Double honour for Galloper finance deal
10 Mar, 2016

Double honour for Galloper finance deal

  • £1.5 billion UK offshore renewable energy project
  • Secured financing from 12 commercial banks and EIB & four-way new project partnership
  • Recognised as European Power Deal of the Year and Top Deal of 2015

Galloper Wind Farm Ltd (GWFL) has received double recognition from industry analysts following the high profile project partnership and finance deals closed late in 2015.   Galloper has been named as European Power Deal of the Year in Project Finance International (PFI) Yearbook and Top Deal of 2015 by Infranews.

The successful completion of the finance and project partnerships secured the future of the £1.5 billion offshore project. Previously the project had been put on hold following a number of challenges which led to RWE Innogy undertaking a complete redesign of the original project and infrastructure, and seeking new partners and investors. The wind farm is now currently being constructed off the coast of Suffolk, with onshore works commencing within days of the financial close announcement last November.

The project’s go ahead is set to create around 700 jobs during construction and around 90 jobs once operational.

Mikko Simula, Finance Director for Galloper Wind Farm Ltd, said: “Infranews and PFI are respected industry analysts and we are genuinely delighted to receive this recognition together with our sponsors, lenders and advisors. The Financial Close for Galloper Wind Farm Ltd was the culmination of many months of successful negotiations with our partners and lenders. It sent a clear message that the UK continues to be strong market for offshore renewables.”

During the Financial Close process, UK Green Investment Bank (GIB), Siemens Financial Services and Macquarie Capital joined RWE Innogy in becoming 25% joint equity partners of the Galloper project. The debt financing for GWFL was also secured with a consortium of 12 commercial banks and the European Investment Bank2) providing the £1.37 billion debt facilities.

As part of the overall partnership agreement, Siemens will supply and install 56, six megawatt turbines for the GWFL project and deliver a 15 year maintenance contract.

Mark Muldowney, Managing Director, Energy & Infrastructure, BNP Paribas who acted as financial advisor to the project said “The strong support of the financial markets for the Galloper project demonstrates the depth and capacity of the market for well-structured deals with respected sponsors.”