Windpark Fryslân reaches Financial Close

Joannes de Bont of Bond Advocaten has assisted on an interim basis the Ventolines legal and finance teams to provide additional capacity during the final stages of the financial close process for the construction of the 383 MW nearshore Windpark Fryslân in the IJsselmeer. The project reached financial close on 1 October 2019. A senior debt of circa EUR 700 million was provided by a group of lenders consisting of the following 10 banks: ABN AMRO, BNG, BNP Paribas, DZ Bank, Helaba, ING, KBC, KfW IPEX, NWB and Rabobank. On financial close, the province of Fryslân stepped in as a shareholder with a total investment of EUR 100 M. After completion of the construction, inhabitants of the province will be given the opportunity to invest in the windfarm through bonds.

Once operational in 2021, the project will be the world’s largest lake-based windfarm. This is another milestone in the lake’s interesting history: the former complex of lakes was flooded by the North Sea, then closed off by a 32-kilometer dam and partly drained to create an entire new province with fertile farmland. The area will now additionally supply 383 MW of electricity per year, which is enough for 500,000 households and 70% of the province of Friesland’s wind energy target. The wind turbines will be located just south of the long dam called the ‘Afsluitdijk’. The project includes the construction of a nature island further along the Afsluitdijk. This island will be a resting and foraging area for birds and fish. During the construction of the project it may be used as working island.

For more information, please see: https://www.windparkfryslan.nl/het-windpark/