Presentation

Financing offshore wind transmission in the USA


24 September 2020

Randy Male discussed how lessons learned in Europe on financing transmission can help the growing US offshore wind industry.   The US offshore wind market is poised to finally take off. Financing offshore wind transmission systems as the initial projects move to construction is a major decision – and cost driver. Lessons learned in Europe may help developers and policy leaders in the US organize for the most cost efficient outcomes. On 24 September Green Giraffe’s Randy Male, director of our Boston office, presented on this topic at the 4th Offshore Wind Transmission, US conference. His presentation is available online.
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Presentation

Offshore wind – Auction designs and why PPAs are only second best


2 September 2020

With the emergency of zero-bids and falling electricity prices, how do European auction designs affect the economics of offshore wind projects? How do governments create a fair marketplace that ensures the best value for society? Udo Schneider discusses.   In the context of zero-bids and falling energy prices, Udo Schneider shared his insight at WFO’s Offshore Wind Economic Forum on the impact of European auction designs on the economics of offshore wind farms and considerations for governments to create a fair marketplace that ensures the best value for society.
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Presentation

Funding Energy From Waste (EFW) projects


3 December 2019

Energy from waste (EFW) projects are both very simple to develop and very easy to get wrong. Michael Ware has been advising on financing EFW projects for over 15 years and recently presented the attached slides to the SMI conference on waste in London. He talks through the 5 key requirements for a successful project and the 10 most common mistakes made by developers. 
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Presentation

Onshore wind financing landscape in France and Germany


22 November 2019

Yann Mouterde presented at the Geman and French onshore wind financing conference held by OFATE in Paris on 12 November. The presentation focused on the onshore wind financing landscape in France and Germany.
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Presentation

Financial factors for the next tender in Taiwan

7th Asia Offshore Wind
22 October 2019

William Jackson presented at the 7th Asia Offshore Wind Day on 15 October in Taipei, discussing the key financial factors that will affect the next Taiwanese offshore wind tender.   William Jackson presented at the 7th Asia Offshore Wind Day on 15 October in Taipei, Taiwan. The presentation looked back at how things stood from a financing perspective before the first Taiwanese offshore wind tender, looked at what has changed since the first tender and finally looked ahead to the next tender and discussed the factors that might affect it.
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Presentation

Seminar: Financing Floating Offshore Wind

Floating Offshore Wind Seminar
12 June 2019

On 6 June 2019, Green Giraffe, in cooperation with RCG and WFW, organised a seminar on the current state of play of the floating offshore wind market.   Moderated by our very own Clément Weber, a panel composed of Igor Silence (Codan), Guillaume Faure (Quadran Energies Marines), Benoîte Chenut (EDF Renouvelables) and Inocencio Figaredo (EIB) described the status and prospects of the sector, as well as the financing strategies and constraints. We are grateful to the members of the panel for the quality and intensity of the discussion. Green Giraffe’s presentation “Financing floating offshore wind” is available to download here.
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Presentation

Wind of change: Finance, regulation, deeptech

9th New Energy Investor Summit
20 May 2019

Invited to speak at the 9th New Energy Investor Summit in Zurich, Aurélie Dethan comments on finance, regulation and technological innovation trends affecting the offshore wind industry.
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Presentation

Recent trends in offshore wind finance


4 April 2019

Jerome Guillet presented “Recent trends in offshore wind finance” at the Thought Leaders Forum hosted by MHI-Vestas within the WindEurope exhibition in Bilbao on 4 April 2019. This is a fully updated version of the presentation we regularly make at events and conferences on the topic and covers both equity and debt, with a description of the most recent terms and conditions to fund the sector in the context of the move to highly competitive tenders and merchant bids in some countries. Jérôme Guillet co-founded Green Giraffe in 2010 and was a Managing Director until 2021.
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Presentation

Poland: Offshore wind – Energising an industry

Windforce Conference Gdansk
13 February 2019

Udo Schneider discussed the investor’s perspective on offshore wind at the recent Windforce conference in Gdansk, Poland, touching on how value is created and how the varying support regimes compare.   Udo Schneider, director of Green Giraffe’s Hamburg office, presented “Offshore wind – Energising an industry” at the recent Windforce conference in Gdansk, Poland. He discussed the investor’s perspective on offshore wind, touching on how value is created and how the varying support regimes compare. The presentation is available here.
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Presentation

