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Offshore Ongoing
WHAT WE DO - TRANSACTIONS
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116 transactions found
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Offshore Ongoing
Debt
Offshore Closed
Green Giraffe Advisory served as the exclusive financial advisor to EEW Group in successfully closing its major corporate refinancing of EUR 435 M.
This landmark closing represents a powerful validation of EEW Group’s robust track record and market leadership, securing confidence from a wide range of top-tier banking partners.
Green Giraffe Advisory, through the leverage of our wide banking network, sourced the most attractive facilities to meet EEW Group’s strategic capital requirements and ensure deliverability, aligning the company’s financial foundation with its long-term growth ambitions across the energy, infrastructure and industrial sectors.
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Offshore Closed
Green Giraffe Advisory advised CIP on the acquisition of a 49% stake in Taean Wind Power and its successful bid in the 2024 Korean wind auction
Green Giraffe Advisory acted as the exclusive financial advisor to CIP on its acquisition of a 49% stake in the Taean Wind Power project through its flagship fund, Copenhagen Infrastructure V, in late 2024, as well as its subsequent successful bid in the 2024 Wind Power Fixed-Price Contract Auction arranged by the Korea Energy Agency (KEA).
The Taean Wind Power project, which will be jointly developed with Vena Energy, is a fixed-bottom offshore wind project with a planned capacity of 500 MW. Construction is targeted to start in the second half of 2026, with commercial operations anticipated by late 2029.
The Green Giraffe team is pleased to have supported CIP’s acquisition and its continued growth in the Korean offshore wind sector, which is one of the most promising in APAC.
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E-fuels Closed
Bankability review of the IJmuiden Ver Beta 2 GW combined OW/H2 project being developed by CIP and Vattenfall in the Netherlands.
Green Giraffe Advisory carried out a bankability review of the IJmuiden Ver Beta 2 GW combined offshore wind and hydrogen project being developed by CIP and Vattenfall in the Netherlands ahead of the project bidding in a public tender. Green Giraffe Advisory’s review focused on the hydrogen component of the project, including the proposed revenue structure.
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Offshore Closed
Green Giraffe supported Marguerite on the successful divestment of their 10% stake in the C-Power offshore wind farm to existing shareholders.
C-Power is a 325 MW offshore wind farm with 54 Senvion turbines installed on the Thornton Bank in the Belgian North Sea. It is the first offshore wind farm built in Belgium, having achieved commercial operation for its first 30 MW in 2009 and completed the construction of its third and final phase in 2013. Green Giraffe Advisory has been involved with the offshore wind farm since its greenfield financing in 2010.
Photograph courtesy of C-Power NV. Photographer: Tom D’Haenens
Debt
Offshore Closed
Development services
Offshore Closed
Green Giraffe Advisory supported Mitsui, RWE and Osaka Gas in securing 684 MW project in Japanese offshore wind auction
Our team has advised the consortium of Mitsui & Co., Ltd. (“Mitsui”), RWE Offshore Wind Japan Murakami-Tainai K.K. (“RWE”) and Osaka Gas Co., Ltd. (“Osaka Gas”) in their successful bid to deliver a commercial-scale offshore wind project off the coast of the cities of Murakami and Tainai, Niigata Prefecture, Japan. Green Giraffe Advisory was the sole financial advisor to the consortium under a full scope advisory mandate for the tender period.
The consortium was awarded the concession in 2023. In the tender evaluation, the consortium was given full scores for project deliverability, which includes aspects of financial planning, schedules, etc. We are pleased to have supported the consortium with our local expertise combined with extensive international offshore wind knowledge.
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Offshore Closed
Marguerite Pantheon, a bespoke investment vehicle to managed by Marguerite, was exclusively advised by Green Giraffe on the sale of its 22.5% stake in Butendiek, a 288 MW operational offshore wind farm
Debt
Offshore Closed
Green Giraffe advise on EUR 4.4 bn non-recourse project financing for the Baltic Power offshore wind project in Poland
Green Giraffe Advisory advised the sponsors, Northland Power and ORLEN, on the EUR 4.4 bn non-recourse project financing consisting of EUR 3.6 bn of term loan facilities and EUR 0.8 bn of ancillary facilities for the 1.14 GW Baltic Power offshore wind project.
The debt financing for Baltic Power, which was signed on Wednesday, 19 September 2023, is being provided by 25 banks including the European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD) and the export credit agencies EDC (Export Development Canada), Export and Investment Fund of Denmark (EIFO) and Germany’s Euler Hermes as well international and local commercial banks.
The Baltic Power project is located in the Baltic Sea approximately 22 kilometers off the Polish coast and has obtained all environmental approvals and major construction permits. Once operational, which is estimated in the latter half of 2026, Baltic Power will be amongst the largest offshore wind projects globally. It is expected to provide clean energy to over 1.5 million Polish households and will play an important role in helping Poland achieve its target of up to 11 GW of offshore wind to be constructed by 2040.
