Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 12 June 2020, financial close was achieved for the 50 MW Kincardine floating offshore wind farm off the coast of Aberdeenshire, Scotland. The project company, Kincardine Offshore Windfarm Limited, backed by developer Cobra Instalaciones y Servicios (ACS Cobra), secured a £380 million debt financing package to fund construction of the array. Natixis acted as sole green loan coordinator and was also one of the mandated lead arrangers, underwriters, and bookrunners for the transaction. The project consists of six MHI Vestas turbines—one 2 MW unit and five around 9.5–9.6 MW units—mounted on semi-submersible floating foundations designed by Principle Power and installed in water depths of 60–80 metres southeast of Aberdeen. The financing was structured as a Certified Climate Bond, with the Climate Bonds Initiative awarding the “Certified Climate Bond” label following a verification process against marine renewable energy criteria conducted by Vigeo Eiris. This certification confirms alignment with the Paris Agreement’s 2°C pathway and requires Cobra to report regularly on key performance indicators in line with Climate Bonds Initiative guidelines. Reaching financial close on the £380 million facility provided the necessary capital to continue and complete construction of what was expected, at the time of closing, to become the world’s largest floating offshore wind farm and to be fully operational by the fourth quarter of 2020.