The Borssele 1 & 2 offshore wind farm, about 22 kilometres from the coast of the Dutch province of Zeeland in the Netherlands. Photo: Ørsted AS
12 Nov 2021
NIB finances Borssele 1 & 2 wind farm in the Netherlands
Nordic Investment Bank (NIB) has signed an 8-year loan agreement with Denmark’s largest energy group Ørsted A/S for the financing of its investment in the Borssele 1 & 2 offshore wind farm, about 22 kilometres from the coast of the Dutch province of Zeeland in the Netherlands.
The EUR 175 million loan is eligible to be funded by NIB Environmental Bond proceeds. The loan will co-finance Ørsted’s investment in the wind farm, which consists of 94 wind turbines, each with a capacity of 8 MW. The installed capacity of the Borssele 1 & 2 wind farm is 752 MW, making it the largest of its kind in the Netherlands.
The wind farms delivered its first power to the Dutch grid in April 2020 and was fully commissioned in December 2020. In May 2021, Ørsted completed a 50% divestment of the Borssele 1 & 2 Offshore Wind Farm to Norges Bank Investment Management.
This is a significant project for Ørsted, and one which employs large amounts of Danish and Nordic technology. For example, the turbines, the central part of the plant, were assembled and shipped from Siemens Gamesa in Denmark. The towers and 50% of the transition pieces were also sourced from Denmark. There were also important cable deliveries from Finland.
“NIB is happy to support Ørsted with this long-term loan, diversifying the funding sources of a world-leading renewable energy company. The loan also fits well with NIB’s environmental mandate as it contributes to mitigate climate change,” says André Küüsvek, President & CEO of Nordic Investment Bank.
In 2011, NIB provided the client with a loan in the amount of EUR 240 million for the financing of the Anholt wind farm in Denmark.
Ørsted A/S (previously DONG Energy A/S) is Denmark’s largest energy group focusing on offshore wind power production, where it is the world market leader. In addition, the company is engaged in bioenergy and thermal power, and electricity and gas sales.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
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