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Green Giraffe advised on the debt restructuring of the 325 MW C-Power offshore wind farm, located 30 km off coast in the Belgian North Sea
Green Giraffe was mandated by C-Power to assist in the debt restructuring of the Thornton Bank Offshore Wind Farm located 30 km off coast in the Belgian North Sea. The 325 MW project achieved COD in 2013. 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.
This sets a new precedent in the industry where O&M had never been taken over by a project company to such an extent under a non-recourse finance before. 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.