Cobra gets green label on loan for 50-MW Scottish floating wind farm

Spanish engineering group Cobra Instalaciones y Servicios SA has secured a green loan for the company behind the 50-MW Kincardine floating wind project off the coast of Aberdeen, Scotland.

French bank Natixis SA (EPA:KN) said it acted as sole green loan coordinator for the GBP-380-million (USD 472.6m/EUR 420.8m) financing and was one of the mandated lead arrangers, underwriters and bookrunners in the transaction.

The green credentials were confirmed by the Climate Bonds Initiative (CBI), which awarded the Certified Climate Bond label to the financing of the project. Research and rating agency Vigeo Eiris has been mandated as verifier of the Marine Renewable Energy Criteria that ensures that the loan is in line with the 2 degrees Celsius warming limit set in the Paris Agreement, Natixis said.

The Kincardine wind farm will have six wind turbines installed on semi-submersible structures designed by Principle Power Inc, a specialist in the floating foundation technology. MHI Vestas Offshore Wind supplied one 2-MW and five 9.5-MW turbines for the project.

Kincardine generated first power from the 2-MW turbine in late 2018. The array will reach full capacity by the fourth quarter of 2020.

(GBP 1.0 = USD 1.244 /EUR 1.107)

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