Green Giraffe was mandated by the project company on behalf of Trianel and EWE to assist in the creation and negotiation of a bankable corporate, commercial and technical structure for the TWB II project (second phase of the original Borkum West II project) in Germany. Green Giraffe advised the project on the debt and equity processes and successfully helped to close the sale of a 25% stake to a consortium consisting of ewz, the Swiss utility, and Fontavis. The debt financing was closed in May 2017. Jointly owned by the sponsors EWE, ewz/Fontavis and the Trianel group of municipalities, TWB II will have a capacity of 200 MW and comprises 32 Senvion 6.2M152 turbines.
Green Giraffe was mandated by TWB II after financial close to perform ad-hoc agency work in relation to the bank financing. Furthermore, the financial model applied for the debt raising at financial close was transformed into a construction model which includes inter alia updates with actual construction and operation data to facilitate some reporting requirements towards lenders and other stakeholders.
Project highlights
- 200 MW offshore wind farm
- Second phase of the original Borkum West II project
- Offshore substation and other infrastructure to be shared with the first project phase
- Approximately 45 km off the island of Borkum in the North Sea
Financing highlights
- EUR 591 million in long term facilities
- Diverse group of participants with 20 direct shareholders (mostly municipal utilities)
- Lowest debt margins achieved in offshore wind at the time
- Focus on experienced German and Dutch offshore wind banks and deployment of the KfW Offshore Wind Programme
