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Green Giraffe acted as the sole financial advisor on the non-recourse refinancing of the 252MW Deutsche Bucht offshore wind farm in the German North Sea.
Green Giraffe advised Deutsche Bucht on the refinancing of the 252MW offshore wind project, located in the German North Sea. The project, which began operation in 2020 and comprises of 31 V164-8.4 MW MHI Vestas Offshore Wind turbines, is owned by Northland Power.
The transaction closed on 26 March 2021, with the sponsors successfully arranging a EUR 886 M senior debt refinancing package. The refinancing will reduce the interest rate on the project’s senior debt to 2.3% all-in (from approximately 2.6% all-in) and accordingly improve cash distributions from the project over the remaining 13-year senior debt term. The refinancing also included the addition of a Debt Service Reserve Facility, which released €50 million of cash, immediately enhancing Northland’s corporate liquidity.
Green Giraffe was previously involved in the development, sale and original financing of Deutsche Bucht in 2017 and has been supporting the project during construction.
The Deutsche Bucht refinancing won the 2021 inspiratia award for Top Refinancing Deal of 2021.