The KfW Group and an international banking consortium will provide a total of EUR 600 million (USD 676m) in financing for the 203-MW Trianel Borkum II offshore wind project in German waters.
The German state-owned development bank said in a statement on Tuesday it will participate with over EUR 300 million in the arrangement. Its subsidiary KfW IPEX-Bank and four other international commercial banks will lend an additional EUR 300 million.
The total cost of the project is estimated at EUR 800 million.
German municipal utilities network Trianel GmbH holds a 37.99% stake in the Trianel Borkum II project, while utility EWE AG owns 37.5%. The remaining 24.51% is held by Zurich-based municipal utility Elektrizitaetswerk der Stadt Zuerich (EWZ) and its investment partner Fontavis. The developers announced they had taken the final investment decision (FID) to build the power plant at sea in April.
The scheme envisages erecting 32 Senvion wind turbines 45 kilometres (28 miles) north of the island of Borkum in the German portion of the North Sea, in a water depth of 25 metres to 35 metres. The plant is expected to be completed in late 2019.
Trianel inaugurated the 200-MW first phase of the Borkum project, which consists of 40 pieces of Areva wind turbines, at the start of September 2015.
(EUR 1.0 = USD 1.127)
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