Northwester 2 offshore wind project reaches EUR-700m fin close

The developers of the 219-MW Northwester 2 offshore wind farm in Belgian waters have achieved the official financial close for the project, it was announced on Friday.

Northwester 2 SA, the project company that is owned 70% by Parkwind and 30% by Sumitomo Corp (TYO:8053) of Japan, said today that the scheme can enter the construction phase next spring, having just raised about EUR 700 million (EUR 807m) in financing.

The sum has been secured from the shareholders and some financial institutions such as the European Investment Bank (EIB), which is committing EUR 210 million, and commercial lenders BNP Paribas Fortis, Rabobank, Sumitomo Mitsui Banking Corporation, ASN Bank, Belfius Bank, Triodos Bank, ING Bank, Societe General and KBC Bank. About EUR 100 million of the EIB facility is guaranteed by the Danish export credit agency EKF.

The wind park will be built some 50 km off the coast of Ostend. Jan de Nul has been hired to fabricate and install foundations for the 23 MHI Vestas turbines, while Bladt will manufacture the offshore high voltage station. Inter array and export cables will be supplied by NSW and Nexans, respectively.

“Northwester 2 is expected to be completed in the first half of 2020 and will have a capacity of 219 MW generated by 23 Vestas V164-9.5MW turbines. The installation will be able to generate 818,60 GWh of electricity annually, enough to cover the energy consumption of 220,000 households,” stated project director Peter Caluwaerts.

Northwester 2 will be the sixth offshore wind farm in the Belgian portion of the North Sea.

(EUR 1.0 = USD 1.153)

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