Thornton Bank - phase I Offshore Wind Farm

03 Feb 2021: C-Power has concluded the debt restructuring at its 325MW Thornton Bank offshore wind farm in the Belgian North Sea, advised by Green Giraffe. Senvion, its O&M service and original equipment manufacturer, filed for insolvency in 2019. Since then, the project has been operating and maintaining the farm on its own, combining both in-house expertise and outsourced capabilities from a pool of 20+ contractors. It is on that basis that the original lenders of the project have approved the restructuring, taking comfort in C-Power’s proven track record in successfully operating and maintaining the farm. Green Giraffe acted as sole financial advisor to C-Power and the sponsors on this transaction, having already assisted the project with its original financing in 2010 and its debt repricing in 2017.

Location:
Belgium

Status:
Fully Commissioned

Capacity:
30 MW

4C Offshore | Location Map: Lat(51.544) Lon(2.938)

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Project Details Supply Chain Vessels Project Dates

General Information

Name

Thornton Bank - phase I

Other Names

Zone 1, C-Power

Country

Belgium

Development Status

Fully Commissioned

Category or Round

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Region

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Comments

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Website

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Developers/Owners/Operators

Type

Organisation

Developer

C-Power nv

EPC(I)-Balance of Plant

DEME NV

Operator

C-Power nv

Owner

Socofe

Owner

DEME NV

Owner

Nuhma

Owner

EDF Energies Nouvelles Group

Owner

RWE Renewables

Owner

Societe Regionale d'Investissement de Wallonie

Owner

Marguerite Fund

Key Dates

Park Construction Starts

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Offshore Construction Starts

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Submitted For Consent

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Consent Authorised

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Financial Close

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First Power

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Full Commissioning

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Costs

Stated Project Cost

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Revenue Mechanism

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Revenue Details

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Revenue

EUR 107/MWh (EUR 107/MWh)

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Power & Turbines

Windfarm Capacity

30 MW

Turbine Model

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Other Turbine(s) Used

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Min. Turbine Capacity (MW)

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Max. Turbine Capacity (MW)

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Min. Number of Turbines