Early development stage funding in offshore wind

5th Asia Offshore Wind day, Tokyo
24 January 2019

Learning from the European experience – how to attract development stage funding for Asian offshore wind. Although offshore wind has had a relatively long and successful history in Europe, the parallel market in the promising waters of Asia and Japan is only just beginning. The combination of new jurisdictions, new regulations and inexperienced supply chains makes this a challenging environment for developers and nervous investors are pricing risks accordingly. In this presentation, Sophie Cherrier talks through the typical contracting structures used in European offshore wind projects, the three key stages of development funding and the risks faced by investors at each stage. She uses her extensive experience of advising on successful projects to illustrate which specific investors will be attracted at which stage of development and how developers can successfully mitigate risks to bring in external finance whilst enhancing value creation.
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Presentation

Financing floating offshore wind projects

Floating Offshore Wind UK
30 November 2018

After years of development and a few false dawns, 2019 is likely to be the year when floating wind becomes a reality   Although floating wind turbines have long since been regarded by governments worldwide as the natural end point for the renewables industry, their deployment to date has been slow and expensive. Despite the obvious benefit of access to deeper waters and better wind speeds, floating platforms have been warily regarded by institutional investors as unproven and highly speculative compared to their fixed cousins. This paradigm is now changing and there are at least 5 floating operational projects worldwide that are proving the concept and opening the door for mass deployment in the coming years. In the attached presentation, Clement Weber talks through the latest advances in this technology and how project sponsors who may have missed out on the low hanging fruit of fixed platform opportunities can access early stage equity and later stage debt to build out their projects.
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Presentation

Equity and debt in Taiwan offshore wind

2nd annual Taiwan Offshore Wind Energy Summit
7 November 2018

Equity and debt in Taiwan offshore wind.
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Presentation

Offtake considerations in today’s RE world


19 October 2018

On 16 October 2018 Clément Weber, presented at the Green Giraffe / Linklaters Corporate PPA panel in Paris. The presentation examined recent trends and structures in offtake agreements in renewable energy (including a focus on corporate PPAs).
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Presentation

Offshore wind debt capacity in Taiwan

4th Asia Offshore Wind Day
18 September 2018

Sophie Cherrier presented at the 4th Asia Offshore Wind Day in Taipei, Taiwan on 18 September. The presentation looked at the Taiwanese offshore wind market with a focus on risks and opportunities for debt funding of Taiwanese offshore wind projects.
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Presentation

Who will fund US Offshore Wind – and on what terms?

Infocast Offshore Wind Implementation Summit
7 September 2018

On 7 September 2018 Jérôme Guillet, Managing Director of Green Giraffe, presented at the Infocast Offshore Wind Implementation Summit in Teaneck, NJ. The presentation examined the risks and equity strategies seen in offshore wind, discussed the potential debt providers and gave predictions for the funding of future US offshore wind projects. Jérôme Guillet co-founded Green Giraffe in 2010 and was a Managing Director until 2021.
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Presentation

Auction design and finance in offshore wind

Windforce 2018
16 May 2018

Our managing director, Jérôme Guillet, spoke at the Windforce 2018 conference in Bremerhaven. The main topic of his presentation was the differences in offshore wind auction designs and their implications on offtake and financing structures. Jérôme Guillet co-founded Green Giraffe in 2010 and was a Managing Director until 2021.
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Presentation

Bankability risk analysis of floating offshore wind

Floating Wind Seminar
6 February 2018

On 6 February, Green Giraffe and DNV GL organized in collaboration with Linklaters a seminar about floating offshore wind, where the status and commercialization prospects of this nascent sector were debated in front of a large audience including bankers, investors, contractors and industry advisors.   Clément Weber and Martin Guzzetti introduced the successful collaboration between Green Giraffe and Principle Power, focused on risk analysis of the WindFloat technology. They explained the risks involved in the development and construction of an hypothetical floating wind farm using the WindFloat technology and how these could be mitigated for investors and lenders. The case study included contractual and technical mitigation solutions capable of optimizing the total project risk exposure, and it can serve as a functional model to assess the bankability of current and future floating offshore wind farms. Green Giraffe’s presentation was followed by a speech from DNV GL about certiication of floating offshore wind turbines and by a panel comprising various sector experts from Eolfi, Engie, MHI Vestas and Saipem.
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Presentation

