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DEAL ANALYSIS: Butendiek
28 February 2013
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[industriens pension]
Butendiek became the first German offshore project to reach close in nearly 18 months when its Eu1.417 billion ($1.87 billion) financing signed in February. The deal nearly collapsed last year, after developer wpd struggled to raise the project’s equity requirement from outside investors.
European developers have had to work hard to raise enough bank debt to finance large-scale offshore projects without leaning heavily on multilaterals and export credit agencies. Butendiek bucks this trend, since wpd managed to win commitments last year from a solid club of banks. But perceived risks attached to the project’s interconnection scared away equity commitments and held up close for several months.
Butendiek will be a 288MW wind farm roughly 32km from Sylt in the German North Sea. The project dates back to 2002, when OSB Offshore-Buerger Windpark Butendiek received approval for the project from the German environmental ministry. Its initial plan was to develop the project with...
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