wpd AG: Financing for wpd's Butendiek Offshore Wind Farm Secured
(firmenpresse) - (DGAP-Media / 08.02.2013 / 13:13)
The implementation and realization of the Butendiek offshore wind farm is
proceeding. Today, wpd group is announcing that the financing of the
project has been secured by signing the agreements for both equity and debt
project financing. The main components of the wind farm will be produced
during the course of 2013, and the offshore installation is scheduled to
start in spring 2014.
Butendiek is the third offshore wind project for which wpd has negotiated
the supply contracts and it is the second offshore wind farm where wpd
takes responsibility for the construction. For the first time, wpd will
take over not only the project management during the construction phase but
also the technical and commercial management during the operational phase.
wpd will also provide part of the equity as a shareholder in the project.
'Our experience, our market position and our team's competence are the
reasons for achieving this important milestone of securing financing and
for our partners to set their trust in us', says Achim Berge, managing
director of wpd offshore.
Aside from wpd, the group of investors is composed of renowned industrial
partners as well as long-term oriented institutional investors, namely
Marguerite Fund, Siemens Financial Services, Industriens Pension and PKA.
'With its favorable site conditions including wind resources, water depth
and distance to coast, Butendiek is one of the most attractive offshore
wind projects in the German North Sea and it will now be implemented with a
strong international group of investors under the leadership of one of
Germany's most experienced teams', says Berge. wpd's offshore experience is
based on activities in six different European offshore markets. A total of
eight projects in Germany, Sweden and Finland have been successfully
developed until full consent. Furthermore, wpd has as well been successful
in the French market with two of - so far - four projects which have been
awarded during the course of the first French tender process. With a
pipeline of 18 offshore wind projects and a total capacity of 10 gigawatt,
wpd is one of the world's largest offshore wind developers.
The Butendiek project will be built with 80 Siemens turbines of the SWT
3.6-120 class resulting in a total installed capacity of 288 megawatt. The
wind farm is situated in the German North Sea, some 32 km to the West of
the island of Sylt. The wind turbines will be supplied by Siemens, and with
Ballast Nedam for the foundations, Visser&Smit Marine Contracting for the
internal wind farm cabling as well as Fabricom/GdF Suez for the transformer
substation, experienced offshore players have been contracted for the
project who will not only supply the components but who will also be
responsible for design, transportation and installation. The total
investment volume is approx. EUR 1.3 bn.
Project debt financing has been arranged by KfW IPEX, UniCredit and Bremer
Landesbank, in a consortium with European Investment Bank, KfW Förderbank,
Denmark's Eksport Kredit Fonden and further commercial banks including
BayernLB, HeLaBa, HSH Nordbank, ING, Rabo Bank and SEB. wpd will provide
part of the equity itself, thus taking a new approach. 'Closing the project
financing with the consortium of banks as well as our partners' equity
investment are important milestones for the realization of the Butendiek
offshore wind farm. We are pleased to provide evidence that the efforts of
German politics to provide a reliable framework for the offshore wind
industry and the KfW-Programm Offshore-Windenergie lead to the successful
implementation of offshore wind farms in Germany. This is an important
signal for the German offshore market and also for the successful further
development of our company,' comments Dr. Gernot Blanke, wpd's CEO, on the
project status.
Butendiek Key Facts
- 80 wind turbine generators with a total of 288 MW
- situated in the German North Sea, some 32 to the West of the island of
Sylt
- shallow water depth (19 - 22 meters) and favorable soil conditions
- cooperation with reknown suppliers: Siemens (Siemens SWT 3.6-120
turbines),
Ballast Nedam (foundations), Visser Smit (internal cabling), Fabricom/GdF
Suez (offshore substation)
- grid connection by grid operator TenneT TSO via the SylWin-Cluster
- commissioning: successive commissioning upon installation of the
generators starting fall 2014, overall completion in June of 2015
- energy production: some 1,290 GWh/a, equaling supply for some 370,000
households
- total invest: 1.3 billion Euro
About wpd
wpd is a developer and operator of wind farms with activities in 20
countries in Europe and overseas. So far, wind farms with some 1,500
turbines and a total output of 2.5 GW have been implemented by wpd group
and international projects with a further 6.7 GW onshore are under
development. With a pipeline of 10 GW, wpd is among Europe's leading
developers for offshore wind farms. One of the first commercial offshore
wind farms, Baltic 1, has been developed by wpd and implemented by EnBW in
2010. wpd is developing offshore projects in Germany, Sweden, Finland,
Denmark, France and Italy.
wpd offshore:
- 100 % affiliate of the wpd group, Bremen
- Worldwide, one of the leading developers of offshore wind farms with a
pipeline of 18 projects (totaling 10 GW) and activities in 6 countries
(Germany, France, Sweden, Finland, Italy, Denmark)
- The value chain covers project development, construction as well as
operational management
- So far, 8 projects in Germany, Sweden and Finland have been
successfully developed until final consent
- Procurement for 3 projects with a total investment volume of more than
2.5 billion Euros
- Construction management for 2 offshore wind projects (including Baltic
1, Germany's first commercial offshore wind farm)
- Developer of and shareholder in 2 of the 4 projects that have been
tendered in France so far.
Contact:
wpd AG
Christian Schnibbe
Manager PR&Marketing
Kurfürstenallee 23 a
28211 Bremen
Phone: +49 (0) 421 - 168 66 25
E-Mail: c.schnibbe(at)wpd.de
www.wpd.de
End of Media Release
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Issuer: wpd AG
Key word(s): Energy
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