Tokyo: Lessons learnt from the European offshore sector

3rd Asia Offshore Wind Day
25 January 2018

Sophie Cherrier presented the lessons learnt from the European offshore wind sector to the audience at the 3rd Asia Offshore Wind Day, Toranomon Hills Forum, Tokyo. The presentation looked at the industry-wide lessons from Europe, the bankability of offshore wind projects, key financing lessons learnt and the challenges and opportunities facing the Japanese offshore wind sector.
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Presentation

Financing floating offshore wind projects

Floating Offshore Wind UK
14 November 2017

Martin Guzzetti presented the evolution and outlook of the debt and equity markets for floating offshore wind at the first Floating Offshore Wind UK (FOW UK) conference on 14 November in Glasgow. The presentation zooms in on the requirements, enablers and possible terms of financing floating offshore wind projects.
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Presentation

Offshore wind finance – evolution and outlook

Project Finance and M&A forum
11 September 2017

Barbara Zuiderwijk presented the evolution and outlook of the debt and equity market for offshore wind at the second Project Finance and M&A (PFMA) forum for renewable energy on 11 September in Berlin. The presentation zooms in on the consequences of recent offshore wind tender results.
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Presentation

Trianel Windpark Borkum II overview of project and financing process

13th WAB Offshore Conference
10 May 2017

Udo Schneider presented an overview of the Trianel Windpark Borkum II project and financing process from his point of view as project manager on this deal during a panel at the 13th WAB Offshore Conference on 10 May in Bremerhaven, Germany
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Presentation

Floating offshore wind – bankability & risk analysis

Floating Wind Seminar
25 April 2017

Green Giraffe, Norton Rose and Sgurr Energy organized a seminar on 19 April about floating offshore wind, where the status and commercialization prospects of this nascent sector were debated in front of a large audience including bankers, investors, contractors and industry advisors. Clément Weber and Martin Guzzetti introduced the successful collaboration between Green Giraffe and Principle Power, focused on risk analysis of the WindFloat technology. They explained the risks involved in the development and construction of a hypothetical floating wind farm using the WindFloat technology and how these could be mitigated for investors and lenders.   The case study included contractual and technical mitigation solutions capable of optimizing the total project risk exposure, and it can serve as a functional model to assess the the the bankability of current and future floating offshore wind farms. The conclusions drawn from the case study include the following: Risk control starts with the design process considering the floating wind turbine unit as an integrated structure; collaboration with the turbine supplier is therefore central to defining the requirements and confirming acceptability of the floater’s performance; The contractual structuring of a floating offshore wind project can be built on the fixed-bottom offshore wind experience with adjustments specific to floating technology; it also needs to be adapted to the (comparatively weaker) corporate strength of the technology providers; The contractual arrangements with the turbine supplier should take into account the performance of the turbine when operating outside its design parameters due to the floater and the impact on energy production, be it detrimental or beneficial to the power curve; Finally, floating offshore wind can raise financing if it targets the right financiers and meets their requirements, such as going through an extensive due diligence process focused on technology transparency, availability of operational track record, and the experience of the supply chain and development team. About Principle Power Principle Power is an innovative technology and services provider for the offshore deep-water wind energy market. PPI’s proven technology, the WindFloat – a floating wind turbine foundation – enables a change in paradigm for the industry in terms of reduced costs and risks for the installation and operations of offshore wind turbines. Principle Power sells the WindFloat as a technology solution and acts as service provider to developers, utilities and independent power producers, being present from the overall system design throughout fabrication, installation and commissioning, and providing support to customers during the operation life cycle of the platform. Principle Power’s mission is to make the WindFloat the most competitive, safe, reliable and environmentally friendly technology for deep-water offshore wind projects while enabling global offshore wind markets to reach their full potential.
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Presentation

