The European infrastructure fund InfraVia II, managed by Infravia, has closed the financing of the acquisition of the industrial electricity grid Kilpilahden Sähkönsiirto (KS) from Neste Oil. The transaction reached financial close on 2nd January 2015. Distributing 2,000GW of energy each year, KS is one of the largest industrial distribution networks in the Nordics. Finnish state majority-owned Neste Oil is KS' main counterparty through the Porvoo refinery, whose total annual production is approximately 12.5 million tons. The deal is the second Finnish electricity distribution grid acquisition for InfraVia II, following the acquisition of Outokumpu’s electricity network by RIG last year.
Bird&Bird advised Infravia in relation to the financing of the acquisition with Driss Bererhi, partner and Tzvetomira Pacheva, associate in Paris and Isabel Evans in London.
Infravia’s lenders and hedging banks were advised by the Paris’ office of Linklater LLP with François April, partner and Darko Adamovic and Alex Bluett, associates. Borenius with Ari Kaarakainen, partner, Tuomas Tikkanen, counsel and Jenny Shahnovskij, associate assisted Infravia’s lenders in relation to Finnish law aspects.