Offshore wind development firm Parkwind has this week said that its Arcadis Ost 1 offshore wind farm in Germany had reached a financial close.
A group of nine lenders contributed about 570 million euros (about $681 million) to the 257MW Baltic Sea project.
The lenders are KBC Bank, Belfius Bank, Helaba, KfW IPEX-Bank, Coöperatieve Rabobank, Société Générale, ING Bank, EKF Danmarks Eksportkredit and the European Investment Bank.
The wind farm will be located in the German territorial waters of the Baltic Sea, northeast of the island of Rügen. It will generate enough electricity to power the equivalent of up to 290,000 households as of 2023.
Offshore installation works are due to begin in 2022 and the wind farm is expected to be fully operational in 2023.
Arcadis Ost 1 project is expected to be the first offshore wind farm that will make use of a floating vessel for the installation of Wind Turbine Generators.
Parkwind, together with Heerema Marine Contractors and MHI Vestas developed the floating installation method, as an alternative to traditional jack-up vessel usage, due to the challenging soil conditions at the Arcadis Ost 1 site.
Parkwind expects the method will allow for a reduced installation time and contribute to the further reduction of the levelized cost of offshore wind energy.
Bladt Industries will deliver the offshore substation. JDR will be delivering the inter-array cables and Global Marine performing the installation of these cables. The wind farm will connect to the 50Hertz grid.