Northwester 2 219MW wind farm

5/10/2018
Project development, Project finance

€ 700 million

$ 775.974 million

Announced

5/10/2018


Overview:

  • Northwester 2 219MW wind farm
  • The project is situated in the Belgian North Sea, 50km off the shore of Ostend, Belgium. Northwester 2 is a project company owned by Parkwind (70%) and Summit Tailwind Belgium (30%), which is a part of the Sumitomo Corporation.
  • A consortium of senior creditors consisting of Belfius Bank, BNP Paribas Fortis, Coöperatieve Rabobank, ASN Bank, ING Belgium, KBC Bank, Société Générale, Sumitomo Mitsui Banking Corporation, Triodos Bank, the European Investment Bank and EKF Danmarks Eksportkredit all contributed with the financing of Northwester 2's €700 million project.
  • The wind farm will comprise 23 MHI Vestas V164-9.5MW wind turbines, making it the first wind farm to feature the particular turbine model.
  • In July 2019, offshore wind developer Parkwind and marine contractor Jan De Nul began offshore seabed preparation works in the Belgian North Sea.

Prin Shasiharan - Researcher

Jurisdictions:

Belgium
Denmark

Deal types:

Project development
Project finance

Practice areas:

Banking
Project development

Industry sector:

Energy


Firms:

Party: Sumitomo Mitsui Banking Corporation (Shareholder)

Lawyer: Frederiek Adams


Party: European Investment Bank - EIB (Lender)


Party: Belfius Bank (Lender)

Party: BNP Paribas Fortis (Lender)

Party: Rabobank (Lender)

Party: ING Bank (Lender)

Party: KBC Bank (Lender)

Party: Société Générale (Lender)

Party: Sumitomo Mitsui Banking Corporation (Lender)

Party: Triodos Bank (Lender)

Party: EKF Denmark's Export Credit (Lender)

Party: European Investment Bank - EIB (Lender)

Party: ASN Bank (Lender)


Party: EKF - Eksport Kredit Fonden (Lender)


Party: Northwester 2 (Project developer)

Lawyer: Marc Vermylen


Party: Parkwind (Seller)