Denmark-based offshore wind developer Ørsted has signed a 175 million euros (around $200 million) eight-year loan deal with the Nordic Investment Bank (NIB) with the proceeds to be used for the financing of its investment in the Borssele 1 & 2 Offshore wind farm in the Netherlands.
Together with the loan agreement closed with the European Investment Bank on September 6, 2021, the intended long-term financing of Ørsted’s investment in the Borssele 1 & 2 project is now complete.
The 752 MW Borssele 1 & 2 Offshore Wind Farm, which consists of 94 wind turbines, each with a capacity of 8 MW, delivered the 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 project to Norges Bank Investment Management.
"Ørsted has a long-standing relationship with NIB, and we’re delighted with this opportunity to further strengthen our cooperation and with the strong support provided by NIB for our investment in the offshore wind farm Borssele 1 & 2, where we’re again joining forces in support of the green agenda,” says Marianne Wiinholt, CFO at Ørsted.
“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 Ørsted with a 240 million euro for the financing of the Anholt wind farm in Denmark.