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Butendiek owners raise €950m for Butendiek refinancing

By: Tom Russell 10/03/2017 Marguerite Fund

General Windfarms

Joint owners Marguerite Fund, wpd, Siemens Financial Services, Industriens Pension, Pensionskassernes Administration (PKA), Caisse des Dépôts, ewz (Elektrizitätswerk der Stadt Zürich) have announced the successful conclusion of the refinancing for the Butendiek offshore wind farm.

The amount of senior debt raised for the refinancing is in excess €950m (£831m) and has been provided by a syndicate of domestic and international banks together with the European Investment Bank at attractive terms.

Michael Dedieu, Chairman of the Butendiek Investment Committee and partner of Marguerite Fund, stated: “The success of the Butendiek wind farm – the smooth course of the wind farm’s construction on the one hand as well as the very good performance on the other hand - has been the basis for the successfully implemented refinancing.” Helge Rau, Head of M&A at wpd added.

”The package has been very attractive for the banks, so that the transaction has been significantly oversubscribed,”added Rau.

The Butendiek wind farm, located approximately 32 km west of the German island of Sylt, was developed by wpd AG and comprises of 80 SWT-3.6-120 Siemens 3.6MW turbines. The 288MW offshore wind farm had one of the fastest construction periods of German offshore wind farm, with completion of construction works in under 18 months.

The project's other owners comprise of the Marguerite Fund, Siemens Financial Services, Industriens Pension (IP), CDC Infrastructure, ewz (Elektrizitätswerk der Stadt Zürich – Zurich Electricity Works) and wpd. Investment in the project totalled DKK 10bn (GBP 1.13bn or EUR 1.35bn) and it now supplies energy to 370,000 households annually.

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Butendiek owners raise €950m for Butendiek refinancing

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