Clifford Chance advises Blauwwind offshore wind farm as it reaches financial close.
This offshore wind farm will be constructed and will operate within the Borssele Wind Farm Zone, the Netherlands. The farm will include 77 V164 9.5 megawatt (MW) turbines produced by MHI Vestas, with a total installed capacity of 731.5MW, enough to power some 825,000 households. The main construction work is due to start in the fourth quarter of 2019, with commercial production expected in early 2021.
The consortium partners are Partners Group (45%), Shell (20%), Diamond Generating Europe (DGE) (15%), Eneco Group (10%) and Van Oord (10%). Shell and Eneco Group have also secured 15-year Power Purchase Agreements (PPAs) from the consortium under which each will buy 50% of the power generated by the wind farms. Van Oord will execute the “Balance of Plant” for the project, consisting of the engineering, procurement and construction of the foundations and inter array cables. The offshore substation Borssele Beta will be designed and constructed by TenneT.
The wind farm is to be built and will operate under the Stimulering Duurzame Energieproductie / Stimulation of Sustainable Energy Production (SDE+) subsidy scheme. During the first 15 years of operation, Blauwwind will receive a guaranteed price of EUR 54.49/MWh under the Dutch SDE+ scheme, after which the power will be sold at prevailing rates in the wholesale power market. The project capex for the construction phase is EUR 1.3 billion, part of which will be funded through project finance.
The Clifford Chance core team that acted as sponsors and project counsel since 2016 was led by Hein Tonnaer (picture) and furthermore consisted of Liesbeth Buiter, Nanette Rutgers, Bram Kocken, Tim Heerschop, Han Kalule, Sarah Lewis, Moussa Louizi and Tara Kok.
Involved fees earner: Hein Tonnaer – Clifford Chance; Liesbeth Buiter – Clifford Chance; Nanette Rutgers – Clifford Chance; Bram Kocken – Clifford Chance; Moussa Louizi – Clifford Chance; Sarah Lewis – Clifford Chance; Tim Heerschop – Clifford Chance; Han Kalule – Clifford Chance;
Law Firms: Clifford Chance;