Windpark Zeewolde B.V.

Windpark Zeewolde - EKF Covered Loan

Borrower (s)
Windpark Zeewolde B.V.
Industry
Power/Onshore wind
Area of finance
Project & Infrastructure Finance
Country
Netherlands

Deal Overview

Windpark Zeewolde – a 322MW onshore wind farm in the Netherlands that is owned by a co-operative of 200-plus residents and entrepreneurs in the locale – has raised a commitment from Rabobank for junior debt and €500 million of senior debt to finance replacement of its existing...

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Windpark Zeewolde – a 322MW onshore wind farm in the Netherlands that is owned by a co-operative of 200-plus residents and entrepreneurs in the locale – has raised a commitment from Rabobank for junior debt and €500 million of senior debt to finance replacement of its existing 200-plus turbines with 83 Vestas machines. Rabobank was keen to support the financing of this project, due to its cooperative structure comprising of a large client base of the bank in addition to supporting the energy transition.

The project is in the outskirts of Zeewolde, close to the IJsselmeer, on an area that covers over 300 square kilometers. The wind park currently consists of more than 200 turbines which will be replaced by new Vestas turbines that will generate almost three times more energy with less the half the number of turbines, demonstrating the large potential in replacing older turbines with new and more efficient variants.

Vestas has developed a customised solution that comprises a mix of turbine variants from the 2 MW and 4 MW platforms and a 20-year Active Output Management (AOM 5000) contract, capable of maximising the annual energy production while meeting local restrictions.

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Deal Volume
$ 564.3m
Financial Close
25 June 2020
Sources
Proximo article, Press release, Press release, Submitted by participant(s)

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Projects

Windpark Zeewolde

Greenfield
Onshore wind
Netherlands
$ 564.3m