Amsterdam Capital Partners supports green bond refinancing of Hohe See and Albatros

by Tom Russell in Windfarms 18/02/2020 Amsterdam Capital Partners

Amsterdam Capital Partners advised Canada Pension Plan Investment Board (CPP Investments) on the €510.6 million green bond refinancing of CPP Investments’ minority interest in the
Hohe See and Albatros offshore wind farms in Germany.

Amsterdam Capital Partners B.V. (Amscap) supported the debt refinancing of CPP Investments’ stake in the two offshore wind farms. Amscap acted as Financial Advisor to CPP Investments. The refinancing follows CPP Investments’ acquisition of 49% of Enbridge Inc’s (Enbridge) original 49.89% ownership in the two projects, which Enbridge in turn acquired from German utility company EnBW Energie Baden-Württemberg AG (EnBW) in 2017.

In total, over €510 million of senior secured notes were issued yesterday and placed with 18 institutional lenders in Europe led by the Talanx Group. The notes, which were rated BBB+ by Scope Ratings, attracted strong interest from the market. The notes were structured to qualify as green bonds under CPP Investments’ Green Bond Framework.

Michael van der Heijden, Managing Director of Amscap, stated “This is only the fourth project bond financing in the offshore wind sector and Amscap is very proud to have successfully structured, executed and placed this in the market. Not least in light of the short timelines: the entire process with the lenders, from inception to financial close, including due diligence, negotiating the documentation and in parallel obtaining the investment grade rating, was done in less than 6 months.”

“We have found partners in CPP Investments and Amscap who possess exceptional international expertise and reputation in the area of large-scale infrastructure investments. We are consistently driving our strategy forward with the aim of further enhancing and diversifying the proportion of infrastructure assets in our investment portfolio,”
said Peter Brodehser, Head of Infrastructure Investments at Talanx.

The 497MW
Hohe See and 112MW Albatros offshore wind farms are located roughly 100 km off the coast of Germany. The two projects combined are expected to supply around 710,000 households annually. The arrays feature Siemens Gamesa Renewable Energy's SWT-7.0-154 turbines which have been mounted on monopile foundations. Both projects were developed by EnBW.

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