Baltic Power is part of the first 5.9 GW round of offshore wind projects in Poland and obtained a grid connection and a 25-year fixed CfD offtake arrangement. The CfD offtake arrangement is Euro-pegged and includes an inflation indexation mechanism.
Green Giraffe Advisory acted in co-advisory with Pekao Investment Banking on the structuring and arrangement of the financing. The Sponsors were additionally supported by Hogan Lovells (legal).
Debt
Offshore Closed
Green Giraffe Advisory advised Veja Mate on raising an additional senior debt facility and replacing the DSRA in place by a DSRF
Green Giraffe Advisory was mandated as exclusive financial advisor by the project company Veja Mate Offshore Project GmbH, a 402 MW offshore wind farm located in the German North Sea, to raise an additional senior debt facility and a DSRF to replace the project’s DSRA. The financing has been secured among the existing pool of senior debt lenders with a very competitive pricing.
The Veja Mate Offshore Project is a German offshore wind farm located in the North Sea that has been operational since 2017 with excellent operational track record, having one Best Offshore Windpark on various occasions. As of 2023, the shareholding group consists of a consortium formed by Commerz Real, Ingka Investments, KGAL, and wpd invest.
Green Giraffe Advisory has supported Veja Mate on numerous occations (greenfield financing, debt restructuring, sell-side) and is proud to have supported the project team on yet another successful milestone.
Development services
Offshore Closed
Green Giraffe Advisory supported the Formosa 4 (fixed-bottom offshore wind) and Formosa 5 (floating offshore wind) projects in the Taiwan Round 3 Phase 1 tender submission
In 2022, Green Giraffe supported Synera Renewable Energy (SRE), formerly Swancor Renewable Energy in the tender submission to Taiwan’s first auction round for the Phase 3 Zonal Development of Offshore Wind. In particular, Green Giraffe prepared the financial model, ran a debt market sounding and supported SRE in the bid preparation and offtake strategy.
Formosa 4 was awarded 495 MW of development capacity by Taiwan’s Ministry of Economic Affairs, alongside six other projects with COD expected to be in 2026/2027. This is the first zero-bid auction in Taiwan, projects will therefore rely on corporate PPAs. Formosa 5, a floating offshore wind project adjacent to Formosa 4, stands out as the only floating offshore wind farm that has passed the preliminary EIA review and the first floating wind site to attend grid auction in Taiwan and the entire APAC region.
Debt
Offshore Closed
Green Giraffe acted as sole financial advisor in the amendment of Gemini 600 MW offshore wind farm's financing
Gemini is a 600 MW offshore wind farm located 85 km off the Dutch coast in the North sea. The wind farm has been in operation since May 2017 and is fully ISO 45001 and 55001 certified.
It is ultimately owned by Northland Power, Siemens Financial Services, HVC and Alte Leipziger/Hallesche Group.
In October 2022, Gemini reached another key milestone by amending its senior and subordinated debt, repricing the hedge and fully replacing all reserve accounts to debt service reserve facilities. Green Giraffe acted as exclusive financial advisor to support the project in securing highly attractive terms in the debt market. Green Giraffe was previously involved in the initial EUR 2.8 bn financing of the project which reached financial close in 2014 and in its subsequent round of refinancing in 2017.
More details on Green Giraffe’s past transactions with Gemini here (Green Giraffe was mandated to advise on the EUR 2.8 bn financing of the 600 MW Gemini offshore wind project in the Netherlands) and here (Green Giraffe was mandated as exclusive financial advisor to help Gemini assess refinancing options).
See also Green Giraffe’s involvement in recent amendments, restructuring and refinancing transactions on the market: Deutsche Bucht, Norther and C-Power.
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Solar / hybridisation Closed
Green Giraffe advised WindSpace on the Expansion project to raise corporate equity in exchange for a minority stake in the company
WindSpace has been developing wind and solar projects in Europe since 2006, with a significant pipeline of renewable energy projects across the Nordics, Eastern Europe and the Balkans.
Green Giraffe advised WindSpace in finding an equity investor to support its future ambitions and fund the growth of the company.
Triodos Energy Transition Europe Fund has been at the forefront of sustainability and, through the acquisition of a minority stake in WindSpace, it can now expand in markets that are complementary to the fund.
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Offshore Closed
Two Towers is an innovative 19 MW offshore wind farm in the Netherlands
Two Towers, an innovative 19 MW offshore wind farm developed by a consortium including Van Oord, was sold to fund manager Octopus Energy Generation. Two Towers brings five innovations in operation, most importantly the innovative slip joint connection. Amongst the other innovations that have been implemented at the site is a revolutionary eco-design used for scour protection that promote more marine biodiversity around the wind farm.
