Nordsee One 332MW offshore wind farm

Overview:

• Nordsee One, a project company owned by Northland Power and Innogy, is developing a 332MW wind farm in German waters in the North Sea.
• The project has an expected cost of €1.2 billion, which will be raised through equity investments and borrowing.
• Financial close on an €840 million non-recourse secured construction and term loan was reached in March 2015.  
• The debt for the project is being provided by 10 lenders: ABN Amro, Bank of Montreal, Commerzbank, Export Development Canada, Helaba, KfW IPEX, National Bank of Canada, Natixis, Rabobank, and The Bank of Tokyo-Mitsubishi.  
• Northland acquired 85% of the project from Innogy, which retained 15% in the project, in 2014.   
• Construction of the project began in 2016 and is scheduled to complete by the end of 2017.
• In March 2017, installation of the wind farm's first turbine was completed.  

Ben Naylor - Regional editor