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Green Giraffe advised on the EUR 900 M debt raise for the 370 MW Norther offshore wind farm, located 22 km off coast of Vlaanderen in the Belgian North Sea
Green Giraffe was mandated by the project company to assist in the creation and negotiation of a bankable corporate, commercial and technical structure for the Norther project in Belgium. Jointly owned by the sponsors Elicio/Nethys, Eneco and Mitsubishi/DGE, Norther holds the concession in the Belgian exclusive economic zone, for an offshore wind farm of up to 370 MW.
Green Giraffe advised on the debt raising process including support in the negotiation of the main construction and operation contracts, assistance throughout the due diligence phase, arranging of the financial structure, bank selection and assistance in the management of the negotiation process until financial close in December 2016. The project comprises 44 MHI-Vestas V164-8.4MW turbines.
The project has started operation in 2019.
“Green Giraffe provided the full range of advisory services in respect of realising the largest project finance transaction in Belgium. Green Giraffe demonstrated an unmatched pro-activity and expertise in translating highly complex contractual agreements into a well-balanced finance package satisfactory to both Lenders and Sponsors. (David de Brabant, CFO)”