Orsted

Borssele 1 & 2 Offshore Wind Project

Borrower (s)
Orsted
Industry
Renewables/Offshore wind
Area of finance
Project & Infrastructure Finance
Region
Europe
Countries
Netherlands

Deal Overview

EIB’s €500 million loan to Orsted for the 752MW Borssele 1 & 2 offshore wind project, which has been fully operational since November 2020. The request for financing came late in 2019 when the project was entering its construction phase - which was financed by Orsted via shareholder...

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EIB’s €500 million loan to Orsted for the 752MW Borssele 1 & 2 offshore wind project, which has been fully operational since November 2020. The request for financing came late in 2019 when the project was entering its construction phase - which was financed by Orsted via shareholder loans - and due to covid-19 restrictions the appraisal and approval process was slower than anticipated. Finally approved on 16 July 2020, the loan is provided on a corporate basis to Orsted as a term financing related to its part of the project (Orsted sold 50% of the project to Norges Bank Investment Management earlier this year). EIB's financing is solely related to the 50% of the project that remains in Orsted’s possession.

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Deal Volume
$787.24m
Financial Close
12 November 2021

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Projects

Borssele Offshore 1 & 2 Wind Farm

Greenfield
Offshore wind
Europe
Netherlands
$1.67bn