Natixis supports Kincardine financing

In: Windfarms
French multinational financial services firm Natixis acted as sole green loan coordinator for the £380 million financing for Cobra Instalaciones y Servicios S.A. (Cobra) for the Kincardine offshore wind farm. Natixis was also one of the mandated lead arrangers, underwriters and bookrunners for the transaction, which closed on 12 June 2020.

Through the certification process conducted by Natixis, the financing of the project was awarded the “Certified Climate Bond” label by Climate Bonds Initiative (“CBI”). Vigeo Eiris has been mandated as verifier of the Marine Renewable Energy Criteria. These scientific criteria ensure that the certified loan is consistent with the 2°C warming limit in the Paris Agreement. Under the certification, Cobra will report regularly on the project’s adherence to KPIs defined in accordance with CBI guidelines.

Jean Philippe Adam, Senior Country Manager, Spain and Portugal, Corporate & Investment Banking at Natixis, said: “Natixis is very pleased to support its key client Cobra in this landmark transaction which confirms Natixis’ leadership in the Green, Social and Sustainability financing.”  

Sean Kidney, CEO, Climate Bonds Initiative, said: "This is the first Climate Bonds Certification of a floating offshore wind project, congratulations are due to both Cobra and Natixis for their innovation and leadership. It's a global scale transaction providing a strong pointer to the enormous investment potential in the floating wind sector." 

The Kincardine floating  offshore wind farm is being built by COBRA Group, 15km offshore from the Scottish coast of Aberdeen. It will have capacity of 50 MW and feature a 2 MW turbine and five 9.525 MW turbines installed on semi-submersible floating structures designed by Principle Power located in water depths ranging between 60-80 metres. The project is expected to be operational by the end of 2020.

For more information on offshore wind farms worldwide, click here.  Alternatively, you can view projects worldwide on 4C Offshore's Interactive Map.

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