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 Norsee One project in Germany. Jointly owned by Northland Power and RWE, Nordsee One holds the concession in the German exclusive economic zone, for an offshore wind farm of up to 332 MW. Green Giraffe successfully advised on raising the EUR 900 M non-recourse loan facility which closed in March 2015. The project comprises 54 Senvion 6.2M152 turbines.
Project highlights
- 332 MW offshore wind farm, with completion in 2017
- Total project investment of EUR 1.2 billion
- Approximately 40 km off the island of Juist in the North Sea
- Will produce over 1.2 TWh of electricity per annum
Financing highlights
- EUR 840 million in long term facilities with financial close in March 2015
- First large scale offshore wind farm with full construction risk by commercial banks only
- First project under RWE’s “capital light” strategy
“Nordsee One was a very well organized process which is unfortunately not often the case in large project finance transactions, so thanks a lot.”
Mark Osthoff, Vice-President, KfW-IPEX
