RWE close to secure project financing for Galloper offshore wind farm

RWE is close to achieve project financing for the UK 540 MW Galloper offshore wind farm, located 27 km off the coast of Norfolk, UK.

According to sources, the firm is seeking to close a deal with three partners which would acquire a 75% stake in the project. Germany’s Siemens AG and U.K.’s Green Investment Bank are two of the three partners.

Whit a total project investment estimated at £1.3 billion (US$2 billion), the offshore wind farm is expected to use 56 Siemens SWT-6.0-154 turbines. The new facilities could power between 200,000 and 300,000 households

In early September 2014 we reported that SSE agreed exit terms with RWE for its interest in the project. In March, SSE announced that it would not be progressing its stake in the Galloper offshore wind farm project beyond the development phase.

Later in October 2014 RWE announced the decision of abandoning the development of the project in its current form. At that time the firm said that this decision reflected the tight time scales available to secure financing whilst still achieving accreditation under the renewable obligation, which overall results in an unacceptable balance of risk and reward as compared with the investment disciplines embraced by the RWE Group.