With a long history of involvement in Butendiek, K2 Management supported ITOCHU Corporation in its 22.5% equity interest investment into the 288 MW wind farm – ITOCHU's first investment in European offshore wind.
K2 Management provided technical and wind due diligence on the transaction, focusing on performance and technology, project life and long-term OpEx and O&M strategy.
ITOCHU Corporation, commented: “This project represents ITOCHU Corporation’s first European offshore wind investment and K2 Management’s technical advice, financial insight and operational performance expertise was invaluable to us in this acquisition.”
Will Sheard, Global Manager, Due Diligence at K2 Management, said: “Working with ITOCHU Corporation on this transaction was a pleasure and our close working relationship is one of the key drivers of success for all the work we deliver for ITOCHU.
“Our core team consisted of experts with real hands-on offshore wind experience covering development, construction and operation of such projects – that experience enables us to deliver much more focused, value-adding supporting within the often short timescales of these transactions. It was great to work on this project again, as I led the lender’s technical advisor assignment for Butendiek when it secured debt finance prior to its construction.”