Orsted has completed the divestment of 50% of the Borkum Riffgrund 2 offshore wind farm to Global Infrastructure Partners (GIP).
This transaction is the second partnership with GIP who is also a partner in Gode Wind 1. The divestment was initially announced on 7 August 2017.
As a part of the transaction, GIP will issue a rated project bond to a consortium of lenders, coordinated by Talanx, who additionally acted as cornerstone lender.
The consortium includes many of the Gode Wind 1 lenders and expands the lender group to include Wiener Städtische Versicherung, DekaBank, NN Investment Partners, Edmond de Rothschild AM’s BRIDGE platform and La Banque Postale Asset Management.
“We’re pleased to build on our successful partnership with GIP and are delighted that not only have many of the same lenders returned, but new lenders have joined the consortium. We appreciate the vote of confidence this demonstrates in Ørsted as the recognised market leader in offshore wind,“ said Ole Kjems Sørensen, Senior Vice President of Ørsted Wind Power.
"With Borkum Riffgrund 2, we successfully syndicated a debt-tranche for a broad spectrum of European financial investors, including banks. To work and negotiate with the experienced teams of Ørsted and GIP was always a pleasure," said Dr Thomas Mann, Chief Investment Officer, Talanx.
Adebayo Ogunlesi, Chairman and Managing Partner of GIP, concluded: “This transaction completes our acquisition of Borkum Riffgrund 2 and underscores GIP’s commitment to investing in renewable energy and to strategic partnerships.”