Siemens Inks Investment/Supply Deal For Major Offshore Wind Farm

NAW Staff, Friday 08 February 2013 - 11:33:52

Siemens has signed a deal with wpd group to supply and install 80 wind turbines for the 288 MW Butendiek offshore wind farm, which will be built in the North Sea.

The wind turbines, which have a capacity of 3.6 MW and a rotor diameter of 120 meters, will be installed in a 42 square-kilometer area located about 32 kilometers west of the island of Sylt, near the German-Danish border.

The agreement also covers a long-term maintenance contract for a period of 10 years. Siemens will also provide a new logistics concept that includes a service operation vessel specially developed for deployments to offshore wind facilities. The total contract is worth more than 700 million euros.

This project company is made up of five investors. Siemens Financial Services, Marguerite Fund, Industriens Pension and PKA A/S - each of which will indirectly hold 22.5% - will provide, as financial investors, a substantial portion of the required equity and have secured the financing of the project with a total project volume of 1.3 billion euros.

wpd group, which will hold a 10% stake in the project, will also contribute to the equity but will focus mainly on project development and project management. All of the partners have aligned their resources in order to secure a project finance structure on a 67% senior debt and 33% equity basis with a consortium of up to nine banks, Siemens notes.




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