Questions and Answers
Finance and permissions
How is the project financed and what are the costs of the project?
Q7 is the first offshore wind farm to be based on non-recourse project
finance. Financing has been arranged by Rabobank and Dexia.
The construction of the wind farm involves a total investment of about
€ 350 million.
By whom is the insurance provided?
The insurance is being provided by Delta Lloyd via the brokers Marsh and Profin.
Will the decision of the Dutch government to stall all subsidies for renewable energy projects affect the Q7-wind farm in any way?
No the permits and exemptions to build a wind farm were obtained in 2002. No objections against these permits have been brought forward. Incentives like EIA and MEP were already allocated to the farm.
The Egmond offshore wind farm got an investment subsidy of 27 Million Euro. Why don't you get this subsidy?
The OWEZ wind farm is a demonstration wind farm and therefore is not fully commercial. It also had the obligation to carry out a more detailed Monitoring and Evaluation Program than Q7. The additional costs of both aspects justify an additional subsidy.
Are any regulatory decisions needed before the project can go ahead?
No, the permits and exemptions to build and exploit this wind farm were obtained in 2002. No objections against these permits and exemptions have been brought forward by third parties.
When and how did Econcern, ENECO and Energy Investments Holding decide to partner to build and finance this project?
In 2004 in was decided by Econcern to carry out a due diligence on the project. After the positive outcome EIH and Econcern, working together in Q7 Holding agreed with E-connection, the original developer, to take over the project if financial close could be reached. Early 2005 ENECO joined Q7 Holding by signing a Letter of Intent. Mid 2006 became shareholder in the project.
How is the equity ownership in Q7 wind farm shared between Econcern, ENECO and EIH?
Econcern and EIH, together in Q7 Holding hold 50% of the shares similar to ENECO