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Parkwind has announced that the 257MW Arcadis Ost 1 offshore wind farm reached financial close. The wind farm will be located in the German territorial waters of the Baltic Sea, northeast of the island of Rügen.
 
The project raised about EUR 570 million of debt from a group of nine lenders: KBC Bank, Belfius Bank, Helaba, KfW IPEX-Bank, Coöperatieve Rabobank, Société Générale, ING Bank, EKF Danmarks Eksportkredit and the European Investment Bank. Parkwind has led the financing process together with Jones Day and Chatham Partners acting as sponsors’ legal advisors. The lenders were advised by Loyens & Loeff and Watson Farley & Williams while Mott MacDonald acted as lenders’ technical advisor.
 
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