Proof of performance: Growind
In the Eemsharbour in Groningen (northern part of the Netherlands), the 63 megawatt wind farm called Growind is being built. This wind farm consists of 21 Vestas V90 3MW wind turbines, owned by 21 private individuals. Installed power output is 63MW. Upon completion in March 2008 this park will supply 54,000 households with green electricity. Growind BV has especially been founded to develop, finance and exploit the wind farm for these 21 private individuals who are also the shareholders.
Deal characteristics
- The financing consists of a EUR 74 million construction facility, a EUR 59 mln long term loan and a EUR 10 million Mezzanine facility. The Mezzanine facility hedges the risks of volatile prices for green electricity and risks in wind availability.
- EUR 70 million qualified for green finance by Rabo Green Bank, that is at a lower interest rate.
Largest wind farm requiring an innovative financing. The financing structure enabled the client to profit from the current high electricity prices while protecting the bank from related price risks.
Hedging and green finance
Rabobank International, Project Finance
Rabo Green Bank B.V.
Local Rabobank Flevoland
External consultants
This deal was closed on 13 June 2007
Eemsharbour in Groningen, the Northern part of the Netherlands