Global Tech I completes €520 million refinancing

In: Windfarms
06/11/2020
Financial close was reached on a refinancing package of about €520 million for the Global Tech I offshore wind farm in Germany. The Global Tech I team was advised by financial advisors from Green Giraffe and lawyers from CMS Hasche Sigle Hamburg.

The completion of refinancing replaces the previous project financing of over 1 billion euros, in which a total of 16 banks and the two investment banks EIB and KfW were involved. The new financing is provided by a group of eight banks. This includes Société Générale, SEB, KfW IPEX-Bank, BayernLB, Rabobank, ING, ASN and Kommunalkredit Austria. BayernLB and Kommunalkredit Austria are new to the group of financing banks.

“The refinancing is an important step in our continuous efforts to further strengthen the business case of our 400 MW offshore windpark.” says Dr. David Baureis Managing Director Global Tech I.

Global Tech I is one of the first offshore wind farms which to be built in the German North Sea. The roughly 41km2 array is located approximately 140km northwest of Emden in the German Exclusive Economic Zone. It is comprised of 80 AD 5-116 turbines, each with a capacity of 5 MW, mounted on tripod foundations. The project has an installed total capacity of 400 MW and provides power for up to 445,000 households annually. It was officially put into commission late summer 2015. The project achieved an annual utilisation rate of 42.8% in 2019.



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