Introduction to wind project finance (IEEFA Conference

IEEFA Conference
15 March 2017

Jérôme Guillet was invited to provide training on the economics of wind energy and how projects are financed, and also joined a panel discussing how lenders and investors see the sector.   The Institute for Energy Economics and Financial Analysis and Columbia Law School brought together environmental advocates and attorneys from around the world for a three-day training program in New York City. The conference covered current developments in the coal, natural gas, renewable energy, and electric utility industries. It is designed to provide advocates and attorneys with the skills to understand and engage in the financial aspects of current debates on fossil fuels. Jérôme Guillet co-founded Green Giraffe in 2010 and was a Managing Director until 2021.
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Presentation

Project finance for German offshore wind

WINDFORCE Baltic Sea Conference
10 February 2017

Damiano Ting was invited to the WINDFORCE Baltic Sea Conference 2017 in Tallinn to present the current status of the German offshore wind market with a focus on financing conditions. This was highlighted with a case study on the German offshore wind project Veja Mate.
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Presentation

Financing offshore wind – 2016 update

EnergyTalk
8 December 2016

Clément Weber was invited to speak at the Energy Talk conference on the evolution of offshore wind finance throughout 2016.   2016 was a busy year for offshore wind with a dozen greenfield projects and refinancings. In December, Clément Weber was invited to provide an update on offshore wind finance at the Energy Talk conference, explain the evolution of the equity and debt market and discuss the new challenges that have arisen.
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Presentation

How many offshore projects can be financed in a year?

WINDFORCE 2016
9 June 2016

Jérôme Guillet, Managing Director of Green Giraffe, was invited to discuss the appetite of the dept market for offshore wind at the WINDFORCE conference in Bremen.   Non recourse debt for offshore wind is booming, and debt strategies are diversifying with multiple possibilities in financing a project. In June 2016, Green Giraffe Managing Director Jérôme Guillet spoke at the WINDFORCE conference in Bremen on the subject of how many offshore wind projects can be financed in a year. Jérôme Guillet co-founded Green Giraffe in 2010 and was a Managing Director until 2021.
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Presentation

Financement des projets EnR

SER
24 May 2016

In May 2016, Henri Gouzerh gave an overview of project finance at a seminar held by Syndicat des énergies renouvelables (SER).
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Presentation

Renewable energy in Africa

Alternative Africa
19 May 2016

Henri Gouzerh was invited to present an overview of the business case for renewable energy in Africa at the Alternative Africa seminar.   Renewable energy will undoubtedly play a significant role in the energy sector in Africa. In May 2016, Henri Gouzerh spoke about the business case for renewables in Africa at the Alternative Africa seminar in London.
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Presentation

Financing floating offshore wind

FOWT conference
10 March 2016

Jérôme Guillet, Managing Director of Green Giraffe, spoke about financing floating offshore wind at the FOWT conference in Marseilles.   In March 2016, Green Giraffe Managing Director Jérôme Guillet spoke about financing floating offshore wind at the FOWT conference in Marseilles, describing potential debt and equity providers for this developing technology. Jérôme Guillet co-founded Green Giraffe in 2010 and was a Managing Director until 2021.
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Presentation

Mezzanine loans in offshore wind

Hogan Lovells offshore breakfast
15 December 2015

Clément Weber was invited to one of the regular breakfast events on offshore wind organised in Hamburg by Hogan Lovells to present Green Giraffe’s experience in raising mezzanine financing.   Subordinated loans can improve the return on equity for investors and contribute to the overall funding volume and have been used in offshore wind since the very first project to be financed with non-recourse debt (Q7 in the Netherlands). Recently, the universe of mezzanine providers looking at offshore wind has grown substantially, following the general rise in confidence from the finance world for the sector, and reinforced by the creation of new funds dedicated to mezzanine loans in the infrastructure sector. Clément Weber, Director of Green Giraffe’s London office, was invited to one of the regular breakfast events on offshore wind organised in Hamburg by Hogan Lovells to present Green Giraffe’s experience in raising mezzanine financing, describe the current market and discuss the sustainability of such financing instruments.
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Presentation

