Belgium’s biggest offshore wind farm Norther has reached financial close and is ready to be built

Key facts:

The Norther project obtained its financial close and the construction phase can now start
The project will supply green energy to about 400.000 households (equivalent)
44 wind turbines MHI Vestas 8.4 MW make for a maximum installed capacity of 370 Megawatt, 23 kilometres off the Belgian coast
Elicio, Eneco and Mitsubishi Corporation are shareholders and partners in the project
The largest Belgian wind farm will generate about 1.400 direct jobs (FTE’s), and another 1.400 indirect jobs (FTE’s) during construction

The construction of the largest Belgian wind farm can now really begin. Following the European Commission’s state-aid approval, the Norther project has completed its financing phase and all contracts have been signed. Offshore works are planned to start in the spring of 2018. From the summer of 2019 on, this wind farm will supply energy to about 400.000 households. This was made possible in part by the collaboration of the federal government and the support of 8 banks, the European Investment Bank and EKF (Export Credit Agency of Denmark).

Norther, the largest offshore wind farm in Belgium, counts 44 wind turbines MHI Vestas 8.4 MW each. This renders a total maximum capacity of 370 MW, which makes it the largest offshore wind farm in Belgium. It will be built 23 km off the coast, between Ostend and Zeebruges. Important partners in the construction part of this project are, amongst others, MHI Vestas (supplier of the wind turbines), Van Oord (installing foundations, sea cables and offshore high-voltage substation) and Elia (connection to the transport grid).

This project is financed by private and public investors, with on the one hand ABN Amro, Belfius, BNP Paribas Fortis, BTMU, Rabobank, SMBC, SMTB, Société Générale and on the other hand the European Investment Bank and EKF (Export Credit Agency of Denmark). The total amount financed by the banks is 867 million euros. The rest of the financing is provided in equity by the shareholders. Green Giraffe and Chatham have advised the project on financial matters.

“Norther is responsible for a total investment of 1.2 billion euro in renewable energy. The support and the confidence from the banks, the EIB and the EKF, are of great support to this project. The fact that the European Investment Bank is one of the most important participants in our project constitutes a clear signal that Europe is confident about the investment climate in Belgium. I would also like to stress the important and positive role that was played by the federal government, the CREG and the European Commission in this matter. Their support is of crucial importance regarding the role of renewable energy in the Belgian energy policy.”

Dennis Sanou, project director

“Norther will generate electricity equalling the annual consumption of about 400.000 households. It means that this project is a substantial contribution to reaching the Belgian climate goals in 2020. We are very proud that we can now actually start to turn this enormous project into reality.”

Ludo Vandervelden, general manager of Elicio

The shareholders in this project are all parties with the necessary expertise and experience in developing renewable energy projects. Norther is ultimately owned by three parties: Belgian Elicio (50%), Dutch Eneco (25%) and since recently also Diamond Generating Europe (25%).

“Partnering with Diamond Generating Europe (“DGE”) was a logical choice for us. Eneco already has a long-term relationship with them in the Luchterduinen wind farm in the Netherlands. It was an obvious choice to team up with such an experienced partner, demonstrating long standing international experience in large renewable energy projects of national importance."

Miguel de Schaetzen, general manager at Eneco Wind Belgium

The construction of this wind farm reconfirms the expertise present in Belgium in terms of offshore wind energy. Together with Danish and Dutch partners, Norther will have an important part of the construction work done by experienced Belgian companies at building sites in Belgium. The construction of the project will generate about 1.400 direct jobs (FTE’s) and will indirectly generate another 1.400 jobs (FTE’s).

About Norther

Norther NV is a company (50% Elicio, 25% Eneco and 25% Diamond Generating Europe) responsible for the development, construction and operation of the Norther offshore wind farm, which at 370 MW of maximum installed capacity is the largest Belgian offshore wind project. It will be built 23 km off the coast of Zeebruges. Total investment amounts to 1.2 billion euros. The construction will start in 2018 and the wind farm will be operational from the summer of 2019 on. Norther started its development in 2008.

More information on www.norther.be

About Elicio

Elicio NV, a subsidiary of the Nethys group, is a Belgian wind energy developer and producer that is active on an international scale in the renewable energy sector. As a power producer, wind is the energy source used by Elicio. It invests in installations with an advanced technological level and which are embedded in local communities. By doing so, Elicio NV wants to positively contribute to a better environment.

Elicio NV is actively involved in all parts of the renewable energy business by successfully developing projects, doing in-house engineering, constructing and eventually operating projects for 20 years.

More information on www.elicio.be

About Eneco

Eneco is a leading player in supplying and producing renewable energy, and one of the largest players in the wind energy sector with over 1.000 MW of installed renewable production capacity in the Benelux and the UK. In Belgium, Eneco already operates 86 onshore wind turbines and is actively involved in developing onshore and offshore wind projects. Eneco provides for large and sound investment oppurtunities for citizens and local communities regarding several of its running investment programmes. This concerns crowdfunding, bonds and direct stakes through cooperative companies.

Eneco Belgium is an integrated energy company focused on producing and supplying natural gas and power from renewable sources such as solar and wind. Since 2011, Eneco is active on the Belgian residential supply market and already counts more than 275.000 contracts. On the business market, Eneco supplies over 10.000 companies with green power and natural gas. Having started from scratch in 2011, Eneco now has 200 employees in Belgium with an annual turnover of 500 million euros.

More information on www.eneco.be

About Diamond Generating Europe (“DGE”)

DGE is a wholly-owned subsidiary of Mitsubishi Corporation (“MC”). MC is a global integrated business enterprise that develops and operates businesses across virtually every industry, including industrial finance, energy, metals, machinery, chemicals, and daily living essentials. MC’s current activities have expanded far beyond its traditional trading operations to include investments and business management in diverse fields including natural resources development, manufacturing of industrial goods, retail, new energy, infrastructure, finance and new technology-related businesses.

With over 200 offices and subsidiaries in some 90 countries worldwide and a network of approximately 1,200 group companies, MC employs a multinational workforce of over 68,000 people.

More information on www.mitsubishicorp.com