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Green Giraffe advised on the EUR 320 M financing, closed on 24 July 2014, of the Westermeerwind wind project, 144 MW, in the Netherlands
Westermeerwind is a 144 MW nearshore wind farm located on Lake Ijsel in the Netherlands. The wind farm is part of the 429 MW Noordoostpolder nearshore wind farm, the biggest nearshore wind farm of the Netherlands. The project reached financial close in July 2014 and in-water construction started in March 2015. The project reached completion in 2016, producing over 500 GWh of electricity per year, enough to supply 160,000 households. The total estimated project cost for Westermeerwind amounts to ca. EUR 400 M. Siemens supplied the 48 turbines with a capacity of 3 MW each. Energy company Eneco purchases electricity from the wind farm under a 15 year contract.
The project is owned by Westermeerwind BV and managed by Ventolines. Green Giraffe successfully advised on raising the EUR 320 M debt funding from ING, Rabobank, ASN Bank and Triodos Bank with a part of the debt guaranteed by EKF, Denmark’s export credit agency.