GE Energy Financial Services has a small stake in the recently financially closed €1.6 billion offshore 396-megawatt Merkur offshore wind farm. As part of the GE Energy’s due diligence process into the project, the firm hired Mott MacDonald as an independent technical advisor.
The 396-megawatt Merkur offshore wind farm is situated in the North Sea above Germany. The project, which recently reached financial close, is reported to have a price tag of €1.6 billion. Much of that funding was provided by investment management group Partners Group, with smaller amounts of equity provided by equity investors, including a 6.25% stake by GE Energy Financial Services. Other equity investors in the deal are InfraRed Capital Partners, DEME Concessions Wind and ADEME (acting on behalf of the French State).
The offshore windfarm itself consists of 66 GE Haliade 150-6.0 MW wind turbine generators. The energy produced will be transported to shore along 75 km of offshore high-voltage cables and 90 km of onshore underground cables, delivering around 1,585 GWh of renewable electricity per year to 500,000 homes across Europe.
As part of the due diligence process leading up to the financial close of the project, GE Energy Financial Services hired Mott MacDonald as an independent technical advisor. The firm ran an holistic technical, environmental and social review of the project in order to identify any completion or operation risks. Risks analysed by the firm crossed the value chain of the project, from appraisal of the technical capabilities of involved parties to reviewing project scheduling and social, environmental and permitting conditions. The consultancy firm further provided a range of recommendation and strategies to mitigate risks to the project.
Christos Kolliatsas, Mott MacDonald’s Project Director, says, “Our review identified a number of technical, schedule and financial obligations and potential risks. These included environmental monitoring responsibilities and technical and schedule constraints to protect marine mammals from underwater noise emitted during pile driving activities.”