Equity for near- and offshore wind

Kromann Reumert conference
4 June 2015

Jérôme Guillet, Managing Director of Green Giraffe, was invited to provide a panorama of the equity market for offshore wind at the Kromann Reumert conference on near- and off-shore wind in Copenhagen on 4 June 2015 Jérôme Guillet co-founded Green Giraffe in 2010 and was a Managing Director until 2021.
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Presentation

Bankability concerns around CPV technology

C-11 Conference
19 May 2015

Green Giraffe was invited to speak to a finance discussion panel at the 11th Concentrated PV conference in Aix-Les-Bains and was asked to share its views on the main bankability concerns around the CPV technology. The presentation included an analysis of the risks as seen by potential power project lenders  and a description of general debt sizing principles for non-recourse financing. Click here for the wesbite of the conference
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Presentation

Financing offshore wind – the debt market

EWEA
12 March 2015

Jérôme Guillet, Managing Director of Green Giraffe, was invited to provide a panorama of the market for non recourse debt for offshore wind at the EWEA conference in Copenhagen on 10-12 March 2015. Jérôme Guillet co-founded Green Giraffe in 2010 and was a Managing Director until 2021.
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Presentation

Merit order effect: the case of solar PV and electricity spot markets

EU PVSEC 2014
24 September 2014

This presentation proposes a method to quantify the merit order effect of solar PV in Germany, France, Italy, Austria and Switzerland for the period 2007-2103.   Henri was invited to speak during the EU PVSEC in September 2014. This presentation describes the article in which Henri Gouzerh and Nicolas Gourvitch propose a method to quantify the merit order effect of solar PV in Germany, France, Italy, Austria and Switzerland for the period 2007-2013. They calculated the savings for power purchasers generated by the decrease in electricity spot market prices observed when solar PV plants feed electricity into the grid. The overall savings amounted to EUR 20 Bn across those five European countries for the 2007-2013 period, and were worth about 100 EUR per MWh of PV electricity fed into the grid, underlining the social value of the power generated by PV.
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Presentation

The offshore wind French market: past, present and future

Windforce Bremen
18 June 2014

Pierre Etienne Claveranne was invited to speak at the Windforce conference in Bremen about the French offshore wind market. His presentation provided a description of the regulatory framework, the recent tender process and its winners and the likely bankability of the proposed projects.
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Presentation

Financing offshore wind – the Gemini project

Global offshore wind 2014, Glasgow
12 June 2014

Sophie Cherrier was invited to speak at the Renewable UK conference in Glasgow about the financing of the offshore wind farm Gemini. Her presentation provided an overview of the financing structure, the challenges of reaching financial close on a 600 MW wind farm and the lessons learned.
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Presentation

Financier’s perspective on project finance for R3 construction and O&M

Windpower monthly Vessels and acces
13 May 2014

Matthew Taylor was invited to speak at the annual Vessels and Access conference in London. The presentation was a general overview of the equity and debt market in offshore wind, and more specifically on the challenges relating to financing Round 3 in the UK in the light of the perceived additional scale and technical challenges.
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Presentation

The value of offshore wind

DNV GL Offshore wind conference
2 April 2014

Jérôme Guillet was invited to speak at the DNV GL Offshore wind conference in Hamburg about the economics of offshore wind. The presentation discusses the cost, the value and the price of offshore wind and underlines how regulatory decisions can drive each of these. Jérôme Guillet co-founded Green Giraffe in 2010 and was a Managing Director until 2021.
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Presentation

Quantative analysis of the merit order effect

EU PVSEC 2013
7 October 2013

Nicolas Gourvitch proposed a method to quantify the merit order effect in Italy. He was asked to present his article at EUPVSEC 2013 in Paris.   Nicolas was invited to speak during the EU PVSEC in October 2013. This presentation describes the article in which Nicolas Gourvitch and Henri Gouzerh propose a method to quantify the merit order effect in Italy for the period 2006-2012. They calculated the savings for power purchasers generated by the decrease in electricity spot market prices observed when solar PV plants feed electricity into the grid. The overall savings amounted to more than EUR 2 Bn for the country as a whole in 2012, and were worth more than 100 EUR per MWh of PV electricity fed into the grid, underlining the social value of the power generated by PV.
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Presentation

