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Watson Farley & Williams (WFW) has advised project company Les Eoliennes Flottantes du Golfe du Lion (LEFGL), owned by Ocean Winds (OW) and Banque des Territoires, on the legal due diligence and structuring and negotiation of the non-recourse financing of three floating offshore wind turbines with a capacity of 30 MW, off the French Mediterranean coast at Leucate and Le Barcarès.
The project is being developed by OW, a joint venture between Engie and EDP Renewables, as part of the French Environment and Energy Management Agency ADEME’s tender for projects promoting floating offshore. It is scheduled to be operational by end 2023. The lenders comprise a syndicate of French and international financial institutions including the European Investment bank, Crédit Agricole CIB, KfW IPEX Bank, Mizuho Bank, Banco Santander and Danish export credit agency, EKF. ADEME is also supporting the project in line with France’s national energy transition plans.