The implementation and realization of the Butendiek offshore wind farm is proceeding. Today, wpd group is announcing that the financing of the project has been secured by signing the agreements for both equity and debt project financing. The main components of the wind farm will be produced during the course of 2013, and the offshore installation is scheduled to start in spring 2014.
Butendiek is the third offshore wind project for which wpd has negotiated the supply contracts and it is the second offshore wind farm where wpd takes responsibility for the construction. For the first time, wpd will take over not only the project management during the construction phase but also the technical and commercial management during the operational phase. wpd will also provide part of the equity as a shareholder in the project. “Our experience, our market position and our team’s competence are the reasons for achieving this important milestone of securing financing and for our partners to set their trust in us”, says Achim Berge, managing director of wpd offshore.
Aside from wpd, the group of investors is composed of renowned industrial partners as well as long-term oriented institutional investors, namely Marguerite Fund, Siemens Financial Services, Industriens Pension and PKA.
“With its favorable site conditions including wind resources, water depth and distance to coast, Butendiek is one of the most attractive offshore wind projects in the German North Sea and it will now be implemented with a strong international group of investors under the leadership of one of Germany’s most experienced teams”, says Berge. wpd’s offshore experience is based on activities in six different European offshore markets. A total of eight projects in Germany, Sweden and Finland have been successfully developed until full consent. Furthermore, wpd has as well been successful in the French market with two of – so far – four projects which have been awarded during the course of the first French tender process. With a pipeline of 18 offshore wind projects and a total capacity of 10 gigawatt, wpd is one of the world’s largest offshore wind developers.
