Windpark Fryslân reaches financial close
Press release, 2 October 2019
Green Giraffe advised on the EUR 700 M debt raise for Windpark Fryslan, the 383 MW nearshore wind farm, located in the IJselmeer in the Netherlands.
Green Giraffe provided financial advisory services to Windpark Fryslân for the development of the 383 MW nearshore wind farm in the IJselmeer, the Netherlands. 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 financial close the province of Fryslân stepped in as a shareholder with a total investment of EUR 100 M. After completion of construction, inhabitants of the province will be given 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.