Green Giraffe advised on the EUR 1.3 billion financing, closed on 25 November 2010, of the 325 MW C-Power offshore wind project in Belgium
Green Giraffe was mandated by the project company to assist in the creation and negotiation of a bankable corporate, commercial and technical structure for the C-Power project in Belgium. Owned by diverse group including local utility Nuhma, Belgian public investment bodies SRIW Environment and Socofe, construction company DEME as well as European utilities EDF and RWE, C‑Power holds the concession to the Thornton Bank area in the Belgium exclusive economic zone.
Following the successful construction of a first 30 MW phase (financed on a non-recourse basis in 2007, and completed in early 2009 within budget and under the agreed timetable), the project company replicated the commercial and financing structure on a larger scale for phases 2&3 involving the construction of 48 Repower 6M turbines and associated infrastructure over 2011-2013.
Project highlights
- 325 MW offshore wind farm
- EUR 1.3 billion investment
- Approximately 30 km off the Belgian coast in water depth of 12-18 m
- Will produce over 1 TWh of electricity per annum
Financing highlights
- EUR 913 million in long term facilities
- Transaction closed on 25 November 2010
- First financing for 6 MW turbines offshore
- First participation by Euler-Hermes to a non-recourse financing for the offshore wind sector
- Largest non-recourse financing for an offshore wind farm at closing
Awards
- 2010 Offshore Wind Deal of the Year (Euromoney)
- 2010 Renewable Deal of the Year (PFI/ThomsonReuters)
- 2010 Renewable Deal of the Year (Infrastructure Journal)
“Green Giraffe has demonstrated extensive knowledge of the Belgian offshore wind market including the various aspects of the regulatory framework, the organisation of the electricity market, the various players of the sector and the tax aspects of the transaction.”
Pierre Lestienne, CFO, C-power (currently RWE Innogy)
Click here for the project website
