Global Tech 1 financing seals 400MW offshore deal

GERMANY: The EUR 1.3 billion financing of the 400MW Global Tech 1 wind farm in the North Sea has closed, and is the biggest project financing in the offshore sector to date.

The project will use Areva's M5000 turbine
The project will use Areva's M5000 turbine

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Project company Global Tech I Offshore Wind — a consortium of European firms — secured EUR 1.047 billion in debt for the scheme from a club of 16 commercial banks, the European Investment Bank and KfW.
Global Tech I will be built in an area of 41 square kilometres around 180 km north-west of Bremerhaven and 138km north-west of Emden — outside protected marine areas in Germany’s exclusive economic zone (EEZ).
Its 80 Areva M5000 wind turbines with a total installed capacity of 400 MW are expected to generate around 1.4 billion kWh a year. It will be connected to the national grid in 2012 and fully completed in 2013.
The EUR 1.047 billion in debt being loaned to the scheme comprises:
  • KfW: EUR 460 million
  • EIB: EUR 100 million direct loan
  • Commercial banks: EUR 487 million in debt guaranteed by EIB
Global Tech I managing director Tim Kittelhake said: "The combination of a reliable wind turbine, strong and fully committed suppliers with a very good technical setup of the wind farm and an experienced project developer, in addition to strong shareholders, shows that the German government's 2020 renewable target is bankable. This is a big step for the financial market and the Offshore Wind industry."
The special purpose vehicle Global Tech I Offshore Wind is responsible for building and operating the project. Its shareholders are the two German municipal utilities Stadtwerke München and HSE AG (Darmstadt), European utility EGL, Esportes Offshore Beteiligungs, the two project-development companies Norderland Projekt and Windreich, and the two companies in the Windreich Group, FC Windenergy and GTU I.
These firms are providing the EUR 253 million equity for the scheme.

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