Windpark Deil in the Netherlands reaches Financial Close

By January 15, 2019Uncategorized

Windpark Deil in the Netherlands reaches Financial Close

Eurus Energy Group (“Eurus”), a leading Japanese renewable energy company, and YARD ENERGY Group (“YARD”), a Dutch-based developer of wind energy projects, jointly announced today that they have achieved financial close for the construction of Windpark Deil, a 21-MW wind farm in the Netherlands. Eurus acquired the project from YARD prior to financial close. YARD will remain as a minority shareholder in the project as from start of operation. Windpark Deil is one of the three wind farms to be built near the interchange between A2 and A15 motorways in the municipality of West Betuwe in Gelderland. It will consist of five Vestas V136-4.2 MW wind turbines, which will have a hub height of 140 meters and a rotor diameter of 136 meters. Rabobank and Sumitomo Mitsui Banking Corporation will provide the debt financing for this project. Eneco Group will offtake the renewable electricity from the wind farm, which is equivalent to the consumption of approximately 26,000 households. Windpark Deil will be the second wind farm to be built under Eurus-YARD partnership, after Windpark Spui reached financial close in April 2018. Tetsuya Suwabe, Managing Director of Eurus Energy Europe, stated: “We will continue in our effort to realize more projects in the Netherlands over the coming years.” YARD has been working on the development of Windpark Deil since 2013, and will also manage the construction of the wind farm. Kevin Dijkers, CEO of YARD, commented: “After years of hard work it is good to see that our windfarm will be successfully operated by our reliable partner Eurus. The track record of Eurus as a long-term operator of wind farms throughout the world will give comfort to all stakeholders, and provide us the opportunity to continuously focus on development of new renewable energy projects contributing to the energy transition”. Stibbe, Clifford Chance, and Cees Advocaten provided legal advisory services, PwC and mth accountants & adviseurs provided tax advisory services, and IX Wind provided technical services for the transaction. Allen & Overy, DNV GL, Loyens & Loeff, and Marsh provided the lenders with legal, technical, tax, and insurance advice respectively, and Rebel audited the financial model.

 
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