Parkwind lines up lenders for Northwester 2
Parkwind has mandated nine commercial banks for project financing of its 224MW Northwester 2 offshore wind farm in the Belgian North Sea.
Construction is scheduled to begin in 2020 and financial close is expected before the end of the year. The farm is one of Belgium’s last three projects to have feed-in tariffs – the farm will receive tariffs of €79 per MWh. Northwester 2 has Parkwind (46%), Colruyt (30%), Incontrol (14%) and TTR (10%) as its current shareholders, although Sumitomo has agreed to buy a stake in the project.
The financing is expected to total around €450 million ($513 million) of 17-year debt. The bank line-up includes ASN Bank, Belfius, BNP Paribas, ING, KBC, Rabobank, SMBC, Societe Generale and Triodos. The EIB is also lending and EKF will cover part of the debt.
Jones Day is advising the lenders, Loyens & Loeff is advising the sponsors, Clifford Chance is EIB counsel, and Kromann Reumert is advising EKF. Mott MacDonald is technical adviser.
