Galloper Wind Farm Ltd, a joint partnership between RWE Innogy, UK Green Investment Bank (GIB), Siemens Financial Services and Macquarie Capital, has received double recognition from industry analysts following the high profile project partnership and finance deals closed late in 2015.
Galloper has been named as European Power Deal of the Year in Project Finance International (PFI) Yearbook and Top Deal of 2015 by Infranews, following the completion of the finance and project partnerships that secured the future of the £1.5 billion offshore project.
Previously, the project had been put on hold following a number of challenges which led to RWE Innogy undertaking a complete redesign of the original project and infrastructure, and seeking new partners and investors.
Mikko Simula , Finance Director for Galloper Wind Farm Ltd, said: “The Financial Close for Galloper Wind Farm Ltd was the culmination of many months of successful negotiations with our partners and lenders. It sent a clear message that the UK continues to be strong market for offshore renewables.”
During the Financial Close process, UK Green Investment Bank (GIB), Siemens Financial Services and Macquarie Capital joined RWE Innogy in becoming 25% joint equity partners of the Galloper project. The debt financing for Galloper Wind Farm Ltd was also secured with a consortium of 12 commercial banks and the European Investment Bank providing the £1.37 billion debt facilities.
As part of the overall partnership agreement, Siemens will supply and install 56 of its 6 MW turbines for the project and deliver a 15-year maintenance contract.
Mark Muldowney , Managing Director, Energy & Infrastructure, BNP Paribas who acted as financial advisor to the project said: “The strong support of the financial markets for the Galloper project demonstrates the depth and capacity of the market for well-structured deals with respected sponsors.”
The wind farm is currently being constructed off the coast of Suffolk, with onshore works commencing within days of the financial close announcement last November.