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Fieldfisher cross-office corporate and finance team acts for Galetech on sale of Irish windfarm

13/07/2020

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Ireland

Led by our Dublin office with support from Dusseldorf and London, the Fieldfisher team advised Irish renewable energy client Galetech on the sale and related financing of 50% of the 20.5 MW windfarm in Co Cavan.
 
An Irish, German and UK Fieldfisher team has advised Irish wind energy developer Galetech Group on the sale of 50% of the 20.5MW Carrickallen onshore windfarm in County Cavan, in the north of the Republic of Ireland, to UK-listed Renewable energy investor Greencoat Renewables PLC.
 
The remaining 50% of the wind farm will continue to be owned by Galetech Group.
 
The Carrickallen windfarm has been operational since January 2019, and its revenues are contracted under Ireland's REFIT 2 scheme, designed to support the country's shift to greater reliance on renewable forms of energy.
 
As part of the deal, which has been widely reported in the Irish, UK and international energy press, Fieldfisher also advised Galetech on the exit of Employment and Investment Incentive Scheme (EIIS) shareholders; the refinancing of existing project finance debt with Hamburg Commercial Bank GmbH; and arranging new project finance debt with UK merchant banking group, Close Brothers.
 
The deal team was led by Dublin corporate partner Feilim O'Caoimh, who advised on the sale and related shareholder matters.
 
Feilim was assisted by corporate finance partner Patrick Halfpap from the Dusseldorf office, who advised on the Hamburg Commercial Bank refinancing; and banking and asset finance senior associate Anna Crosby from the London office, who advised on the Close Brothers project financing.
 
The transaction is another excellent addition to Fieldfisher Ireland's impressive portfolio of renewable energy deals and showcases Fieldfisher's competencies, allowing us to advise clients on matters that reach across multiple jurisdictions.



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