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 Veja Mate project in Germany. The project was acquired in September 2014 by Highland Group Holdings, who developed the project with the support of CMS-Hasche Sigle (legal), K2 Management (technical) and Green Giraffe (commercial and financing).
Green Giraffe advised the project on the debt and equity processes and successfully helped to close the sale of part of the project to Siemens Financial Services and Copenhagen Infrastructure II, a fund managed by Copenhagen Infrastructure Partners, and the debt financing, in June 2015. The 402 MW project comprises 67 Siemens SWT-6.0-154 turbines.
Project highlights
- 402 MW offshore wind farm, completed in 2017, ahead of schedule
- Total project investment of EUR 1.9 billion
- Approximately 95 km off the island of Borkum in the North Sea
- Will produce over 1.6 TWh of electricity per annum
Financing highlights
- EUR 1,436 million in long term facilities with financial close in June 2015
- Largest non-recourse project financing for offshore wind in Germany at the time
- Consortium of 8 financial institutions including the KfW Offshore Wind Energy Programme, Danish export credit agency Eksport Kredit Fonden and 6 commercial banks as mandated lead arrangers
Awards
- 2015 Environmental Finance Deal of the Year
“As already proven in recent deals with us (ex. Gemini, Nordsee I), you continue to show us your ability to handle successfully the closing process of such complex renewable deals in record time! (Patrick Escalier, Natixis)”
