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Green Giraffe acted as the sole financial advisor on the non-recourse refinancing of the 400MW Global Tech I offshore wind farm in the German North Sea
Green Giraffe advised Global Tech I on the refinancing of the 400MW offshore wind project, located in the German North Sea. The project, which began operation in 2015 and comprises 80 Areva M5000-116 turbines, is owned by a large sponsor group led by SWM, Axpo and Entega.
The transaction closed on 02 November 2020, with the sponsors successfully arranging a EUR 520 M senior debt refinancing package provided by Société Générale, SEB, KfW IPEX-Bank, Bayern LB, Rabobank, ING, ASN and including an institutional tranche of a EUR 100 M fixed rate loan fully underwritten by Kommunalkredit Austria.
The initial greenfield project financing reached financial close in 2011, with EUR 1 bn provided by 16 commercial banks as well as KfW and EIB.
Green Giraffe has acted as the sole financial advisor to Global Tech I and the sponsors since 2017 and assisted them on all aspects of the transaction, including the preparation of a bankable business case and the negotiations of the financing documentation.