The Norther offshore wind farm in Belgium successfully completed a EUR 960 million refinancing deal, enhancing its operational capacity and supporting the country's renewable energy targets.

Information on the Target

The Norther project represents Belgium's largest operational offshore wind farm, contributing significantly to the country's renewable energy targets. With a capacity of 370 MW, the project recently transitioned to its operational phase, marking a key milestone in its development. The project's successful completion demonstrates the commitment of its investors, lenders, and the federal government towards advancing sustainability and renewable energy projects in Belgium.

The refinancing deal included a total debt package of EUR 960 million, facilitated by a consortium of lenders including the European Investment Bank and several commercial banks. This restructuring was critical in aligning the project's debt with current market conditions and operational performance, showcasing effective financial and operational management despite the challenges presented by the COVID-19 pandemic.

Industry Overview in Belgium

Belgium's renewable energy sector has been gaining momentum, especially in offshore wind energy, which is recognized as a pillar of the country's energy strategy. The government has set ambi