For our long-term client EnBW, Energie Baden-Württemberg AG, K2 Management supported the German utility with independent technical and commercial advice and review of the main contracts of the upcoming 500 MW EnBW Hohe See offshore wind project.
K2 Management is currently undertaking comprehensive due diligence for the project, located in the German North Sea, as part of its first full lenders’ technical advisor role for an offshore wind project.
Having successfully completed the initial bankability review, our team is now focusing on detail on the key technical, commercial, construction, environmental and operational aspects of the project. The first key milestone in our assignment will be finalization of the Bank Launch Report, which will play a central role in giving potential lenders the confidence to become part of the project’s financing process. K2 Management will then support lenders through finalization of the due diligence process in parallel with assisting with the ongoing de-risking of the project, which is already employing a number of strategies to improve bankability and cost certainty.
Will Sheard, Global Manager, Due Diligence at K2 Management, explains:
“K2 Management has become one of a very small number of wind consultancies to be accepted as lenders’ technical advisor services for offshore wind financing. Our experience from more than half of the world’s offshore wind projects either on the owner or lender side, give us a strong combination of offshore wind project delivery and due diligence expertise.
"We are pleased to support EnBW and the project financing process for EnBW Hohe See, and it has been rewarding to see K2 Management accepted by major banks and investors for the provision of the most demanding type of technical due diligence role.
"Since commencing our work on EnBW Hohe See we have successfully won several other LTA mandates, demonstrating clear confidence in our capabilities to support projects through to, and past, financial close.”