Dutch NWB Bank and Danish export credit insurer EKF have joined Rabobank as co-financers of Zeewolde Wind Farm.
In June this year, it was announced that the financing of the 322 MW Zeewolde Wind Farm in the province of Flevoland was completed. Rabobank provided a subordinated loan and a project loan of around 500 million Euro. In the new structure, the risks are shared by NWB Bank, EKF and existing financial partner Rabobank. The smaller subordinated loan remains fully in the hands of Rabobank.
Zeewolde Wind Farm is a unique partnership of more than 200 local farmers, residents and entrepreneurs in the area surrounding Zeewolde. It concerns a repowering project in which the existing more than 200 wind turbines are replaced by 83 Vestas turbines (consisting of turbine variants of the 2 MW and 4 MW platforms).
Construction of the wind turbines is expected to start in the first quarter of 2021. When the wind farm becomes operational, planned for 2022, it will be the largest onshore wind farm in the Netherlands and the largest community wind farm in Europe.
Windpark Zeewolde BV was advised by Norton Rose (legal advisor), Incredible and GreenGiraffe (Financial Advisors). The lenders were advised among others by Clifford Chance (legal) and MottMcDonald (technical).