Ørsted closes financing for 752 MW of Dutch offshore wind

Offshore wind farm Borssele 1 & 2. Image: Ørsted.

November 12 (Renewables Now) - Danish energy group Ørsted A/S (CPH:ORSTED) has secured a EUR-175-million (USD 200.6m) loan from Helsinki-based Nordic Investment Bank (NIB), completing the long-term financing for the Borssele 1 & 2 offshore wind farms in the Netherlands.

The loan agreement to help co-finance the Danish company's investment is for a duration of eight years, the group said on Friday. It comes on the heels of a EUR-500-million loan agreement with the European Investment Bank (EIB) signed in September.

Ørsted owns 50% of Borssele 1 & 2 after offloading the other half to Norges Bank Investment Management, the manager of Norway's sovereign wealth fund, in May.

The Dutch wind farms, which comprise 94 turbines and have a capacity of 752 MW, delivered first power to the Dutch grid in April 2020 and were fully commissioned in December 2020.

(EUR 1 = USD 1.146)

More stories to explore
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription