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Joint lead arranger9/20/2023 ![]() ![]() Last December, Societe Generale has decided to take strong new measures in favour of a less carbon-intensive economy, with the objective to contribute to raising €100 billion in financing for the energy transition by 2020. With a global presence and acknowledged energy sector expertise, Societe Generale is also fast becoming a leader in renewable energy. Successfully breaking new ground by implementing a refinancing during construction of an offshore wind project is a first and something of which we can all be proud.”įlorence Schwob - +33 (0)1 42 13 23 49 - to editors : After having acted as MLA and documentation bank in 2016 for the project’s initial financing, we are very glad to have been chosen to advise Merkur. ![]() Yann Le Bot, Director, Energy Finance, SG CIB, commented : “We are delighted to have further accompanied Merkur and its shareholders on their exciting journey. The team of SG CIB, however outperformed all our expectations and definitely had an enormous part in successfully delivering this complex transaction against the given very tight deadline.” Sven Schulemann, Managing Director of Merkur, explained : “Due to its leading position in the offshore wind industry and its accurate view of the market SG CIB is certainly always the right choice when it comes to financing in offshore wind. Once completed, the offshore windfarm and its 66 GE Haliade 6MW turbines generate enough green energy to supply approximately 500,000 households per year. The project is located about 45 km north of the island of Borkum in the German North Sea. Merkur is a joint venture owned by funds managed and/or advised by Partners Group (50%), Infrared (25%), DEME (12.5%), and Coriolis (12.5%), which is a joint venture of GE and L’Agence de l’Environnement et de la Maîtrise de l’Energie (“ADEME”) acting in the name and on behalf of the French State. In parallel with the amended financing, Merkur has switched from the “compressed tariff” to the “base tariff” under the German Renewable Energy Act (“EEG”), therefore enabling the project to benefit from a longer period of guaranteed and stable income stream. The existing facilities have been amended to enable a syndicate of 13 international lenders to participate. The financing enables Merkur to benefit from the current competitive debt market environment and to optimize debt pricing, leverage and tenor in the future post construction of the project. ![]()
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