K2 Management is pleased to see the 396 MW Merkur offshore wind project confirming financial close. We focus on our clients different risks and to strengthen the project.
For several months K2 Management supported the investors Partners Group (50% equity share on behalf of its clients) and InfraRed Capital Partners (25 % equity share on behalf of its infrastructure investors) prior to the financial milestone, focusing on technology risk, construction risk, and working with the investors to strengthen and de-risk the project.
“This is an important deal for the investors, and we were very glad to be able to help them ensure that it will be successful,” Will Sheard, Global Manager, Due Diligence at K2 Management comments.
Merkur, with a total project value around EUR 1.6 billion, is a construction-ready wind farm located approximately 45km north of the islands of Borkum, Germany, in the North Sea. It will consist of 66 GE Haliade-6MW turbines. Project construction will start immediately and offshore foundation installation is expected to commence in August 2017, with project completion scheduled for March 2019
The three other investors in Merkur are DEME Concessions Wind, GE Energy Financial Services and L'Agence de l'environnement et de la maîtrise de l'énergie (ADEME), acting on behalf of the French state. GeoSea, member of the DEME Group, will be turnkey contractor.