Financial Other

On 28 February 2011, original developer PNE WIND AG reported significant progress on financing the planned offshore wind farm Gode Wind II. Following a round of presentations to a number of renowned European banks, the company had secured several written expressions of interest, described as Letters of Support, for financing the project. This financing progress came alongside other development milestones such as turbine, foundation, internal cabling and transformer station contracts, and helped create the preconditions for starting construction of the offshore wind farm, then planned for 2012. The Letters of Support indicated that commercial lenders were prepared in principle to provide funding for Gode Wind II, marking an important step towards bankability even though full financial close had not yet been reached.