It was a good June for European offshore wind bankers. After signing in February, Dong and Centrica’s 270MW Lincs offshore UK farm met conditions precedent and closed, followed by Parkwind (Colruyt) and Aspiravi’s 217MW offshore Belgium project three weeks later.
The two project financings share the same 17-year (15 years plus construction) tenor and come with construction risk for lenders. But the similarities stop there – while Lincs is a pure commercial bank financing, Northwind combines commercial debt with EIB support and guarantees from EKF, GIEK and Office National du Ducroire (ONDD).
The Northwind concession, then known as the Eldepasco project, was granted on 15 May 2006. A change of project ownership prompted a renaming in February 2011. Depret and Electrawinds sold their shares to the project's other shareholders, Colruyt (via its subsidiary Parkwind) and Aspiravi, which increased those companies' holdings to 66.7% and 33.3% respectively....
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