Green Giraffe advised Windpark Fryslân on the EUR 700 M debt raise for the 383 MW nearshore wind farm in the IJsselmeer
Green Giraffe provided financial advisory services to Windpark Fryslân (WPF) for the development of the 383 MW nearshore wind farm in the IJselmeer. The project reached financial close on 1 October 2019. Senior debt of around EUR 700 M was provided by a lenders group of 10 banks consisting of ABN AMRO, BNG, BNP Paribas, DZ Bank, Helaba, ING, KBC, KfW IPEX, NWB and Rabobank.
On reaching financial close the province of Fryslân stepped in as a shareholder with a total investment of EUR 100 M. After construction, they will give inhabitants of the province the opportunity to invest in the windfarm through bonds.
Once operational in 2021, the project will be the world’s largest windfarm on a lake. This is another milestone in the lake’s interesting history: the former complex of lakes was flooded by the North Sea, then later closed off again by a 32-kilometer dam and partly drained to create an entire new province with fertile farmland. The area will now additionally supply 383 MW of electricity per year, enough for 500,000 households and 70% of the province of Friesland’s wind energy target. The wind turbines will be located just south of the long dam called Afsluitdijk. The project includes the construction of a nature island further along the Afsluitdijk. The island will be a resting and foraging area for birds and fish. During the construction of the project it may be used as work island.
