Bird & Bird's team in Finland and UK, with lead partner Jori Taipale (Corporate) advised Borealis, a leading provider of polyolefins, base chemicals, and fertilizers, on the negotiations of two long-term Corporate Power Purchase Agreements (CPPA's) with Finnish wind farm operator and developer Ilmatar Windpower.
The advisory team consisted of partner Mikko Ahonen (Corporate), partner Elizabeth Reid (Projects, UK) and associate Krista Keinänen (Corporate).
The CPPAs move Borealis closer to goal of sourcing 50% of total electricity consumption from renewable sources in major business areas. The agreement has been made jointly with Neste, Borealis’ long-term partner in Porvoo, Finland.
Jori Taipale commented "we were delighted to assist Borealis with this transaction, and it has further strengthened our expertise in international CPPA transactions. We see CPPAs as a vitally important mechanism to enable the build of more renewable energy projects".
Bird & Bird's global renewables team has an exceptional track record in advising on all renewables/cleantech technologies, including solar and wind (onshore and offshore), biomass, marine and energy from waste. Bird & Bird has been named as the No. 1 legal adviser in renewable energy for the number of global M&A deals by volume for two years running (Clean Energy Pipeline 2017 & 2018).
Borealis press release
Ilmatar Windpower press release