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 Rentel project in Belgium. Jointly owned by a group of 8 Belgian sponsors, Rentel holds the concession in the Belgian exclusive economic zone, for an offshore wind farm of up to 309 MW. Green Giraffe successfully advised on raising the EUR 850 M non-recourse loan facility, which closed in October 2016. The project comprises 42 Siemens SWT-7.0-154 turbines.
The project has started operation in 2018.
Project highlights
- 309 MW offshore wind farm
- Total project investment of EUR 1.1 billion
- Approximately 42 km off the harbour of Ostend in the North Sea
- Expected to produce over 1.1 TWh of electricity per annum
Financing highlights
- EUR 850 million in long term facilities
- 17-year tenor post construction and 75% debt to equity ratio
- Lending group composed of 8 commercial banks in addition to the European Investment Bank, EKF (Denmark) and Delcredere|Ducroire (Belgium)
“Thank you for your consistent professionalism and friendly approach during the Rentel transaction. It has also been our pleasure to work with you and with Green Giraffe again. (Christian Lambert, EKF)”