EIP finalizes financing for 350MW Wikinger offshore wind farm in Europe

Energy Infrastructure Partners has completed generation of funding in the 350MW Wikinger offshore wind farm in Europe.

The company made a debt raise to partially fund its purchase of a 49% stake in the project. It has to pay Iberdrola €700 million for the shares.

The Wikinger wind farm is located in the German Baltic Sea in the northeast of the island of Rügen. The offshore wind farm consists of 70 Adwen AD 5-135 wind turbines.

According to EIP, it raised €400m of loans from Goldman Sachs, Rabobank and SEB.

It has been reported that the debt package will run for 12 years and consists of a “term loan, decommissioning letter of credit, debt service reserve and working capital facilities.”

Earlier, EIP had used the same channels for funding of 25% stake in the 378MW Arkona offshore wind farm in 2019.

Stefan Kilgus, from the law firm Watson Farley Williams, commented, “We are proud of our contribution to this exciting project which once again demonstrates our role as one of the leading law firms in the offshore wind sector both in Germany and worldwide.”