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Marguerite, pension funds seal €950m offshore wind refi

The 288MW Butendiek project in Germany has agreed an ‘attractive’ package after being fully operational for over 18 months.

The European Investment Bank has led a consortium of banks to close the refinancing of the 288MW Butendiek offshore wind farm in Germany.

Over €950 million of senior debt was provided by the group, which includes both German and international banks. The debt was raised by project owners Marguerite Fund (15 percent), Swiss utility ewz and developer Wpd (10 percent), CDC Infrastructure (7.5 percent), Siemens Financial Services (22.5 percent) and Danish pension funds Industrien Pension and PKA, who each own a further 22.5 percent.

Banks that worked on both the original and the refinancing included KfW, SEB, Bremer, Rabobank, HSH Nordbank and Unicredit, according to a spokeswoman for Marguerite. Those introduced to the new deal originate from France, Germany, Netherlands, Japan and South Korea.

PKA agreed a deal in December
to sell its stake in the wind farm to a Japanese consortium led by trading group Itochu in a Dkr 1 billion ($140.7 million; €134.5 million), although the deal is yet to be completed.

The Butendiek project began fully operating in August 2015 and Michael Dedieu, partner of Marguerite Fund, said its “very good performance” formed part of the basis for the refinancing.

“The package has been very attractive for the banks, so the transaction has been significantly oversubscribed,” said Helge Rau, head of M&A at wpd. The spokeswoman for Marguerite added that the rate was below 150 basis points. 

Butendiek reached a €1.3 billion financial close in February 2013, securing over €850 million in debt. The EIB was also among the lenders then alongside Danish export credit agency EKF. The close also marked the first investment in Germany by the Marguerite Fund, set up to invest in greenfield energy and transport projects in the EU in 2010.