Oliver Sikora

Oliver’s practice focuses on the financing aspects of energy & infrastructure transactions, with particular knowledge regarding project finance and derivatives, advising both financial institutions and sponsors across a variety of jurisdictions, notably in Europe and Asia.

• Engagements

  • The export credit agencies, lenders and hedge providers on the approximately US$3.1 billion multi-tranche, multi-source (including ECA-backed) and multi-currency project financing of the 495MW Fengmiao 1 offshore wind farm in Taiwan, which is being developed by Copenhagen Infrastructure Partners through its fund Copenhagen Infrastructure V. This is the first offshore wind project in APAC (and among the first in the world) to be financed solely on the basis of several corporate PPAs.
    
  • The lenders and hedge providers on the approximately EUR 219 million partially merchant project financing of three onshore wind farms in Finland, totalling 202.5 MW, which are being constructed in a joint venture between Neoen and Prokon. The financing has a blended revenue stack, featuring a merchant nose, a merchant body and a merchant tail, combined with a series of corporate power purchase agreements.
  • Vinci Airports on its EUR600 million concession backed, cross-border, sustainability-linked non-recourse financing for upgrade works to the airports of Cape Verde.
  • Copenhagen Infrastructure Partners (CIP) on its partnership with Amberside Energy for the development of 2 GW + of solar PV, battery storage and solar PV with co-located battery storage projects in the UK. As part of the partnership, CIP will provide a development loan to Amberside to enable the development of the solar PV, battery storage and solar PV with co-located battery storage projects.
  • The lenders and hedge providers on the approximately US$1.6 billion, award winning, project financing of the 298MW Zhong Neng offshore wind farm in Taiwan, which is being constructed in a joint venture between China Steel Corporation and Copenhagen Infrastructure Partners. This financing is the first majority Taiwanese bank non-recourse financing of an offshore wind farm in Taiwan (a new source of liquidity), the first without ECAs and is the most “localised” offshore wind project in Taiwan to date. The transaction also marks China Steel Corporation’s entry into the offshore wind market.
  • A syndicate of international and local commercial banks, life insurance companies and cover providers (including ECAs) on the US$3bn, award winning, project financing of the Changfang and Xidao Taiwanese offshore wind project being developed by Copenhagen Infrastructure Partners, Taiwan Life Insurance Co., Ltd., TransGlobe Life Insurance Inc. and GRSC.
  • A leading offshore wind developer in relation to PPA and financing matters in relation to an offshore wind farm in Taiwan that entered the Round 3.1 auction.
  • A global technology major as purchaser on the negotiation of virtual and physical power purchase agreements in European and Asian markets, including in respect of offshore wind, onshore wind and solar projects in excess of 5GW.
  • Ørsted Onshore A/S on its agreement to acquire Brookfield Renewable’s Irish and UK onshore wind business. The agreement is based on an enterprise valuation of EUR 571 million as of 31 December 2020 (subject to customary adjustments) and marks Ørsted’s entry into the European onshore market. With the acquisition, Ørsted is acquiring one of Europe’s leading integrated renewable energy platforms, including 389MW under construction and in operation, 149MW in advanced development and more than a 1 GW development pipeline in Ireland and the UK.
  • The institutional investors on an award winning £1.3bn bond to finance the acquisition by PKA and PFA of a 50% stake in the 659 MW Walney Extension UK offshore wind farm.
  • Copenhagen Infrastructure Partners (CIP) on its partnership with Bute Energy (Bute). As part of the transaction, CIP’s flagship fund Copenhagen Infrastructure IV K/S will invest in Bute’s portfolio of onshore wind farms and solar PV projects, some with co-located battery energy storage systems, under development in Wales, UK. The Bute portfolio consists of projects at various stages of development and is expected to have a total installed capacity of over 2GW by 2030.
  • A leading renewable energy developer on the sale of a 49% stake in three development stage offshore wind projects in Sweden to Ingka Investments. The projects – Galatea-Galene, located off the coast of Halland, Triton, located off the coast of Skåne and Aurora, located off the coast of Gotland and Öland – have the potential to reach an aggregate installed capacity of 9 GW and to produce up to 38 TWh combined, once operational, corresponding to more than 25% of the electricity consumed in Sweden in 2021.
  • Lightsource BP on an innovative £180m “whole-business” style holdco debt financing for its international portfolio of 100+ solar projects with an aggregate generating capacity of approximately 700 MW.
  • Nord/LB on the project financing of the 307 MW Hästkullen wind farm and the 167 MW Björnlandhöjden wind farm, both located in Sweden and together one of Europe’s largest onshore wind clusters. The financing included ECA-backing by Euler Hermes and one of Europe’s largest corporate PPAs to date in the onshore wind sector.
  • A consortium of lenders comprising SMBC, Helaba and NatWest, on the £243m refinancing of a 351 MW portfolio of 28 operating solar PV assets in England and Wales, owned by Foresight Group.

  Please note, Oliver's experience includes that prior to joining Orrick.