Rentel OWF Reaches Financial Close

The shareholders and financial partners involved in the 309MW Rentel wind farm project have signed a financing agreement in Brussels which marks the official financial close for the 42-turbine project.

The Rentel offshore wind farm is being developed in the Belgian part of the North Sea by Rentel NV, a consortium of eight Belgian shareholders, including Otary Offshore Energy, DEME Group and Elicio NV, who announced the signing of the agreement.

The project is to be financed by its 8 shareholders and a consortium consisting of the European Investment Bank and 8 commercial banks. This group includes AG Insurance, ASN Bank, Belfius, ING, KBC, KfW Ipex-Bank, Rabobank and Société Générale.

The European Investment Bank will provide a EUR 250 million tranche via the European Fund for Strategic Investments (EFSI or Junker Plan) and fund a EUR 50 million tranche that will be guaranteed by Delcredere|Ducroire, while EKF will guarantee a EUR 208 million tranche.

In April 2016, Rentel NV and Siemens signed a contract for the supply and the 17-year servicing and maintenance of 42 7MW offshore wind turbines.

In the same month Rentel ordered a subsea cable system for the wind farm from ABB.

In March 2016 the company awarded STX France with the EPCI contract for the wind farm’s offshore substation.

DEME is in charge of the design, supply, transport and installations of foundations and infield cables.

Rentel OWF is located approximately 34 kilometres from Zeebrugge and approximately 40 kilometres from Oostende.

The development headquarters is located in the harbour of Ostend, where also the operational management of the wind farm will be based.

The consortium aims to complete the EUR 1.1 billion project by the end of 2018.