Annual Review 2009 - Watson, Farley & Williams

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08 ENERGy Energy 2009 was an interesting year for renewable energy, which is still attracting considerable investment – particularly in offshore wind in Northern Europe and in photovoltaic (PV) projects in Southern Europe. Onshore wind developments continue but at a slower pace. Deal of the year ‘Power Deal of the year 2009’ (Project Finance International), ‘European Offshore Wind Deal of the year 2009’ (Project Finance Magazine), and ‘Deal of the year – Renewable’ (Infrastructure Journal) MORE DEALS... > Advised PNE WIND AG on the sale of seven onshore wind farms to EnBW Erneuerbare Energien GmbH. > Advised Climate Change Capital, a UK based private equity fund, in relation to the acquisition of a minority stake of Enerqos, an Italian leading photovoltaic manufacturer. > Advised ITS Tabular Services (Holdings) Ltd on a joint venture with Scomi Group to accelerate expansion in the Asia Pacific Region. > Advised Allianz Specialised Investments Ltd on the acquisition of a wind farm project. > Advised Shell Eastern Petroleum (Pte) Ltd on the placement, employment and operation of an FLNG unit in Australia and Indonesia. The offshore wind market was very strong in Germany, while in the UK the awarding of Round 3 sites created new activity. PV is progressing in France, where fiscal and political changes are making it a more stable market. Our recently opened Madrid office now allows us to compete across all the more developed PV markets of Southern Europe, including Italy and Greece. Our work in this field is predominantly with medium-sized investors – of whom there are many. As long as the renewables market remains buoyant, other forms of energy will play their part, and we continue to work on conventional power deals. We completed the acquisition of a gas fired power station in the UK and worked on several projects in the liquefied natural gas (LNG) sector, which was not badly affected by the downturn. AWARD-WINNING OFFSHORE WIND DEAL Belwind is a large offshore wind farm to be constructed 46 kilometres off the Belgian coast, close to Zeebrugge. Further offshore than any other wind farm in the world, it will be developed in two phases, each consisting of 55 turbines generating 165 MW of power. Together they will produce enough electricity for 350,000 households. WFW advised Belwind NV – owned by a consortium of Belgian and Dutch investors – on the financing, construction and operation of the first phase of the project. For a total investment cost of Z613.9 million, the mandated lead arrangers were ASN Bank, Dexia Bank Belgium, Dexia Crédit Local and Rabobank International. European Investment Bank (EIB) provided a direct loan of Z150 million and a counter-guarantee facility of Z150 million was covered by Danish export credit agency EKF. This transaction, the largest offshore wind project to be financed on a non-recourse basis, won a hat trick of awards: ‘Deal of the year – Renewable’ from Infrastructure Journal; ‘Power Deal of the year 2009’ from Project Finance International; and ‘European Offshore Wind Deal of the year 2009’ from Project Finance Magazine. It was also the first offshore wind deal to close during the liquidity crisis. WFW has over 20 years’ experience of energyrelated projects and had previously advised on financing for Belgium’s first-ever offshore wind farm in 2007.
AES SOLAR ENERGy/IKTINOS PROJECT The 4.3 MW Iktinos project, which will provide electricity for over 400 homes, is the largest solar power installation in Greece to date. WFW Athens advised AES Solar Energy on the acquisition of the project and on a Z25 million non-recourse debt facility from Landesbank Baden Württemberg to finance it. As this was AES Solar’s first acquisition in Greece, we also advised on all other aspects of its investment and business, from visas for foreign executives to company establishment. SOLAR PARK INVESTMENT Ecoware is an Italian leader in the construction of photovoltaic plants. Quintas Energy – a major Spanish investor in European renewables – sought to secure an agreement with Ecoware to guarantee construction, installation, supply and management of solar parks in Italy amounting to 50 MW by the end of 2010. Recommended for our specialist sector knowledge, WFW Milan provided Quintas with legal assistance in the preparation, drafting and negotiation of the framework agreement for this substantial investment. ENERGy 09 POWER STATION ACQUISITION WFW London advised DONG Energy on its acquisition of the Severn gas-fired power station in South Wales and the engineering business Carron Engineering & Construction, a power plant consultancy, from Welsh Power Group. The power station, expected to be commissioned at the end of 2010, will have a capacity of around 850 MW – one of the most efficient gas-fired power stations in the UK. Long-standing client DONG Energy is one of Northern Europe’s leading energy groups. Watson, Farley & Williams Annual Review 2009
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Page 5 and 6: Leading finance and renewable energ
Page 7 and 8: Revenue up 25% £52m £58m £73m 20
Page 9: RIVERSIDE/KAUL The Riverside Compan
Page 13 and 14: PALM OIL PRODUCER DISPUTE Our Bangk
Page 15 and 16: KFW IPEX/STENA Shipbuilding at Wada
Page 17 and 18: COLLECTIVE REDUNDANCy ADVICE WFW ad
Page 19 and 20: AUGUST 2009 The Bangkok team is ran
Page 21 and 22: 97% of staff who participated in th
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Annual Review 2009 - Watson, Farley & Williams

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