A 50MW floating offshore wind project being built off the coast of Aberdeen, Scotland, has secured £380m (€414m) in financing through a “Certified Climate Bond.”
Natixis acted as sole green loan coordinator for the financing for the Kincardine offshore wind farm, being developed by Cobra Instalaciones y Servicios.
Natixis was also one of the mandated lead arrangers, underwriters and bookrunners for the transaction, which closed on 12 June.
Kincardine will consist of six turbines, one of which will have a 2MW capacity, while the remaining five will each have a capacity of 9.5MW.
The MHI Vestas turbines will be installed on semi-submersible floating structures designed by Principle Power, located in water depths ranging between 60-80 metres.
The project is expected to be fully operational by the fourth quarter of 2020.
Through the certification process conducted by Natixis, the financing of the project was awarded the “Certified Climate Bond” label by Climate Bonds Initiative.
Natixis Spain and Portugal corporate and investment banking senior country manager Jean Philippe Adam said: “Natixis is very pleased to support its key client Cobra in this landmark transaction which confirms Natixis’ leadership in the green, social and sustainability financing.”
Climate Bonds Initiative chief executive Sean Kidney said: “This is the first Climate Bonds Certification of a floating offshore wind project, congratulations are due to both Cobra and Natixis for their innovation and leadership.
“It’s a global scale transaction providing a strong pointer to the enormous investment potential in the floating wind sector.”