Fid Financial Close

The Nordergründe offshore wind farm reached financial close in June 2015, enabling full-scale construction of the 110.7 MW nearshore project in the German North Sea. According to the project’s financial advisers, the senior debt package was provided by the European Investment Bank (EIB), KfW IPEX Bank and other commercial lenders. At this point all foundation piles had been installed, turbine erection was underway, the grid connection was in place, and onshore cable and substation works were completed with offshore cabling already started, so the financing secured the remaining construction and commissioning activities. EIB records indicate an approximate total project cost of EUR 393 million, with around EUR 156 million in EIB finance as part of the overall non‑recourse project financing structure.