Windpark Zeewolde announces refinancing

Windpark Zeewolde B.V., Vestas and Rabobank have closed contracts for turbines and financing for the Windpark Zeewolde project in the Netherlands. Green Giraffe advised Windpark Zeewolde on the transaction. Windpark Zeewolde B.V., a unique collaboration of more than 200 local farmers, residents and entrepreneurs of the Netherlands, has placed an order for 83 Vestas wind energy turbines totaling 322 MW for the wind project Zeewolde. The project is in the outskirts of Zeewolde, close to the IJsselmeer, on an area that covers over 300 square kilometers. The wind park currently consists of more than 200 turbines which will be replaced by new Vestas turbines that will generate almost three times more energy with less the half the number of turbines, demonstrating the large potential in replacing older turbines with new and more efficient variants. The financing of the windfarm will be arranged by Rabobank. Rabobank will provide both the junior debt and a senior debt (approx. EUR 500m) for the construction of the project. Rabobank was keen to support the financing of this project, due to its cooperative structure comprising of a large client base of the bank in addition to supporting the energy transition. Vestas has developed a customised solution that comprises a mix of turbine variants from the 2 MW and 4 MW platforms and a 20-year Active Output Management (AOM 5000) contract, capable of maximising the annual energy production while meeting local restrictions. “We are convinced that we have signed strong partners with Vestas and Rabobank with whom we can now realize the windfarm construction quickly and efficiently,” says Sjoerd Sieburgh Sjoerdsma, Managing Director Windpark Zeewolde BV. “In October 2019 we already started with the construction of the substation and the wind farm infrastructure. This was based on the financing from our community showing the confidence and entrepreneurial spirit of our community. Now, with Vestas and Rabobank we can start the construction of the turbines”. “I’m excited that our new customer Windpark Zeewolde B.V., chose Vestas as partner for such a unique wind energy project in my home country. It marks a great step for the renewable power supply of the region, and we are looking forward to, together with our partners, repower Europe’s largest community owned wind farm that is also Netherlands’ largest onshore wind project”, says Nils de Baar, President of Vestas Northern & Central Europe. “Leveraging customised wind energy solutions with lowest levelized cost of energy, this repowering project, for which more than 90% of the community living nearby has united as shareholders for, will almost triple the annual energy production.” Rabobank was represented by Pieter Plantinga, Executive Director Project Finance during the process. He adds: “Watching tv, illuminating our houses, and nowadays working online from home: all available by the push of a button. Rabobank wants to ensure that when we press it, the consumed energy originates from renewable sources as much as possible. For that, we as a cooperative bank are willing to take financial risks if needed. Financing a wind farm of this magnitude requires months of effort from everyone involved. But it’s worth it, because this is a crucial step in achieving the goals of the Dutch Climate Agreement. Enabling the local community to profit from the revenues of park Zeewolde is a big plus and suits us as a cooperative bank.” The deliveries of the wind turbines are expected to begin in the first quarter of 2021. The entire park will be completed in 2022, and it will be the largest onshore wind farm in the Netherlands and the largest community-owned windfarm in Europe. Once repowered, the Zeewolde wind project will generate electricity for more than 250.000 local households.

Green Giraffe advised on the EUR 2 bn refinancing for the 600 MW Gemini offshore wind farm, which closed concurrently with full project completion. TORONTO, ON–(Marketwired – April 28, 2017) – Northland Power Inc. (“Northland” or “the Company“) confirmed today that the 600 MW Gemini offshore wind farm achieved full completion on April 28, 2017. The project was completed ahead of schedule and under its total budget of EUR2.8 billion. All 150 turbines have been operating since October 2016 and, to date, have generated over EUR250 million of net pre-completion revenues. Full completion marks the official end of construction and signifies that all of the terms required to satisfy the project lenders for term conversion have been achieved. Concurrent with achieving full completion and term conversion of the loan, Gemini has also successfully and favourably restructured the project’s EUR2 billion senior debt. This restructuring will reduce loan margins, remove the original cash sweep requirements in year 5 under the previous mini-perm financing, and significantly improve distributions to Gemini’s owners. As a result of these significant milestones, the project will soon make its first cash distribution to its owners; Northland expects to receive a one-time distribution of approximately EUR31 million comprised of its share of excess net pre-completion revenues and unused construction contingency. Regular distributions from Gemini are expected to commence in December of this year and semi-annually thereafter. “Today’s announcement is a remarkable achievement and the result of exceptional collaboration between all involved,” said John Brace, CEO of Northland. “I would like to commend the Gemini project team; Siemens, who supplied, erected and commissioned the turbines; Van Oord, who designed, procured and installed all other aspects of the project; and everyone engaged with the debt restructuring for their significant efforts. The successful completion of our first offshore wind farm — ahead of schedule and under budget — combined with the loan restructuring, reflects Northland’s proficiency in delivering high-quality sustainable energy infrastructure that provides attractive shareholder returns.” The offshore wind farm is owned by Northland Power (60%), Siemens Financial Services (20%), Van Oord Dredging and Marine Contractors BV (10%) and N.V. HVC (10%). Gemini is expected to generate enough clean and renewable energy to meet the needs of 1.5 million people in the Netherlands, and reduce the country’s CO2 emissions by 1.25 million tons per year. Located 85 kilometers from the coast of Groningen, Gemini is one of the largest offshore wind farms in the world. ABOUT NORTHLAND Northland is an independent power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates facilities that produce ‘clean’ (natural gas) and ‘green’ (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities. The Company owns or has a net economic interest in 1,394 MW of operating generating capacity and 932 MW (642 MW net to Northland) of generating capacity under construction, including a 60% equity stake in Gemini, a 600 MW offshore wind project, and an 85% equity stake in Nordsee One, a 332 MW offshore wind project, both located in the North Sea. The Company also recently announced the acquisition of a 100% equity stake in a 252 MW offshore wind project DeBu currently in advanced development in the North Sea.

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.