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Clifford Chance advises financing banks involved in Westermeerwind nearshore wind farm

30 July 2014

Clifford Chance advises financing banks involved in Westermeerwind nearshore wind farm

Amsterdam, 29 July 2014 - On 25 July 2014, Westermeerwind B.V. reached financial close for the turn key construction of the Westermeerwind wind farm (144 MW) in the IJsselmeer, The Netherlands. A group of banks led by ING and Rabobank in the role of structuring banks acted as financiers of the Westermeerwind wind farm in the Noordoostpolder. In addition to ING and Rabobank, ASN Bank and Triodos Bank were also is involved and Danish export credit agency EKF guarantees part of the financing. The total funding comprises approximately EUR 320m.

A Clifford Chance team in Amsterdam acted in this project as lenders' legal counsel and consisted amongst others of Jaap Koster, Nanette Rutgers, Hein Tonnaer and Liesbeth Buiter. This team recently also acted as advisor to other major Dutch wind projects such as the offshore Gemini project (600 MW) and the Agrowind project (195 MW).

Energy company Eneco will be the purchaser of the electricity produced by the wind farm for a period of 15 years. Ventolines, who supervised the development since 2007, is responsible for the project management during the construction and operational phase on behalf of the promoters.

Siemens will build and maintain the largest nearshore wind farm in the Netherlands on the basis of a turnkey contract for a minimum period of fifteen years. The first electricity will be delivered end of 2015.

The Westermeerwind wind farm will be built in the waters of the IJsselmeer along the embankments of the Noordoostpolder. It will consist of 48 wind turbines of 3 MW - in two rows along the Westermeerdijk and the Noordermeerdijk - and a transformer station on land. The total investment is over EUR 400 million. The wind farm produces annually more than 500 GWh of renewable electricity, enough for 160.000 households. The Westermeerwind wind farm forms the nearshore part of the Noordoostpolder wind farm.