Westermeerwind reaches financial close

The EUR 320 M Westermeerwind financing, where Green Giraffe advised, closed on 24 July 2014. Here’s the press release describing the transaction, as provided by the company at the time.

A consortium of banks headed by ING and Rabobank as structuring banks will be funding Wind Farm Westermeerwind in Noordoostpolder. In addition to ING and Rabobank , ASN Bank and Triodos Bank are also providing funds, part of which is guaranteed by EKF, Denmark’s export credit agency. The financing agreements were signed in Amsterdam yesterday. The total funding involves a sum of approximately EUR 320m. Managing Director Anne de Groot of Westermeerwind: “We are happy to reach this milestone together with the Dutch banks, Danish EKF, Siemens and Eneco. Thanks to the persistence and dedication of the initiators of this windfarm, now, after 18 years after plans were devised, Holland’s largest near-shore windfarm can be build’.

Siemens will develop the largest near-shore wind farm in the Netherlands based on a turnkey agreement and will operate the wind farm for a minimum term of fifteen years. Several Dutch companies will contribute to the project as subcontractors, including Ballast Nedam and Mammoet for foundations and installation of the windmills, and VSMC (Visser & Smit Marine Contracting) for the cabling to the electrical substation. Energy company Eneco will purchase electricity from the wind farm for fifteen years, and supply is due to  start towards the end of 2015. Ventolines, who since 2007 managed the development  stage, will also be responsible for project management during the construction and asset  management stage on behalf of the initiators of the project.