UL Solutions a global leader in applied safety science, announced that it has completed technical due diligence to support Abu Dhabi Future Energy Company PJSC – Masdar a leading developer and operator of utility-scale renewable energy projects, in the successful acquisition and subsequent financing of its 49% interest in the Baltic Eagle offshore wind farm, a 476-MW project with 50 wind turbines off the German coast of the Baltic Sea.
UL Solutions’ Offshore Advisory Services team provided an unbiased technical and commercial analysis to help guide Masdar’s initial decision to acquire a 49% stake in the Baltic Eagle offshore wind farm. The due diligence performed by UL Solutions encompassed a review of consents and environment, project design, construction schedule, construction and operational contracts, operational strategy, asset lifetime assessment, energy yield, and economic model review.
UL Solutions also served as a technical adviser to Masdar’s lenders, who successfully financed Masdar’s share of the project. The total lending package amounted to 488 million euros, with participation from ABN AMRO, Credit Agricole CIB, ING, Santander and Siemens Bank.
“By integrating our technical and commercial expertise with our deep understanding of project finance processes, we provide clients with an in-depth understanding of project risks to ensure their investment is technically sound and enable them to raise capital to meet their energy asset goals,” said Chris Houston, Director of the Offshore Wind Advisory group at UL Solutions. “We thank Masdar for entrusting us to provide them with our proven, science-based advisory services to help support this transaction and ultimately contribute to the future of renewable energy production.”
“We are very pleased with the excellent work that UL Solutions did in relation to the Baltic Eagle project, initially acting for Masdar during the acquisition of our 49% stake in the project and subsequently advising the lenders for the debt financing of that stake,” said Bruce Johnson, Director, Corporate Finance and Treasury at Masdar. “UL Solutions’ expertise and contributions throughout both processes were invaluable.”
From its worldwide offshore wind headquarters in Glasgow, the UL Solutions Offshore Advisory Services team has provided a wide range of science-backed analyses to empower and help develop wind projects globally, supporting the transition to renewable energy. UL Solutions’ deep understanding of the regulatory, technical and commercial drivers for offshore wind development, coupled with its bespoke services for wind resource and wake modeling, turbine technology assessments and other technical evaluations, provides customers with a comprehensive overview of a project risk profile supporting critical decision-making during investment and finance transactions.
Source: www.ul.com
