Parkwind has reached financial close on the Arcadis Ost 1 offshore wind farm, its first project in Germany, which now officially enters construction phase.
Belgian offshore wind developer said the project raised about EUR 570 million of debt from a group of nine lenders. 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.
Offshore installation works at the project site in the German sector of the Baltic Sea are due to begin in 2022 and the 257 MW wind farm is expected to be fully operational in 2023.
Parkwind has already gathered its Tier 1 team for Arcadis Ost 1, with Vestas set to supply 27 of its 9.5 MW wind turbines to be installed by Heerema.
The wind turbines will be erected on XXL monopiles fabricated by Steelwind and installed by DEME Offshore which will use its installation vessel Orion for the work. The company will also install the substation’s monopile foundation, with Bladt Industries contracted to deliver the offshore substation.
JDR will be supplying the inter-array cables that Global Marine will install at Arcadis Ost 1.
The 257 MW offshore wind farm, located northeast of the island of Rügen, will generate green energy to power the equivalent of up to 290,000 households as of 2023.
After being selected in the 2018 auction in Germany, the project was awarded a market premium and obtained its permit in March 2021.
“After three years of intense development works, the Parkwind team can be proud of securing the financial close of Arcadis Ost 1. With the group of world class contractors that we have formed, the support of the local authorities and now, our lenders, Arcadis Ost 1 can begin its execution phase and will ultimately become an integrated part of Germany’s energy transition” , said Clément Helbig de Balzac , Arcadis Ost 1 Project Director.