UL Solutions has completed its technical due diligence supporting Masdar’s acquisition and subsequent financing of its interest in the Baltic Eagle offshore wind farm, off the German coast of the Baltic Sea.
UL Solutions’ Offshore Advisory Services provided a technical and commercial analysis for Masdar’s initial decision to acquire a 49% stake in the 476 MW, 50-turbine project. This included a review of project design, construction schedule, operational strategy and economic model review.
The company also served as a technical adviser to Masdar’s lenders, with participation from ABN AMRO, Credit Agricole CIB, ING, Santander and Siemens Bank. The total lending package amounted to €488 million.
“By integrating our technical and commercial expertise with our deep understanding of project finance processes, we provide clients with an in-depth understanding of project risks to ensure their investment is technically sound and enable them to raise capital to meet their energy asset goals,” says UL Solutions’ Chris Houston.
“We thank Masdar for entrusting us to provide them with our proven, science-based advisory services to help support this transaction and ultimately contribute to the future of renewable energy production.”
