Antoine Lochet

BBA//Fjeldco advised the Icelandic Ministry of the Environment, Energy and Climate, by preparing a comparison report on wind energy legislation in Scotland, Norway, Denmark and New Zealand. The report focussed on the regulatory aspects of wind energy production, including the licensing procedure, environmental matters, administrational and municipal decision-making, involvement of governmental bodies, disputes and claims, including land rights, incentives and more. The report further provides a high-level reference to wind energy legislation in France, Sweden and the Netherlands. The report will be relied upon by a task force, established by the Icelandic Ministry of the Environment, Energy and Climate, currently working on a draft legislation for wind energy in Iceland.

BBA//Fjeldco advised BNP Paribas Fortis SA/NV on EUR 150M bridge financing to Marel hf. (leading global provider of food processing equipment and one of the largest listed companies in Iceland), in relation to the company’s acquisition of Wenger Manufacturing LLC (a global leader in processing solutions focused on pet food, plant-based proteins and aqua feed), which is an investment into new and attractive growth markets for Marel hf.

BBA//Fjeldco provided legal advice to Islandsbanki in relation to the financing of the acquisition of French private equity firm Ardian of the telecommunications operator Míla ehf. The advice included negotiating loan documentation, bond issuance documentation, intercreditor agreement and security documentation.

The transaction represents one of the largest foreign investments in Iceland in recent years. Islandsbanki is one of the leading commercial banks in Iceland. Mila ehf. is the main telecommunications infrastructure company in Iceland. Ardian France SA is one of the largest private equity managers in Europe and is focusing on essential infrastructure.

BBA//Fjeldco provided legal advice to  KfW-IPEX BANK GmbH (Specialist financier for the German and European export industry and project finance) in the financial restructuring of (up to) USD 194M project finance facilities agreement relating to PCC BakkiSilicon hf., a state of the art silicon metal plant in Iceland that is 100% operated with renewable energy (hydro- and geothermal power), providing silicon metal to the chemical industry and in the production of high-strength aluminium alloys for the automotive industry. The restructuring involved inter alia that the creditors of PCC BakkiSilicon hf. converted part of their loans into equity subject to new funds from PCC BakkiSilicon hf. being injected. Apart from being a large complex and international financial restructuring, KfW IPEX Bank GmbH will convert part of its senior debt into an Icelandic law non-call perpetual subordinated securities (hybrid bond) which has not been done in Iceland before to the best of our knowledge.

BBA//Fjeldco provided Arion Bank and DNB Bank ASA  legal advice in relation to providing a EUR 65 million term and revolving credit facilities to Arnarlax ehf. Arnarlax ehf. is one of the leading Icelandic fish farming company and owned by Icelandic Salmon AS listed on the Oslo stock exchange.

BBA//Fjeldco has been retained by the UNDP in Comoros, supported by the Ministry for Foreign Affairs of Iceland to create a regulatory framework for the research and utilization of renewable energy resources in the Comoros Islands, in cooperation with Iceland GeoSurvey (ÍSOR), Verkís Consulting Engineers and Intellecon economic consultancy. The project is highly innovative, as Icelandic knowledge, experience and ingenuity is used to create a framework to increase the use of renewable resources to enhance the energy sustainability of the Comoros Islands.

Over the last 15 years, BBA//Fjeldco has advised governments, international organisations and businesses on legal aspects relating to renewable energy and natural resources. BBA//Fjeldco’s leading practitioners in the field of renewable and natural resources are Baldvin Björn Haraldsson, Partner and Antoine Lochet, Counsel.”

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BBA//Fjeldco acted as the Icelandic legal adviser to ABN AMRO, BNP  Paribas, Danske Bank, HSBC, ING Bank, RaboBank and UniCredit in relation to a  EUR 700 million sustainability-linked syndicated credit facility to Marel hf.

 Marel hf. (NASDAQ: MAREL; AEX: MAREL) is a leading global provider  of advanced food processing equipment, systems, software and services to the  poultry, meat and fish industries.

 Marel is by far the largest listed company in Iceland. This  financing gives Marel increased operational and strategic flexibility and  supports the company’s long term strategy. The margin incentive structure  linked to Marel performance relating to the environment, gender equality and  health and safety.

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BBA//Fjeldco acted as the Icelandic legal adviser to the European  Investment Bank in relation to a EUR 69 million credit facility to Össur hf.,  a leading global provider of non-invasive orthopaedics equipment.

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BBA//Fjeldco provided legal advice to Japan Bank for International  Cooperation’s (JBIC) New Energy and Power Finance Department in relation to a  JBIC buyer’s credit to HS Orka (Icelandic Borrower). The credit was  guaranteed by Landsbankinn and the transaction valued at USD 10 million.

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BBA//Fjeldco lead a consortium of various companies in the project of constructing a new legal framework for harnessing geothermal energy in the Republic of Djibouti.The project was of great importance for the Republic of Djibouti to increase energy sustainability, develop the infrastructure in the country ultimately benefiting the overall economy of the country.

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The legal advice of BBA//Fjeldco was highly innovative as it combined knowledge from various parties for the benefit of the Republic of Djibouti and was mainly provided in French.