RWE Gets New Partners for 336-MW Offshore Wind Farm

RWE Innogy has managed to rope in three new project partners for 336-megawatt Galloper Offshore wind project off the coast of Suffolk in the UK.

UK Green Investment Bank , Siemens Financial Services and Macquarie Capital will join RWE Innogy in becoming 25% joint equity partners of the project. Construction of the project will start later this month.

The debt financing for the projects was also closed. A consortium of 12 commercial banks and the European Investment Bank provides the £1.37 billion debt facilities. BNP Paribas acted as financial advisor to the project.

“This is fantastic news for the region and the whole of the UK, reflecting the fact that we are open for business and the best place in the world to invest in offshore wind,” said Energy Minister Andrea Leadsom. “This milestone shows how the UK’s offshore wind industry is going from strength to strength.”

“Today’s announcement is the culmination of many months of successful negotiations with our partners and investors and shows that the UK is still a strong market for offshore renewables,” Hans Bunting, CEO of RWE Innogy said. “Siemens, as well as becoming a project partner will also, through their technical division, support key aspects of the project including turbines, turbine installation and maintenance support.

“ We welcome GIB, with their experience of supporting renewables ventures and their substantial knowledge of offshore wind financing, back to another offshore partnership, their first ever equity investment being a stake in our Rhyl Flats project. Macquarie Capital bring considerable international business and finance acumen as well as a strong track record advising and investing in infrastructure and energy projects globally. I look forward to working together to utilise our collective experience and expertise to realise the successful construction of Galloper wind farm.”

Siemens will supply and install 56 sets of its 6-MW turbines for the project and deliver a 15=year maintenance contract.

The Galloper project which will be located close to its existing sister project Greater Gabbard off the Suffolk coast, was awarded development rights by government in May 2010 and will commence operations by March 2018.

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