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In the depths of the liquidity crisis, Rabobank International Renewable Energy & Infrastructure Finance (‘REIF’) and Rabo Project Equity successfully closed the financing for the first phase of Belwind, a large offshore wind farm on the Bligh Bank, 47 km off the Belgium coast near Zeebrugge.
A lack of experience with offshore wind technology meant that no single party was willing to take full construction risk. Rabobank and Dexia took the initiative to arrange the world’s first non-recourse project financing for an offshore wind farm to enable the realisation of the Q7 wind farm off the coast of IJmuiden, the Netherlands.
