Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 7 July 2011, Global Tech I Offshore Wind GmbH reached financial close for the 400 MW Global Tech I offshore wind farm in the German North Sea. The project company secured approximately €1.047 billion in senior debt from a club of 16 commercial banks, the European Investment Bank (EIB) and KfW. The external borrowing requirement of around €1 billion was structured through a combination of direct EIB lending and bank debt, with KfW participating via its offshore wind project finance programme. This debt package, together with sponsor equity, enabled construction of the 80-turbine, 400 MW wind farm located in Germany’s Exclusive Economic Zone to move ahead. The financing structure underpinned one of Germany’s most ambitious offshore wind projects and was highlighted as an important step in demonstrating the bankability of large-scale offshore wind under the country’s 2020 renewable energy targets.