Offshore Wind Farm Deutsche Bucht: KfW IPEX-Bank takes part in the financing
Main (ots)
- Financial close reached for 252 MW wind farm of Canada-based
Northland Power Inc.
- International consortium of banks including KfW IPEX-Bank
provides debt capital in the amount of EUR 988 million
- Green electricity from the North Sea project to flow by the end
of 2019KfW IPEX-Bank is co-financing the offshore wind farm Deutsche Bucht ("DeBu"). Together with another nine international commercial banks the specialist financier is providing the project with debt capital totalling around EUR 988 million. Under a complex financing structure KfW IPEX-Bank is acting as Mandated Lead Arranger, Facility Agent and Technical Bank. Northland Power Inc., a publicly traded company based in Toronto, Canada, is the sponsor of the 252 MW project in the German North Sea. The total estimated project cost of DeBu is around EUR 1.3 billion. It is financed through a non-recourse construction and term loan and related loan facilities. Once completed, DeBu is expected to generate enough sustainable energy to meet the needs of over 178,000 households.
"Deutsche Bucht is our 12th German offshore wind transaction where we act as Lead Arranger. We would like to thank Northland Power Inc. for the trust they have placed in us. This is a further opportunity for us to contribute to the success of the Energiewende," said Markus Scheer, member of the Management Board of KfW IPEX-Bank.
DeBu is located 95 km north-west from the island of Borkum in the exclusive economic zone of the German North Sea. MHI Vestas Offshore Wind will supply and install the project's 31 MHI-Vestas V164 wind turbines. The company, a joint venture of Danish manufacturer Vestas and Japanese Mitsubishi Heavy Industries, Ltd. will also maintain the turbines under a long-term service contract. DeBu will be constructed at a water depth of 38 - 40 meters and will be connected to the 800 MW BorWin Beta offshore converter station which has already been built. DeBu is expected to begin construction shortly, with project completion expected by the end of 2019. It will reduce CO2 emissions by over 360,000 tonnes per year, supporting the German government's CO2 reduction targets.
Contact:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: axel.breitbach@kfw.de
Tel. 069 7431-2961, Fax: 069 7431-9409, E-Mail:
info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de
Original content of: KfW IPEX-Bank, transmitted by news aktuell