NORD/LB and Swedbank finance one of the largest renewable energy projects in Estonia

COBALT is proud to have been part of one of the largest renewable energy financing transactions in Estonia. Together with Watson Farley & Williams (Germany), COBALT financing and real estate teams acted for NORD/LB, one of Germany’s leading commercial banks and Swedbank Estonia, the largest bank in Estonia, in connection with providing an 87 MEUR financing to Aidu Wind Park OÜ for development of 67.5 megawatts (MW) of the 75 MW Aidu wind farm in Estonia. The carbon-free electricity generated by the wind farm can meet the energy needs of more than 40,000 households.

COBALT assisted the lenders with structuring the deal, conducting a due diligence on the borrowers and the project and acted as Estonian counsel for the lenders in connection with all local law aspects of the financing, including grant of security.

Niels Jakeman, Head of Energy Origination Europe at NORD/LB have commented: “The Aidu Wind Farm will help enable Estonia to deliver its ambitious renewable energy targets, and we are delighted to support the Sõnajalg family and Dirkshof in the country’s journey to net zero.” Mihkel Utt, Head of Mid-Corporate Department at Swedbank, added: “The Aidu Wind Farm is the perfect example of the power of international cooperation. By bringing together local and international developers and global financial institutions, we have built a strategically important wind farm and created a partnership that will meaningfully contribute to the renewable energy transition in Estonia.”

Our team included Partner Marina Kotkas, Partner Aivar Taro, Specialist Counsel Mart Blöndal, Senior Associates Sandra Sillaots, Helen Sool, Christine Mägi, Junior Associate Chris Oliver Rahumägi, Assistant Lawyers Tom Suiste and Joosep Lang.