Deutsche Bank’s Global Transaction Banking division is managing refinancing of Wind MW’s 288MW Meerwind Sued/Ost offshore wind farm in the German North Sea.
Deustche Bank will support bonds and credit facilities in the Meerwind refinancing.
Most critically, it will act as intercreditor agent, ensuring the widely held debt is managed from end-to-end for all creditors during the long-term operational phase of the project.
In addition, the bank has been mandated as the indenture trustee, registrar and the agent for security, principal paying, US paying, Schuldschein, facility and settlement.
WindMW refinanced its construction loans with the issuance of approximately €1bn of senior secured project bonds in the form of listed euro and US dollar bonds, privately placed German registered notes (Namensschuldverschreibungen) and promissory note loans (Schuldscheindarlehen), along with a working capital facility and decommissioning letters of credit.
The green bonds are the first senior secured bonds for a German wind farm in operation to receive an investment grade rating from all three major rating agencies.
The construction of the wind farm was initially financed by loans from a syndicate of commercial banks, together with a development bank and export credit agency.
The 80-turbine-project was fully commissioned in February 2015.
Deutsche Bank executive Sriram Iyer said: “We are delighted to have followed up our success in the renewable/wind energy space with another key mandate.
“It confirms the continued appetite of institutional investors in offshore wind assets, and the ability of Deutsche Bank to support complex multi-sourced debt financing across regions as a single sourced solution.
“Infrastructure refinancing in the capital markets will be key this year with rising rates in a continued low-yield environment leading to similar bond take-outs.”
The bank has played a similar role in the recently closed acquisition financing of Dong Energy’s Gode Wind 1 project.
Image: Meerwind offshore wind farm (DNV GL)
