German banks prepare syndication
International wind farm developer Wpd has launched a €1.2mn (US$1.5mn) credit facility into the syndication market with the help of three German banks.
The facility includes a debt package of approximately €810mn and is being structured and arranged by KfW Ipex Bank, UniCredit and Bremer Landesbank. KfW Ipex Bank and UniCredit are also acting as bookrunners on the deal.
The loan will be used to construct the Butendiek offshore wind farm located in the German part of the North Sea. The project includes the construction of 80 Siemens swift wind turbines with an installed capacity of 288 MW and is due for completion in 2014.
The syndication’s proposed financing parties include The European Investment Bank, Denmark’s export credit agency EKF and KfW Bank, as well as German, Swiss and Austrian power companies and institutional investors. Commitments from the banks are expected by year-end, KfW says.
Wpd is managing the wind farm project, while other main contractors include Ballast Nedam as foundation supplier, Visser & Smit Marine Contracting for the cabling and grid connection and a consortium headed by Fabricom GDF Suez assisted by CG Holdings for the offshore substation.
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