ING helps build the world’s largest lake wind farm
ING and nine other European banks have closed a €700 million financing for Windpark Fryslân, a wind farm in the Netherlands’ biggest lake. Once completed, the project is expected to be the world’s largest lake wind farm.
The project consists of 89 wind turbines with a total capacity of 382.7MW, generating electricity for close to half a million households. Windpark Fryslân is constructed in the Netherlands’ IJsselmeer by marine contracting company Van Oord and Siemens Gamesa Renewables Energy. The project is expected to be finalised in 2021, with the first electricity to be produced in 2020.
The project has been developed by families De Groot and Meulendijks, with the Province of Friesland as shareholder and subordinated debt provider at financial close. For the Province of Friesland, the project provides an opportunity to invest the funds it had retained from the sale of shares in utility company NUON. Next to that, the investment is a key contributor to the province’s own renewable targets.
“ING has a long-standing relationship with the two families, which we have built through the financings of the neighboring wind farm Westermeerwind (2014 and 2017). Also, ING’s extensive sector track record and large commercial appetite helped us get a lead role in the project, coordinating the financing and hedging for a 10-bank consortium,” said Steven Evans from the deal team.
The transaction supports ING’s Terra approach, whereby we commit to align our portfolio to the Paris Agreement’s well-below two-degree goal.