The international magazine Environmental Finance has named the financing model of the North Sea wind farm, Global Tech I, as the “Wind Deal of the Year 2012”.
Only ten projects in various industries have been recognized for their financing solutions in the last twelve months. Last year, the project developer Global Tech I Offshore Wind GmbH was able to win financing for a debt of over one billion euros from a consortium of 16 international commercial banks and the European Investment Bank and KfW. Over a period of two years, the parties had worked out the details of the contract.. Global Tech I is Germany’s first offshore wind farm with a capacity of 400 megawatts, which is financed freely on the capital market.
“Global Tech I has set new standards in the loan-based financing of offshore wind farms,” said Mark Nicholls, editor of Environmental Finance. “The project developer has done an excellent job of minimizing the financial risks of the project. We congratulate to the lead managers of the bank consortium because they have managed to maintain 18 banks together in a challenging market environment.”
Meerpohl Thomas, Commercial Director of the Global Tech I Offshore Wind GmbH stated: “We are delighted with the award assigned to our financial model. We are confident that with a highly motivated and experienced team in offshore industry we will build our successful offshore wind farm. The first offshore projects are key milestones for the success of the energy revolution. “
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Offshore WIND staff, July 23, 2012; Image: globaltechone