NIBC closed the financing of Germany's first offshore wind farm in the Baltic Sea

NIBC Infrastructure & Renewables Frankfurt has successfully closed the financing of Baltic 1, the first offshore wind farm in the German North Sea. The Project has a power generating capacity of 48MWp and is operational since May 2011. The total debt financing of EUR 138m will be provided by European Investment Bank (EIB), KfW IPEX, LBBW and NIBC.

Baltic 1 is located 16km off the German coast within the 12 nautical-mile zone and consists of 21 Siemens turbines of each 2.3MW. The annual electricity production generates electricity for more than 50,000 households. Total investment costs of EUR 212m have been prefunded by EnBW AG, Germany's third largest utilities with 6m customers, who will act as long-term investor (51%) together with 19 German utitilies (49%).

This transaction is another example for NIBC in the attractive German market and adds to NIBC's position in this Renewables segment.