Wind farm project Arcadis Ost 1 reaches financial close
EUR 570m financing for Baltic Sea project advised by Jones Day and Chatham Partners
Parkwind announced today that the 257MW Arcadis Ost 1 offshore wind farm reached financial close on 14 June 2021. The project raised about EUR 570m of debt from a group of nine lenders and will become Parkwind’s first offshore wind farm outside of Belgium.
The wind farm will be located in the German territorial waters of the Baltic Sea, northeast of the island of Rügen. It will begin operations in 2023 and will supply enough green energy to power an equivalent of up to 290,000 households.
Chatham Partners together with Jones Day advised Parkwind throughout the financing process and regarding its project development. And while it is Parkwind’s first wind farm outside of Belgium, it is Chatham’s first project in coastal waters of the Baltic Sea.
The financing banks were advised by Loyens & Loeff and Watson Farley & Williams while Mott MacDonald acted as lenders’ technical advisor.