Loyens & Loeff congratulates SeaMade on achieving financial close for its 487 MW offshore wind farm
On 3 December 2018 SeaMade secured EUR 1.3 billion in funding for the financing of its 487 MW offshore wind farm to be located in the North Sea, approximately 50 kilometers north of Ostend (Belgium). The construction of the wind farm, consisting of 58 Siemens Gamesa wind turbines, is expected to start in the summer of 2019. The SeaMade wind farm will be the largest offshore wind farm financed and built in Belgium and will be connected to Elia’s Modular Offshore Grid (MOG). The wind farm will provide renewable energy to 485,000 households in Belgium.
Legal advisor to the lending consortium
SeaMade is a project company owned by Otary (70%), ENGIE Electrabel and Eneco Wind Belgium.
The project is financed by a lending consortium consisting of the European Investment Bank, the Danish export credit agency EKF and 15 commercial banks, including ASN, Bank of China, Belfius, BNP Paribas, Commerzbank, ING, KBC, KFW Ipex-Bank, MUFG, Rabobank, Banco Santander, Siemens Bank, SMTB, Société Générale and Triodos. The Loyens & Loeff Projects Team advised this group of lenders.
The European Investment Bank provides a EUR 250 million commitment through the European Fund for Strategic Investments (EFSI or Junker Plan).
Extensive Renewable Energy Project Finance experience
The Loyens & Loeff Projects Team, led by Marc Vermylen, Partner Banking & Finance, in collaboration with Thomas Chellingsworth for regulatory and contracting matters, consisted of Jan Missoul, Christine Delagaye, Pieter Verheyen, Camilia Lika and Bram Devlies.
The team gained extensive experience with financing renewable energy projects in the past, acting as Belgian legal counsel to Belwind (165 MW), Northwind (216 MW), Nobelwind (165 MW), Norther (370 MW) and Northwester 2 (218 MW) in relation to the financing and the construction of their offshore wind farms in the North Sea and advising the lenders and arrangers on the non-recourse financing of the 325 MW C-Power wind farm and the 309 MW Rentel wind farm.
The Loyens & Loeff team has been playing a leading and instrumental role in the financing and development of all offshore wind farms in Belgium to date.
Other law firms involved in the financing of the SeaMade offshore wind farm were Allen & Overy (project counsel), Linklaters (counsel to EIB) and Kromann Reumert (counsel to EKF).
"1,3 miljard euro voor laatste offshorewindpark" - De Tijd, 3 December 2018
Click here to read the full article in Dutch.