Northland Power has closed the EUR935 million (US$1.115 billion) refinancing of the 252 MW Deutsche Bucht offshore wind farm project located approximately 95 km northwest of the island of Borkum, Germany.
The 252 MW Deutsche Bucht was connected to the grid in 2019. The project can produce energy to supply up to 178,000 households and reduces CO2 emissions by over 360,000 tonnes per year. Deutsche Bucht was also one of the last wind farm projects to benefit from the statutory feed-in tariffs under the German Renewable Energy Act (EEG) that expired in 2020.
The consortium is comprised Coöperatieve Rabobank U.A., The Norinchukin Bank, Canadian Imperial Bank of Commerce (London Branch), National Bank of Canada, Caixabank, S.A., The Korea Development Bank Headquarters (KDB Bank, HQ), The Korea Development Bank (London Branch), Swiss Re Europe S.A., Commerzbank Aktiengesellschaft, Société Générale S.A., Bayerische Landesbank (Bayern LB), DZ BANK AG, Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Sumitomo Mitsui Trust Bank, Limited (London Branch), KfW IPEX-Bank GmbH, Landesbank Hessen-Thüringen Girozentrale (Helaba), SCOR Infrastructure Loans III (represented by SCOR Investment Partners as management company) and Export Development Canada (EDC).
Watson Farley & Williams (WFW) has advised the consortium on the transaction.