Financing offshore wind: past, current & future trends

RUK Offshore Wind delivery group
7 October 2013

Clément Weber was asked to speak about offshore wind financing for the Renewable UK Offshore wind delivery group.
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Presentation

Financing large scale deployment of deep water wind farms

Deep Water Wind Farms Seminar
25 September 2013

The presentation discusses the factors considered by investors in taking an investment decision in offshore wind and the impact on these factors of moving to deeper water.
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Presentation

Market trends defy negative sentiment on PF for offshore wind

Renewable UK
19 June 2013

Clément Weber gives Green Giraffe’s views on how the project finance market can help the country’s ambitious offshore wind targets be reached.   Clément Weber spoke at Renewable UK’s offshore wind conference in Manchester and shared Green Giraffe’s views on how the project finance market can help the country’s ambitious offshore wind targets be reached. The presentation (attached) goes through lessons from recent non-recourse transactions, draws a comprehensive picture of the current project finance market and explores the main trends that can be expected for the coming years.
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Presentation

Financieren van grote windprojecten

NWEA Winddag
14 June 2013

Barbara Zuiderwijk was invited by the Dutch Wind Energy Association, NWEA, to present a workshop on the financing of large windfarms at the Winddag 2013 (wind day). The Dutch government has set ambitious growth targets for both onshore as offshore wind. The workshop discussed the various sources of financing (debt and equity) to realise this ambition.
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Presentation

Le coût, le prix et la valeur de l’éolien en mer

Saint Brévin
3 May 2013

Public debate presentation given in Saint Brévin (french).   Jérôme Guillet was invited by the Commision Nationale du Débat Public (national commission for public debates, a body tasked with organizing large scale consultation with the public for big infrastructure projects in France) to participate to a session in St Brévin about the economic impact of the proposed offshore wind farm near St Nazaire. His presentation (in French) is attached. A full recording of the debate, including his intervention is available on the website of the commission  Click here and see “4eme réunion” box Jérôme Guillet co-founded Green Giraffe in 2010 and was a Managing Director until 2021.
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Presentation

An overview of the deals closed in 2012

GLGH Offshore Wind conference
20 February 2013

The presentation describes the transactions that took place in 2012 in offshore wind on both the debt and the equity side, and presents in more detail the Walney refinancing closed in December 2012 Jérôme Guillet co-founded Green Giraffe in 2010 and was a Managing Director until 2021.
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Presentation

Recent trends in the financing of offshore wind farms

AWEA Offshore Wind Power
10 October 2012

The presentation describes how European offshore wind projects have been financed on a non-recourse basis, how banks look at the different risks, and the main commercial terms of such deals. It discusses how such precedents might apply in the USA.
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Presentation

Financing UK offshore wind development

RUK offshore wind conference
13 July 2012

The presentation runs through the history of offshore wind project finance deals, describes the active players in the market, and focuses on the specific UK case.
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Presentation

The different options to finance offshore wind

awordaboutwind conference
3 May 2012

The presentation describes recent debt and equity transactions in offshore wind, and lists the different options available to fund investment in the sector. Jérôme Guillet co-founded Green Giraffe in 2010 and was a Managing Director until 2021.
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Presentation

Show me the money. Project finance in offshore wind – what route will the market take?

EWEA Offshore Wind conference
28 November 2011

The presentation describes past non-recourse deals in offshore wind, recent trends and market standards, and suggests the way forward for the sector.
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Presentation

Le financement des projets éoliens offshore

Rencontres internationales de Havre
24 June 2011

The presentation describes recent debt transactions in offshore wind, and discusses how banks analyze risks in the sector (in French)
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Presentation

The financing of new energy infrastructure in the EU

Energy Policy Breakfast
23 March 2011

The presentation discusses the economics of wind vs gas-fired plants, and shows the influence of the regulatory framework on the investment preferences of developers.
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