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Financial close signals start of construction of 219 MW Northwester 2 offshore wind farm

published on 10/05/2018

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Northwester 2 is proud to announce it has reached the official close of financial agreements with all key stakeholders and banks for the construction of a 219 MW offshore wind farm. This project will be the sixth Belgian wind farm in the North Sea and will be built 50 km off the coast of Ostend.

For Parkwind it means the commencement of the construction of its 4th offshore wind power plant, which it will realize in partnership with the Japanese industrial group Sumitomo Corporation.

The project has raised app. EUR 700 million funded by its shareholders and trusted financial institutions. The European Investment Bank is committing 210 million euro as part of its support for investments in renewable energy, partially guaranteed under the Juncker Plan. The Danish export credit agency EKF guarantees 100 million euro of that facility.

The commercial lenders involved are BNP Paribas Fortis, Rabobank, Sumitomo Mitsui Banking Corporation, ASN Bank, Belfius Bank, Triodos Bank, ING Bank, Société Général and KBC Bank.

With its financing secured, the project plans to start the construction works in the spring of 2018.

Peter Caluwaerts, Project Director: “Northwester 2 is expected to be completed in the first half of 2020 and will have a capacity of 219 MW generated by 23 Vestas V164-9.5MW turbines. The installation will be able to generate 818,60 GWh of electricity annually, enough to cover the energy consumption of 220.000 households.”

Earlier this year total offshore wind energy in Belgium reached a generating capacity equivalent to the full energy consumption of 1 000 000 households.

Parkwind’s CEO’s François Van Leeuw and Eric Antoons congratulate the hard work of the Parkwind teams and shareholders, government officials, suppliers, lenders and advisors, “allowing us to feed some positive energy into a market environment that has no choice but to embrace renewables. Parkwind’s ambition is to export its industrial concept worldwide.”

The vast experience of the Parkwind team builds on the success of the Belwind, Nobelwind and Northwind wind farms. The Northwester 2 project will use the latest technology and equipment, greatly increasing the chances of the project meeting optimal conditions for safety and timely delivery within the planned budget.

Northwester 2 has contracted the services of Jan de Nul for the fabrication and installation of foundations and for wind turbine installation. The wind equipment will be supplied by MHI Vestas Offshore, offering its V164 9.5MW technology. The Offshore High Voltage Station designer and fabricator Bladt, the Inter array cable manufacturer NSW and the Export Cable manufacturer Nexans complete the list of key suppliers.

Marsh and Profin have developed an insurance portfolio subscribed by lead insurer Codan.

Loyens & Loeff on behalf of the project and Jones Day as lenders’ counsel were the legal advisors on this transaction.

Mott McDonald was appointed as the lenders’ technical advisor.

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Maarten van der Horst

Project Director Oriel

Maarten joined Parkwind and more specifically the Oriel project team in early 2021. He brings 17 years of experience in the energy industry having worked at Engie's renewables arm first as an engineer, later as offshore specialist.

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Wim Verrept

Risk, QHSSE, IT & Process Manager

He joined Parkwind in 2016 as risk manager, during the installation phase of Nobelwind. Since then his responsibilities have expanded to include IT and the QHSSE department. Before joining the company, he worked as a risk manager at large financial institution in Belgium.
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Ingrid Dony

HR Manager

Ingrid joined Parkwind in 2013 and manages the Human Resources department. Her expertise in corporate HR has created the foundations in Parkwind’s evolving and rapidly growing employee and consultant base. Her team manages everything from payroll to employee development and communications. She has been instrumental in preparing the organization for international expansion and the digitalization of numerous HR legal and administrative tools.

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Dirk Dewettinck

Head of R&D

At Parkwind since 2015 he manages the engineering resources involved in project development, design and construction. He was closely involved in the technical management of the Nobelwind and Northwester 2 projects. Prior to joining Parkwind, he was involved in other offshore wind projects, working for a major wind turbine supplier, and prior to that he worked for more than 15 years with major engineering contractors in projects around the world, mainly in the conventional power generation construction and services (steam, gas, nuclear).
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Clément Helbig de Balzac

Project Manager of Arcadis

Joining Parkwind in 2011 as a project finance specialist and he was heavily involved in the financing and construction of Northwind and Nobelwind. Thereafter, as project finance manager, he led the financing process of Northwester 2 and the refinancing of three operational offshore wind farms of the Parkwind portfolio. He is also involved in business development projects for his expertise lies in financing processes, construction contract negotiation, contracting strategy and development and construction management.
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Edward Van Melkebeek

Head of Technology

Since joining Parkwind in 2018, he has been leading the Technology team responsible for leveraging Parkwind’s know-how in civil, electrical and WTG packages to development of new projects. The team also performs a supply chain role, managing technical aspects of project contracts. Previously, he has built extensive practical and managerial experience in the offshore construction business for over 22 years at a global leading dredging and offshore contractor strongly active in the offshore wind industry.
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Mathias Van Steenwinkel

Business Development Manager

He joined Parkwind in 2012 working on financial modelling, PPA negotiations and the overall financial close processes. Since 2016, he is heading the growing business development department playing a key role in the identification of new projects, global partnerships and tender preparations.
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Kristof Verlinden

O&M Manager

With Parkwind since 2010, he is responsible for the asset management and production management of all of Parkwind’s offshore operational assets. The O&M organization plays a pivotal role in project development incorporating strategic insight to ensure frictionless O&M operations from the moment of first production. The team also supplies external support services, is involved in numerous R&D initiatives with universities and wind farm performance analysis using state of the art data systems. Kristof joined Parkwind with an engineering background in international service support business and wind turbine driveline design validation.
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Pieter Marinus

General Counsel and Investment Relations Director

As a former Parkwind board member, he has been involved in the financial close and follow-up of every Parkwind project as well as in their acquisition and divestment processes. Prior to joining Parkwind’s management in 2017, he was also in charge of multiple other renewable energy investments and financings around Europe, notably as Investment Director at Korys, Parkwind’s controlling shareholder.
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Peter Caluwaerts

Project Director

After years of building extensive experience in large construction works, he started his career in offshore wind in 2010 by taking up the role of CLO of Parkwind, responsible for regulatory, legal and contracting matters for Belwind and Northwind windfarms. Since then, as Project Director, he’s led the Northwester 2 project completed in 2020 and is now responsible for Parkwind’s Irish projects Oriel and Clogherhead. He plays an instrumental role in organizing Parkwind’s international expansion and growth.
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Eric Antoons

co-CEO

Before joining the company in 2013, he worked for one of the largest power and gas suppliers in Belgium, in both operational and executive functions. Joining Parkwind in 2013 as COO, he supervised the construction of three wind farm projects and the considerable growth of O&M activities. Since becoming co-CEO in 2016, he has also developed Parkwind’s R&D activities to the forefront partnering with universities and several technology start-ups.
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Francois Van Leeuw

co-CEO

He joined the nascent Parkwind as a CFO in 2009 and has been leading the financing and development of the four Belgian wind farms Belwind, Northwind, Nobelwind and Northwester 2. In his role he’s particularly involved in new business and partnership development for Parkwind globally. He is also serving as the chairman of the Belgian Offshore Platform, the non-profit association of investors and owners of Belgian wind farms.