Development services
Offshore Closed
Green Giraffe provided tender support in preparing a bid for the Dutch offshore 1,400 MW Hollandse Kust (west) VI & VII tenders
For this offshore wind tender the Dutch government created separate tenders for two 700 MW plots in the Dutch North Sea. In addition to a financial bid the tender criteria included requirements to provide investments and innovations that benefit the North Sea ecology (site VI) and solutions that benefit the system integration of the produced electricity (site VII). Green Giraffe was an integral part of the bid writing team for both plots. The deadline for handing in the bids was on 12 May 2022. Winners are expected to be announced at the end of this year.
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Offshore Closed
Van Oord has signed an agreement for the divestment of their 10% stake in the offshore wind farm, Blauwwind, in the Netherlands
Green Giraffe was mandated by Van Oord to advise on their divestment from the Blauwwind Project, an operational 731.5 MW offshore wind farm in the Dutch North Sea.
Luxcara, an international renewable energy asset management firm, has signed an agreement with international marine contractor Van Oord to acquire a 10% share in the Blauwwind Project located off the coast of Zeeland, the Netherlands. Blauwwind is the last project benefitting from a tariff before the start of zero bid tenders in the country.
Green Giraffe acted as the sole financial advisor to Van Oord on this transaction. The scope included the preparation of the information package, as well as supporting the due diligence process and negotiations with investors. The transaction was signed on 22 December 2021 and closed on 31 December 2021.
Debt
Offshore Closed
Green Giraffe supported Formosa 2 offshore wind project in the restructuring of its debt facilities.
In 2021 Green Giraffe supported Formosa 2 in the successful restructuring of the EUR 1.8 bn facilities during construction. Green Giraffe led negotiations with the existing financing group which includes 20 lenders and 4 export credit agencies.
After overcoming numerous challenges throughout the COVID-19 pandemic, in September 2023 Formosa 2 became the first Round 2 offshore wind project in Taiwan to commence commercial operations. This achievement marks a significant milestone in Taiwan’s energy transition.
Formosa 2 has been jointly developed by JERA (49%), Macquarie’s Green Investment Group (26%) and Swancor Renewable Energy (25%).
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Offshore Closed
Green Giraffe supported the construction of the innovative two turbine, 19 MW offshore wind farm on the Dutch Borssele V plot
Green Giraffe assisted in the construction management of the innovative two turbine, 19 MW offshore wind farm on the Dutch Borssele V plot. The project is committed to contribute to lowering both the LCOE (levelised cost of energy) and the environmental impact of offshore wind farms. The innovative slip joint technique will potentially decrease installation times and reduce maintenance for future wind farms. Amongst other innovations that will be tested at the site is a revolutionary eco-design used for scour protection that will have a positive effect on the maritime environment.
After assisting the project in the bid preparations Green Giraffe was involved in the further development of the project, assisted in the project management, contracting, financing and business case optimisation of the project. The project reached FID in November 2018.
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Offshore Closed
Green Giraffe advised Japan Renewable Energy (JRE) in the sale of a partial equity stake in its Saikai Enoshima Offshore Wind Power Project (Project) to the German renewables developer wpd.
JRE aims to construct and operate an offshore wind farm with a maximum output capacity of 299.5 MW in the offshore Enoshima in Saikai city, Nagasaki prefecture, Japan. The Project area is currently designated as Promising Zone (Yubou na Kuiki) by the Japanese government. Green Giraffe acted as sole financial advisor to JRE in the sale.
“We would like to express our gratitude to the entire Green Giraffe team on their extensive support during this process, the team was very professional and extremely helpful in our negotiations as well as the entire process.
I would like you to know that we especially extend our gratitude to the deal team members. We would not be where we are today without them.”
Doi Kiyoshi, Head of Development at JRE
Debt
Offshore Closed
Green Giraffe acted as the sole financial advisor on the non-recourse refinancing of the 252MW Deutsche Bucht offshore wind farm in the German North Sea.
Green Giraffe advised Deutsche Bucht on the refinancing of the 252MW offshore wind project, located in the German North Sea. The project, which began operation in 2020 and comprises of 31 V164-8.4 MW MHI Vestas Offshore Wind turbines, is owned by Northland Power.
The transaction closed on 26 March 2021, with the sponsors successfully arranging a EUR 886 M senior debt refinancing package. The refinancing will reduce the interest rate on the project’s senior debt to 2.3% all-in (from approximately 2.6% all-in) and accordingly improve cash distributions from the project over the remaining 13-year senior debt term. The refinancing also included the addition of a Debt Service Reserve Facility, which released €50 million of cash, immediately enhancing Northland’s corporate liquidity.
Green Giraffe was previously involved in the development, sale and original financing of Deutsche Bucht in 2017 and has been supporting the project during construction.
The Deutsche Bucht refinancing won the 2021 inspiratia award for Top Refinancing Deal of 2021.
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