FINANCIAL CLOSE LAUNCHES THE CONSTRUCTION OF THE NOBELWIND 165 MW OFFSHORE WIND PARK
After the success of the first phase of the Belwind offshore wind farm, the financial close of the Nobelwind project reinforces Belgium in its renewable electricity production strategy.
Nobelwind SA announces the official close of financial agreements with all key stakeholders and banks for its new Nobelwind offshore wind farm. This project will be the fourth Belgian wind farm in the North Sea and will be built 45 km off the coast of Ostend.
The project has raised app. EUR 655 million from investors and financial institutions.
The European Investment Bank is at the centre of the funding scheme, bringing in 250 million euros as part of its support for investments in renewable energy and against climate change. Other banks involved are BNP Paribas Fortis, Rabobank, Sumitomo Mitsui Banking Corporation and Mizuho Bank. The Danish and Norwegian export credit agencies EKF and GIEK also take part in the financing of the offshore wind project. Subordinated debt is provided by the shareholders and by PMF Infrastructure Fund, the infrastructure investors TINC listed on Euronext and DG Infra Yield.
The financial close allows the project to go into its construction phase, due to start in spring 2016. Once completed, the Nobelwind offshore wind farm will have a capacity of 165 MW generated by 50 Vestas V112-3.3MW turbines. The installation will be able to generate 651 GWh of electricity annually, enough to supply the equivalent of 186.000 homes or the combined inhabitants of the cities of Ghent, Namur and Hasselt.
Nobelwind expects to finalize the project in the second half of 2017.
The vast experience of the Parkwind team builds on the success of the first phase of the Belwind wind farm on the Bligh Bank, built in 2010, and the finalization of the Northwind project on the Lodewijk Bank in 2014.The project will use the latest technology and equipment, greatly increasing the chances of the project meeting optimal conditions for safety and timely delivery within the planned budget.
Nobelwind has secured the services of Jan de Nul for the fabrication and installation of foundations and wind turbine installation, wind equipment manufacturer MHI Vestas Offshore, Offshore High Voltage Station designer and fabricator Bladt, Inter array cable manufacturer Prysmian and inter array cable installation company DeepOcean and has concluded an electricity purchase agreement with EDF Luminus.
Profin and Marsh have developed an insurance portfolio subscribed by Codan, Axa, Mitsui and GCube.This fourth offshore wind farm will significantly reinforce the Belgium’s renewable electricity capacity.
About Nobelwind S.A.
Nobelwind’s mission is to design, build and operate an offshore wind farm in the North Sea, in the Belwind concession. Nobelwind is a separate legal entity, distinct from Belwind SA, managed by Parkwind NV allowing investors to manage their exposure to risks associated with project development.The shareholding of Nobelwind brings together experienced investors with strong financial capabilities: the Dutch fund Meewind (19.9%); Belgian company Parkwind (41.08%), which includes among its members the Colruyt Group and investment companies Korys and PMV; and the Japanese group Sumitomo Corporation (39.02%).
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