Cape Wind and The Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU) have added France-based Natixis and Netherlands-based Rabobank to serve as lead arrangers for the 468 MW Cape Wind project, which is being developed off the coast of Massachusetts.
Natixis and Rabobank will work with BTMU to structure and arrange the syndication of the senior debt financing to additional lenders. The lead arrangers are also expected to make significant commitments, which, together with EKF, would provide more than $1 billion to Cape Wind's debt financing following approvals. In February, Cape Wind announced a $600 million loan from Danish export credit agency EKF.
‘Cape Wind is a good fit for Natixis considering our prior participation in other offshore wind projects, and we believe the market is strong for additional commercial banks to participate,’ comments Natixis' Olivier Delay.
Cape Wind President Jim Gordon says the developer is pleased to work with "these experienced offshore wind lenders."
Earlier this month, Cape Wind won four legal cases in federal court that were challenging the project's permit from the U.S. Department of the Interior. Following financial closing, the developer expects to commence commercial operations in late summer 2016.