REpower Part Of Largest Project Financing In Offshore Wind Industry

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In what the company says is the largest project financing in the offshore wind industry, REpower Systems and the Belgian offshore project development company C-Power have signed a contract for the delivery of 48 REpower 6M turbines. Installations are planned for 2012 and 2013.

The turbines have a total rated power of approximately 295 MW and are planned for phases II and III of the first Belgian offshore wind farm, Thornton Bank.

Seven commercial banks, together with the European Investment Bank, are providing approximately $900 million in euros in financing. The total investment – including the refinancing of the first phase of the project – amounts to approximately$1.3 billion euros.

An export credits guarantee is generally promised by the German government.

The installation of 24 turbines for Phase II is planned for spring 2012, and a further 24 are designated for installation during a third extension stage by mid-2013.

In 2008, REpower delivered and installed six REpower 5M turbines for the first extension stage of Thornton Bank. The offshore wind farm, located
approximately 28 km off of the Belgian coast in waters between 12 meters to 27 meters deep, was officially put into operation at the end of June 2009. In the first half-year of operation, the company says it achieved a availability rate of 94%. In the second year, availability rose to 97%.

For phases II and III, REpower will provide production and delivery of the nacelles, towers, blades and hubs, as well as pre-installation in the port of Oostende. REpower is responsible for the installation, the commissioning and the test run of the turbines.

REpower will deliver its full-service product OFS for all three stages, which includes responsibility for operations and maintenance, as well as the transportation at sea.

SOURCE: REpower

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