Northland Power has completed the €935m refinancing of the Deutsche Bucht offshore windfarm project.
The 252 MW site (pictured) is located in the German North Sea approximately 95km northwest of Borkum and was connected to the grid in 2019.
It produces energy to supply approximately 178,000 households and has reduced 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.
Watson Farley & Williams (WFW) has advised a consortium of leading German and international banks and financial institutions on the deal, on whose original project financing the firm also advised the lenders in 2017.
The consortium comprised Coöperatieve Rabobank, The Norinchukin Bank, Canadian Imperial Bank of Commerce (London Branch), National Bank of Canada, Caixabank, The Korea Development Bank Headquarters and The Korea Development Bank (London Branch).
Also involved were Swiss Re Europe, Commerzbank Aktiengesellschaft, Société Générale, Bayerische Landesbank (Bayern LB), DZ BANK, Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, and Sumitomo Mitsui Trust Bank (London Branch).
The final members KfW IPEX-Bank, Landesbank Hessen-Thüringen Girozentrale (Helaba), SCOR Infrastructure Loans III (represented by SCOR Investment Partners as management company) and Export Development Canada (EDC).