Northland refinances 252 MW to Deutsche Bucht – reNews
Northland Power has finalized the â¬ 935 million refinancing of Deutsche Bucht’s offshore wind farm project.
The 252 MW site (on the picture) is located in the German North Sea about 95 km northwest of Borkum and was connected to the grid in 2019.
It produces energy to power around 178,000 homes and has reduced CO emissions2 emissions of more than 360,000 tonnes per year.
Deutsche Bucht was also one of the last wind farm projects to benefit from the statutory feed-in tariffs under the German Renewable Energy Act (EEG) which expired in 2020.
Watson Farley & Williams (WFW) advised a consortium of leading German and international banks and financial institutions on the deal, on the initial project financing of which the company also advised lenders in 2017.
The consortium included CoÃ¶peratieve Rabobank, The Norinchukin Bank, Canadian Imperial Bank of Commerce (London branch), National Bank of Canada, Caixabank, Korea Development Bank headquarters and Korea Development Bank (London branch).
Also involved are Swiss Re Europe, Commerzbank Aktiengesellschaft, SociÃ©tÃ© GÃ©nÃ©rale, Bayerische Landesbank (Bayern LB), DZ BANK, Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main and Sumitomo Mitsui Trust Bank (London branch).
The last members KfW IPEX-Bank, Landesbank Hessen-ThÃ¼ringen Girozentrale (Helaba), SCOR Infrastructure Loans III (represented by SCOR Investment Partners as management company) and Export Development Canada (EDC).