Canadians Refinance Stake in Germany’s Largest Offshore Wind Farm

Canada Pension Plan Investment Board (CPP Investments) has completed a EUR 510.6 million green bond refinancing of its minority interest in the Hohe See and Albatros offshore wind farms in Germany.

In total, over EUR 510 million of senior secured notes were issued on Tuesday, 11 February and placed with eighteen institutional lenders in Europe led by the Talanx Group.

Talanx affiliates purchased EUR 321 million of the project bond for CPP Investments, which together with Canadian energy company Enbridge Inc. holds 49.9 percent of the shares in the projects. The majority shareholder of the wind farm is Energie Baden-Württemberg AG (EnBW) with a shareholding of 50.1 percent.

Amsterdam Capital Partners acted as financial advisor to CPP Investments on the refinancing.

Hohe See and Albatros, with a combined capacity of 609MW, combine to create Germany’s largest offshore wind farm.

In total, 87 Siemens Gamesa 7.0-154 wind turbine generators were installed on monopile foundations over an area of approximately 53 square kilometers located in the North Sea approximately 100 kilometers north of Borkum.

Both Hohe See and Albatros are fully installed and connected to the grid.

Photo: EnBW

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