Herbert Smith Freehills advises on €115 million refinancing for RPC's 146MW onshore wind farm in Sweden

Leading international law firm Herbert Smith Freehills has advised long-standing client Renewable Power Capital (RPC), a London-headquartered pan-European renewable energy investment platform, on the closing of its long-term operational refinancing package exceeding €115 million (c. £95.4 million) for the 146MW Klevberget onshore wind farm in Sweden. Klevberget is RPC’s first operational asset in Sweden and the foundation of its now 6.5GW pipeline, reflecting a landmark development in the company’s expansion in Europe.

The lenders were Nordic Investment Bank and Danske Bank. Danske Bank also acted as the hedging bank alongside Nomura. This 20-year financing was completed on highly competitive terms, reflecting RPC’s strong standing in the renewable energy market and its close strategic partnerships with lenders in the market.

This new long-term package replaces an existing short-term construction bridge loan and will help to future-proof the capital structure of Klevberget, which started operations in December 2023.

The Herbert Smith Freehills team was led by partner Helen Beatty, supported by partner Nick May, senior associates Vladi Resnik and Alex Shindler-Kelly, and associate Amaryllis Tian.

Partner Helen Beatty commented: "The successful closing of this refinancing package marks a key milestone in Renewable Power Capital's growth in the renewable energy market. Our long-standing relationship with the client, alongside our deep-sector knowledge of the renewable energy industry and experience supporting with the energy transition, ensured that we were able to support the client skilfully throughout the process. We look forward to continuing to support Renewable Power Capital's decarbonisation strategy and delivery of green energy."

The firm has worked regularly with RPC since it was established in 2020, including supporting the client on its entry into the Polish onshore wind market and advising on their first investment into construction ready batteries in the UK. Earlier this year, the firm advised RPC on the closing of a c. €555 million financing of its 553MW onshore wind portfolio in Sweden.