Consortium of senior creditors provide €700 million to Northwester 2 for development of Belgian offshore wind farm
Client(s) Consortium of lenders
Jones Day advised the consortium of senior creditors consisting of Belfius Bank SA/NV, BNP Paribas Fortis SA/NV, Coöperatieve Rabobank U.A., De Volksbank N.V. trading as ASN Bank, ING Belgium SA/NV, KBC Bank NV, Société Générale, Sumitomo Mitsui Banking Corporation, Brussels Branch, Triodos Bank, the European Investment Bank, and EKF Danmarks Eksportkredit, in the financing of Northwester 2's €700 million (US$804.8 million) total required investment for the development and construction of a 218.5 megawatt offshore wind farm to be located approximately 50 kilometers off the Belgian coast.
Northwester 2 NV is a project company owned by Parkwind NV (70 percent) and Summit Tailwind Belgium SA (30 percent) (part of the Sumitomo Corporation group).
The closing took place on October 5, 2018 and construction of the wind farm, consisting of 23 turbines, is expected to be finalized in 2020.