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
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
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
which have been mounted on monopile foundations. Both projects were developed
To view projects on 4C Offshore's interactive