News / IPPToday #44: Northland Power reaches financial close on the €1.3B Deutche Bucht offshore wind project

IPPToday #44: Northland Power reaches financial close on the €1.3B Deutche Bucht offshore wind project

🕔 August 25, 2017
IPPToday #174: New York awards contracts for 1.38 GW renewable projects

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Canada-based energy utility Northland Power has announced the financial close in the 252-MW Deutsche Bucht (DeBu) offshore wind project in the German North Sea.

A consortium of banks consisting of KfW IPEX-Bank, Natixis, Santander, CIBC, Commerzbank, Helaba, National Bank of Canada, Rabobank, Société Générale and Sumitomo Mitsui Banking Corporation have acted as lenders on the €988 million financing of the Deutsche Bucht offshore wind farm project. International law firm Watson Farley & Williams has acted as advisor for the consortium.

The total estimated project cost is approximately €1.3 billion (US$1.55 billion).

The wind farm is located in the German North Sea approximately 95km northwest of Borkum and is scheduled to be connected to the grid by 2019. Deutsche Bucht will produce enough energy to supply approximately 178,000 households and will reduce CO² emissions by over 360,000 tonnes per year. It is also one of the last wind farm projects that will benefit from the statutory feed-in tariff under the German Renewable Energy Act (EEG) due to expire in 2020. 

MHI Vestas has been selected as the preferred supplier to supply and install the turbines. DeBu will be connected to the 800 MW BorWin Beta off-shore converter station which has already been constructed.

Lead Partners Malte and Sven commented:

“We are delighted to have advised the banks on this important project, which demonstrates once again WFW’s outstanding track record acting on large cap energy transactions”.

As we reported in early March, Northland Power Inc. and Highland Group Holdings Ltd.  have signed a definitive agreement whereby Northland acquired 100% of the project. 

Northland also owns the 600 MW Gemini offshore wind farm in the Dutch part of the North Sea, some 85 kilometres off the coast of Groningen. The project, which started operation in May, consists of 150 4-MW wind turbines by Siemens.

We have informed about other offshore wind projects in the North Sea: 

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