The Nederlandse Waterschapsbank (NWB Bank) and the Danish export credit insurer EKF have joined Rabobank as co-financier of the 322 MW wind farm repowering project Zeewolde in the Netherlands.
Under the terms of the contract, NWB Bank and EKF share with Rabobank the risk of a loan of EUR 500 million, which the latter grants to finance the project.
Construction is expected to begin in the first quarter of 2021.
The project will be completed in 2022 and will be the largest onshore wind farm in the Netherlands and the largest municipal wind farm in Europe.
There will be 83 Vestas turbines with a mix of 2 MW and 4 MW machines.
Sjoerd Sieburgh Sjoerdsma, General Manager of Zeewolde Wind Farm: “We are pleased that solid parties such as the Nederlandse Waterschapsbank and the EKF are joining the funding.
"It shows the trust that the parties have in this community-run wind farm."
Frenk van der Vliet, Chief Commercial Officer of NWB Bank, said: "The financing of the Zeewolde wind farm is a perfect example of the development and implementation of our & # 39; sustainable water bank" strategy: The wind farm benefits from our attractive financing rates, and as such, we are making a significant contribution to an affordable energy transition in the Netherlands.
"This transaction also shows how we are giving substance to our commitment to the national climate agreement."
EKF Managing Director Kirstine Damkjaer said: “We are very pleased to be able to help finance the Zeewolde wind farm, as this represents an important milestone. not only for Vestas as a Danish exporter, but for the community behind the wind farm as a whole.
"The project shows how local engagement and international cooperation can make the green transition possible."
Pieter Plantinga, Executive Director Project Finance at Rabobank, said: “Zeewolde wind farm is a crucial step towards achieving the goals of the Dutch climate agreement.
“And so that the local community can benefit financially from it. We are pleased that these two strong parties confirm this course and strengthen the coalition of the Zeewolde wind farm. "
Norton Rose was legal advisor and financial advisor to Incredible and GreenGiraffe for Zeewolde wind farm.
The lenders were advised by Clifford Chance on legal issues and MottMcDonald on technical issues.