Green Giraffe and DC Advisory have successfully advised Ancala Partners on the refinance of the 82 MW Orites Wind Farm, the largest wind farm on the island of Cyprus.
Green Giraffe and DC Advisory (DC) have successfully advised Ancala Partners (Ancala) on the refinance of the 82 MW Orites Wind Farm, the largest wind farm on the island of Cyprus. Orites was acquired by Ancala, an experienced London-based infrastructure fund manager, in March 2020. Despite the challenges of COVID-19, Green Giraffe and DC successfully launched the refinance in May 2020 and achieved financial close on 18th December 2020.
Orites comprises 41 Vestas wind turbines and associated infrastructure, and has a strong operational track of circa 10 years. Orites was originally financed by the EIB and European project finance banks ING, Nord LB and Commerzbank. The refinance introduced a single new lender and separate hedge provider to achieve improved debt terms for the shareholder in line with the project’s solid operational track record and market conditions.
English law counsels included Eversheds for Orites and Pinsent Masons for the lenders. This transaction marks a clear demonstration of the unique competitive advantage and strength in execution of Green Giraffe and DC, evidenced in our success in launching and closing this major debt raise across several jurisdictions during the challenges of COVID-19.
