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Green Giraffe acted as financial advisor to Norther, negotiating a repricing and extension of the existing debt facilities and assisting with the completion process. On 27 May 2020 the restructuring of the facilities closed and the Norther offshore wind farm officially transitioned to its operational phase, reaching technical completion. Green Giraffe had previously advised on the successful greenfield financing of Norther which closed in December 2016.
Despite the challenges posed by COVID-19 and the related restrictions, the project reached this important milestone, and due to good operational performance brought its debt package in line with the current status of the project and the market conditions. The EUR 960 M debt package is provided by a consortium consisting of the European Investment Bank, the Danish export credit agency EKF and 9 commercial lenders – ABN AMRO, Belfius, BNP Paribas, Rabobank, Nippon Life, SMBC, SMTB, Société Générale and La Banque Postale, all existing lenders to the project.
As the largest operational wind farm in Belgium, Norther represents a significant addition to the country’s offshore wind installed capacity and contribution towards the Belgian 2020 renewable energy targets, demonstrating the commitment of the investors, lenders and the federal government towards sustainability.
Loyens & Loeff acted as counsel to Norther and Jones Day represented the lenders.