In 2010 wpd bought the Butendiek project from SSE Renewables Germany Holding GmbH. After redesigning the project and a restructuring of the main work packages wpd launched the project for financing in 2011/2012. For this purpose all rights and assets regarding the project have been concentrated in OWP Butendiek GmbH & Co KG as project company.
In 2013 the final project financing with a total project volume of EUR 1.3 bn was signed by a group of five investors becoming shareholders of OWP Butendiek GmbH & Co KG: Siemens Financial Services, Marguerite Fund, Industriens Pension, PKA A/S and wpd each holding a substantial portion of the required equity. Later on CDC Infrastructure as well as ewz joined as further investors. In addition to its role as shareholder, wpd remains responsible for project management as general partner.
Debt finance is provided by a consortium of twelve banks, involving multilateral institution like European Investment Bank, KfW and EKF supporting the project with significant funds. Project debt financing has been arranged by KfW IPEX, UniCredit and Bremer Landesbank, in a consortium with European Investment Bank, KfW Förderbank, Denmark’s Eksport KreditFonden and further commercial banks including BayernLB, HeLaBa, HSH Nordbank, ING, Rabobank and SEB.
- The 2020 European Fund for Energy, Climate Change and Infrastructure („Marguerite“) was established with the backing of six major European financial institutions to make capital-intensive infrastructure investments mainly in energy, renewables and transport infrastructure within the EU-27 countries.
Siemens Financial Services
- The Financial Services unit of Siemens (SFS) is an international provider of business-to-business financial solutions. SFS helps facilitate investments, providing commercial finance, project and structured finance with specific asset expertise in the energy, healthcare, industry, and infrastructure & cities markets.
- Butendiek is the eighth offshore wind power plant order that Siemens has won in German waters and the second in Europe with an equity stake from Siemens Financial Services.
Industriens Pension (IP)
- IP is a Danish Sector Pension Fund with some EUR 15 bn Assets under Management. The Pension Fund was founded in 1992 and has built a global portfolio of investments in infrastructure and energy.
- Butendiek has the perfect fit for the IP strategy of increased co- and direct infra/energy investments.
Pensionskassernes Administration (PKA)
- PKA is one of the largest administration companies for occupational pension funds in Denmark and is owned by five pension funds within the public social and health care sector with collectively 260.000 pension holders
- The Butendiek Project has a strong fit with PKAs direct investment strategy to contribute to the development of renewable energy as well as to generate long term stable returns to its pension holders
- CDC Infrastructure, www.cdcinfrastructure.com/, is a 100% subsidiary of Caisse des Dépôts. It makes long-term equity investments in infrastructure projects with high impact on local development and low environmental footprint. It invests in mature (“Brownfield”) assets and in new (“Greenfield”) projects financed mainly in the form of public-private partnerships (PPP).
- CDC Infrastructure is focused on a portfolio of 4 sectors: transport, energy, telecoms and the environment. Its participations include GRT Gaz (the main French gas transportation network and subsidiary of GDF Suez), Lisea (the high-speed rail between Tours and Bordeaux), Gassled (the formal owner of the Norwegian gas transport infrastructure), the motorway company Sanef, Eurotunnel, Viaduc de Millau and Gaz de Strasbourg.
- ewz, the Municipal Electric Utility of the city of Zurich, is one of the top ten energy providers in Switzerland in terms of turnover and has been supplying the city of Zurich and parts of the canton of Grisons with power since 1892. Over 1,200 employees provide services for 220,000 customers. To safeguard a secure and ecological power supply, ewz is investing heavily in the development and promotion of new renewable energies.
- Offshore wind is expected to be a significant contributor to the future production portfolio of ewz. Therefore Butendiek is an important milestone for ewz in the implementation of its strategy.
wpd is a developer and operator of wind farms with activities in 20 countries in Europe and overseas. So far, wind farms with some 1,500 turbines and a total output of 2.5 GW have been implemented by wpd group and international projects with a further 6.7 GW onshore are under development. wpd offshore is one of the leading players in the offshore market:
- 100 % affiliate of the wpd group, Bremen
- Worldwide, one of the leading developers of offshore wind farms with a pipeline of 18 projects (totaling 10 GW) and activities in 6 countries (Germany, France, Sweden, Finland, Italy, Denmark). The value chain covers project development and construction as well as operational management
- So far, 8 projects in Germany, Sweden and Finland have been successfully developed until final consent
- Procurement for 3 projects with a total investment volume of more than 2.5 billion Euros, which are now under construction
- Construction management for 2 offshore wind projects (including Baltic 1, Germany’s first commercial offshore wind farm)
- Developer of and shareholder in 2 of the 4 projects that have been tendered to date in France