Belgian Offshore Wind Farm Closes $1B Financing

Law360, New York (June 29, 2012, 6:10 PM EDT) -- Belgium's biggest renewables project in two years finalized an €850 million ($1.06 billion) financing package on Friday, tapping five commercial lenders, two development banks, a pension fund and export credit agencies from three European countries to get to the finish line.

Northwind NV, a 216-megawatt wind farm to be built 23 miles offshore, has locked in €595 million from eight lenders, including subsidiaries of project financing powerhouses BNP Paribas SA and Rabobank. It will get another €280 million in equity and subordinated loans from its joint...
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