Nederlandse Waterschapsbank (NWB Bank) and the Danish export credit insurer EKF have joined Rabobank as co-financiers of the 322MW Zeewolde wind farm repowering project in the Netherlands.
Under the deal terms, NWB Bank and EKF will the share the risks with Rabobank of a €500m loan provided by the latter to fund the project.
Construction is expected to start in the first quarter of 2021.
The project will be completed in 2022 and it will be the largest onshore wind farm in the Netherlands and the largest community wind farm in Europe.
It will feature 83 Vestas turbines comprising a mix of 2MW and 4MW machines.
Windpark Zeewolde general director Sjoerd Sieburgh Sjoerdsma: “We are pleased that solid parties such as the Nederlandse Waterschapsbank and EKF are joining the financing.
“It shows the confidence that parties have in this community-driven wind farm.”
NWB Bank chief commercial officer Frenk van der Vliet said: “The financing of Windpark Zeewolde is a perfect example of the elaboration and implementation of our ‘sustainable water bank’ strategy: the wind farm benefits from our attractive funding rates and as such we make a substantial contribution to an affordable energy transition in the Netherlands.
“This transaction also shows how we give substance to our commitment to the National Climate Agreement.”
EKF chief executive Kirstine Damkjaer said: “We are very pleased to play a part in the financing of Windpark Zeewolde as it marks an important milestone; not only for Vestas as a Danish exporter but for the community behind the wind farm as a whole.
“The project illustrates how local commitment and international collaboration can enable the green transition.”
Rabobank executive director project finance Pieter Plantinga said: “Windpark Zeewolde is a crucial step in achieving the goals of the Dutch Climate Agreement.
“And does so in such a way that the local community can benefit financially. We are pleased that these two strong parties confirm this course and strengthen the Zeewolde Windpark coalition.”
Norton Rose was legal advisor and Incredible and GreenGiraffe financial advisors to Windpark Zeewolde.
The lenders were advised among others by Clifford Chance on legal issues and MottMcDonald on technical issues.