The Q7 Windpark, located off the Dutch coast near IJmuiden, reached financial close today. The project consists of a 120 MW offshore windpark, comprising 60 Vestas V-80 wind turbine generators.
Dexia and Rabobank were the mandated lead arrangers for the project, which was funded with €230m of debt, and €130m equity and shareholder loans. This financing is believed to be the first-ever non-recourse financing for an offshore windfarm.
Construction started in summer 2006 and is expected to be completed by 1 March 2008, for a total investment cost of EUR 383 million. It will sell electricity to ENECO Energy Trade B.V, an affiliate of ENECO, and will provide benefit for 10 years from the MEP regime for renewable energy projects in the Netherlands. It will produce approximately 400 GWh per year, enough to supply 125,000 households, which in any other form would produce carbon emission of some 225,000 tons.
Operis provided financial model audit services as part of the lenders’ due diligence.
