Natixis acts as Mandated Lead Arranger, Bookrunner, Hedging Bank and Market Due Diligence Bank for the EUR 2.8 billion 600MW Gemini offshore wind project in the Netherlands
Natixis will provide long-term project financing for the design, construction, and operation of the Gemini offshore wind project in the Netherlands, the largest ever project financed transaction to close in the offshore wind sector.
Project Gemini is a 600 MW offshore wind farm located in the Dutch North Sea at a 85km distance from shore. It was developed by Typhoon Offshore B.V. and will be owned by Northland Power Inc. (60%), Siemens Financial Services (20%), Van Oord Dredging and Marine Contractors BV (10%), and N.V. HVC (10%, a joint venture of 48 Dutch municipalities and 6 water regulatory authorities). Northland has taken a lead role in completing the remaining outstanding development activities since joining the project in August 2013 and will continue this active leadership role throughout construction and operations.
During construction, Siemens will supply and commission the turbines while Van Oord will be responsible for installation, grid connection and off-shore/onshore sub-stations. During operations, Siemens will act as operator under a 15-years full-scope O&M contract.
Project Costs amount to EUR 2.8 billion and will be financed through EUR 2.1 billion of Senior Debt, out of which: EUR 843 million of Commercial Facilities, EUR 200 million of EIB Facility, and EUR 930 million of ECA Facilities themselves funded by both EIB and commercial banks and benefiting from insurance covers from the Export Credit Agencies of Denmark (EKF), Germany (Euler Hermes) and Belgium (Ducroire).
Natixis acts as Mandated Lead Arranger, Bookrunner, Hedging Bank and Market Due Diligence Bank within a club-deal of nine Mandated Lead Arrangers.
The closing of this transaction confirms Natixis strong positioning as a reference player in the financing of renewable projects, notably in the high-growth sector of offshore wind with many projects currently under development in Europe.
Natixis also reaffirms its expertise in the field of large-scale multi-sourced export finance transactions.
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Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group's financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody's (A1, stable outlook), Standard & Poor's (A, stable outlook), Fitch (AA-, negative outlook) and R&I (A+, stable outlook).
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