Multi-contracting for the first Project Financing in the German Offshore Wind Market Projekt Offshore Wind Farm Meerwind Süd Ost [288 MW Offshore Wind Farm] by Peter Giller 1
Content Meerwind Süd Ost Suppliers & Contractors Financial Structure Summary 2
Managing Director: Jens Assheuer Shareholder: Advisory Board: 80% Blackstone Group 20% Windland Energieerzeugungs GmbH David Foley, Sean Klimczak, Peter Giller, Gregory Blank 3
Meerwind Süd Ost Project data: BSH permit: 16.05.2007 (legally valid since 03.2010) Capacity: 288 MW Project costs: ~ 1.2 Billion Euro Wind Turbines: 80 WTG with 3.6 MW each Start of Installation: September 2012 Completion: end of 2013 Operation: 4
Meerwind Süd Ost Location and distances: Distances from Wind Farm to: Bremerhaven: approx. 120 km Cuxhaven: approx. 105 km 5
Meerwind Süd Ost Location and distances: Distance from Helgoland to Wind Farm: Approximately: 23 km Minimum: Maximum: 12 sm 18 sm 6
Meerwind Süd Ost Some technical data: Monopile foundations: length up to 70 m diameter 5,5 m weight up to 700 t Rotor diameter: Height blade tip: 120 m 149 m Overall steel amount: more than 85.000 t Length of cables (park internal): 107 km 7
Meerwind Süd Ost Suppliers & Contractors: Wind Turbines (WTG): Siemens Wind Power A/S Foundations for WTG: AMBAU GmbH Substation: Consortium Alstom / WeserWind Foundations for Substation: WeserWind GmbH Internal Cabling: NSW GmbH Installation Foundation and WTG: Seajacks UK Ltd Substation: Seaway Heavy Lifting Service and Maintenance: / Siemens 8
Suppliers & Contractors Wind Turbines (WTG): Siemens Wind Power A/S Scope of Work: Design & manufacture 80 WTGs SWT 3.6-120 Deliver WTGs FAS Mechanical & Electrical completion Commissioning, Trial Run (Power Curve) Warranty LDs 9
Suppliers & Contractors Foundations for WTG: AMBAU GmbH Scope of Work: Design & manufacture Monopiles and transition pieces (80) Deliver Monopiles and transition pieces FAS Warranty LDs 10
Suppliers & Contractors Substation: Consortium Alstom Grid GmbH / WeserWind GmbH Offshore Construction Scope of Work: Design, manufacture & cold commissioning of substation Delivery of substation sea-fastened on barge Hot commissioning of substation Warranty LDs 11
Suppliers & Contractors Substation: WeserWind GmbH Offshore Construction Scope of Work: Design, manufacture & cold commissioning of substation Manufacture jacket foundation Deliver jacket foundation LDs 12
Suppliers & Contractors Internal Cabling: NSW GmbH Scope of Work: Design, manufacture and installation of infield cables Warranty LDs 13
Suppliers & Contractors Installation Foundation and WTG: Seajacks UK Ltd Scope of Work: Transportation & installation 80 Monopiles and transition pieces Warranty LDs 14
Suppliers & Contractors Installation Substation: Seaway Heavy Lifting Scope of Work: Installation of jacket foundation & Topside Warranty LDs 15
Suppliers & Contractors Service and Availability Agreement: Siemens Wind Power Scope of Work: Day-to-day activities, Scheduled service Remote monitoring, failure response and analysis Training of WindMW s personnel Availability Warranty of 95% Procurement of spare supply and jack-up vessel 16
Financial Structure Project Financing Dept capital ~ 820 Million Equity capital ~ 360 Million Equity capital ~ 360 Million Dept capital ~ 820 Million Sum Total ~ 1.2 Billion Contingency + ~ 10% of sum total 17
Financial Structure Consortium by 8 Commercial Banks: BTMU CoBa DCL HeLaBa KfW-IPEX Lloyds Santander Siemens Bank + EKF + KFW lead management (Facility Agent) = KFW IPEX Bank 18
Financial Structure Lending Structure 245,000,000.00 350.000.000,00 245,000,000.00 Commercial Banks 350.000.000,- KfW 245.000.000,- EKF 245.000.000,- 19
Financial Structure Procedure of Financing First injection of Equity Capital Followed by Dept Capital Period of financing 20
Summary Multi Contracting: Is a necessity Is accepted by lenders Requires an appropriate organization 21