Norther NV

Norther Offshore Wind Farm - Refinancing

Borrower (s)
Norther NV
Industry
Power/Offshore wind
Area of finance
Project & Infrastructure Finance
Country
Belgium

Deal Overview

Refinancing of an operational 370 MW Norther Offshore Wind park in Belgium.On 27th May 2020 the Norther offshore wind farm officially transitioned to its operational phase as it reached technical completion. The 370 MW wind farm, comprising of 44 x 8.4 MW MHI Vestas V164 turbines is located in the...

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Refinancing of an operational 370 MW Norther Offshore Wind park in Belgium.

On 27th May 2020 the Norther offshore wind farm officially transitioned to its operational phase as it reached technical completion. The 370 MW wind farm, comprising of 44 x 8.4 MW MHI Vestas V164 turbines is located in the North Sea, approximately 23 kilometres from the Port of Zeebrugge (Belgium).

The project commenced early operations in the spring of 2019 and has performed strongly since then. With construction works finalised in late March of this year the project was able to reach technical completion and to start commercial operations.

Despite the challenges posed by COVID-19 and the related restrictions, the project reached this important milestone, and due to good operational performance brought its debt package in line with the current status of the project and the market conditions. 

Engie has signed a power purchase agreement (PPA) to supply chemicals company Ineos with electricity generated by a portion of the Norther offshore wind farm off Belgium. The 10-year PPA is for 84MW of capacity and starts on 1 January 2021.

The contract will initially be used for the existing production facilities of Ineos and later for Project One, comprising facilities for making ethylene and propylene in the port area of Antwerp.

As the largest operational wind farm in Belgium, Norther represents a significant addition to the country’s offshore wind installed capacity and contribution towards the Belgian 2020 renewable energy targets, demonstrating the commitment of the investors, lenders and the federal government towards sustainability.

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Deal Volume
$ 1.06bn
Financial Close
27 May 2020
Sources
Submitted by participant(s), Proximo article, Press release

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Projects

Norther Offshore Wind Farm

Greenfield
Offshore wind
Belgium
$ 1.17bn