 476 MW Baltic Eagle offshore wind farm situated in the Baltic Sea off the coast of Germany.
The syndicate of commercial banks, advised by WFW, included ABN AMRO, Credit Agricole Commercial and Investment Bank, ING, Santander, and Siemens Bank. Additionally, Santander served as the financial adviser to Masdar, the UAE's leading clean energy entity. Baltic Eagle holds an approximate value of €1.6 billion. The wind farm is set to commence operations by the end of 2024, with a minimum regulated tariff of €64.6/MWh for the initial 20 years. Furthermore, all of its production has already been contracted via long-term agreements. This transaction marks Masdar's largest ever euro-denominated financing, its inaugural collaboration with Iberdrola, and its first venture in Germany.
