News archive

Finance in place for offshore wind farm Q7 Wind farm operational first quarter 2008

11 July 2006

ROTTERDAM/UTRECHT, – Finance for offshore wind farm Q7 is now in place. Project owners Econcern, Energy Investments Holding and ENECO Energie signed a financing agreement with Rabobank and Dexia yesterday. The construction contract has been awarded to marine contractor Van Oord. Insurance is being provided by Delta Lloyd.

The development of the offshore wind farm brings together expertise in the areas of project development, marine construction, wind technology, renewable energy production and finance.

Dirk Berkhout (Board Member of Econcern): “The fact that the project has entered the construction phase reflects the resolution and entrepreneurship of many parties. The development of this wind farm has cost a great deal of time and money; determination and perseverance were equally essential. The construction of the wind farm is of great importance to Dutch government policy on knowledge generation and innovation. The opportunities the project offers to the maritime industry should be acknowledged and made good use of.”

Jeppe Machielsen (CFO ENECO Energie): “This wind farm represents an important milestone in the development of offshore wind energy worldwide. It is the first offshore wind farm to be based on non-recourse project finance. The banks have great confidence in this project and are willing to arrange much of the financing, without additional guarantees. We are proud to have been the first to undertake such an innovative project.”

Offshore Wind Farm Q7 is being built about 23 kilometres offshore from IJmuiden, in block Q7 of the Dutch Continental Shelf. The sixty wind turbines, each with a capacity of 2 Megawatts, will be placed at a depth of 19 - 24 metres. Q7 is located furthest offshore and placed in the deepest water. “Now the finance is in place, we will start with the foundations immediately after the summer. Then we will equip the electrical substation and have the turbines installed next year,” said Peter de Ridder, Director of Van Oord. The wind farm, which is expected to be operational by the beginning of 2008, will generate over 400 Gigawatt hours annually, enough to power 125,000 households. It will reduce CO2 emissions by 225,000 tonnes each year.