The Blackstone Group has issued green bonds through its German affiliate WindMW to refinance loans to build the 288MW Meerwind Sued/Ost offshore wind farm.
WindMW sold bonds worth €978m last week to some 20 investors from Europe and the USA to repay bank loans used to build the wind farm.
Meerwind Sud/Ost started operating in 2014.
The project’s initial lenders included Germany’s KfW Group and Danish development bank Eksport Kredit Fonden, along with a consortium of commercial banks.
This is the first time an operating offshore wind farm is financed via bonds, WindMW said.
WindMW executive Sebastian Schmidt said: “We are happy that the bond was issued as green bond and that the improved financing conditions strengthen the position of our project.”
Jefferies Investment Bank acted as sole lead placement and sole structuring agent on the bond.
The offering was certified as a Green bond by DNV GL and achieved an Investment Grade rating by all three major rating agencies S&P (BBB-/), Moody’s (Baa3) and Fitch (BBB-).
Image: Meerwind offshore wind farm (DNV GL)
