Fid Financial Close

On 6 April 2018, the financial close for Borssele V was crystallised via the combined SDE+ subsidy and permit tender award. Under the Dutch Wet windenergie op zee, the SDE+ tender mechanism legally commits public subsidy (capped at EUR 15 million for the innovation testing and up to EUR 35 million for the supplied electricity over the contract term) at the moment of award. Because the SDE+ revenue contract underwrites the project's revenues and the consortium had pre-financed the bid via Green Giraffe Holding's financial advisory arm, the tender award functionally locked in both public revenue support and private equity sponsorship — the SDE+ project equivalent of FID/financial close. No separate "financial close" announcement was issued by Two Towers; the tender award doubled as the project go-decision. The firm turbine supply order was placed with MHI Vestas on 20 December 2018 (recorded separately under turbine_supplier_selected), but that order followed the financial close rather than constituted it.