The 144MW Westermeerwind wind farm in the north east polder of the Netherlands has achieved financial close.
Mott MacDonald is lenders’ technical advisor to ING Bank N.V. and Eksport Kredit Fonden for the project, which requires a total investment of over €400 million of which €320 million will be funded by lenders.
Westermeerwind wind farm will consist of 48 3MW wind turbines capable of producing over 500GWh of renewable electricity annually – enough for 160,000 households. It is part of the larger Windpark Noordoostpolder, which consists of three separate wind farms totalling 86 turbines on water and land.
Mott MacDonald delivered a technical, environmental and commercial review of the wind farm and completed due diligence which led to successful financial close. The consultancy will now provide construction and operational monitoring services for the project.
Nick Morgan, Mott MacDonald’s project manager, said: “Mott MacDonald is the leading lenders’ technical advisor in international public private partnership markets. Lenders can take confidence in our ability to recognise both technical and commercial risks from the outset of our commission. We adopt a unique risk-based methodology which supports project bankability and facilitates deal progression.”
The Westermeerwind wind farm is expected to begin producing electricity by the end of 2015.