News / IPPToday #241: Blauwwind Consortium reaches Financial Close on Borssele III/IV

IPPToday #241: Blauwwind Consortium reaches Financial Close on Borssele III/IV

🕔 July 2, 2018
IPPToday #325: Financial close for 487 MW offshore wind project in Belgium UPDATED

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The Blauwwind Consortium has announced financial closure on the Borssele III and IV wind farms in the Dutch North Sea. This sets in motion the construction and subsequent operation of 77 V164 9.5 MW turbines produced by MHI Vestas, with a total installed capacity of 731.5MW.

The consortium partners are Partners Group (45%), Shell (20%), Diamond Generating Europe (DGE) (15%), Eneco Group (10%) and Van Oord (10%). 

Shell and Eneco Group have also secured 15-year Power Purchase Agreements (PPAs) from the Consortium, under which each will buy 50% of the power generated by the wind farms. Van Oord will execute the “Balance of Plant” for the project, consisting of the engineering, procurement and construction of the foundations and inter array cables. The offshore substation Borssele Beta will be designed and constructed by TenneT.

During the first 15 years of operation, Blauwwind will receive a guaranteed price of €54.49/MWh under the Dutch SDE+ scheme, after which the power will be sold at prevailing rates in the wholesale power market. The project capex for the construction phase is €1.3 billion (US$1.5 billion), part of which will be funded through project finance.

David Daum, Senior Vice President, Private Infrastructure Europe, Partners Group, said:

“Borssele is an attractive opportunity to invest in a high-quality offshore wind project alongside experienced partners. With the Dutch government committed to achieving 16% of its energy production from sustainable sources by 2023 as part of a National Renewable Energy Action Plan, we believe the project is both timely and critical in helping the country achieve that aim.”

The Amsterdam office of international law firm Clifford Chance has been advising Blauwwind as sponsors counsel and project counsel since 2016.

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