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DNV GL provides due diligence to institutional lenders for investment in 659 MW Walney offshore wind project

DNV GL, the worlds largest independent energy advisory and certification body, secured a leading role as technical advisor to a group of institutional lenders with their investment of the 659 MW Walney Extension. Located off the coast of North West England at Barrow-in-Furness, the Walney Extension offshore wind farm will bring a unique mix of wind turbine types, featuring 40 MHI Vestas V164 and 47 Siemens SWT-7.0-154 turbines.

DNV GL conducted a detailed technical due diligence study and full independent energy production assessment, allowing the group of lenders to develop an understanding of the technical characteristics and risk profile.

The group of lenders includes:
- Aviva Investors
- BlackRock Investment Management (UK) Limited
- Legal & General Investment Management Real Assets
- Macquarie Infrastructure Debt Investment Solution

Through DNV GLs technical assessment to the group of lenders, the companys team of offshore experts provided valuable details on the risk profile of the offshore project, enabling the lenders to enter the strategically important and ever-expanding offshore wind market.

As the offshore wind industry matures, new lenders are entering this rapidly growing market, seeking stable long-term returns which are sustainable, and economically considerate. DNV GL has broad experience in offshore wind since 1993 and this venture into one of the worlds largest offshore wind farms was, for many of the lenders, their first in offshore wind. This is yet another indication of the importance of offshore wind in our growing low carbon energy system. We are proud to support these new sources of investment into this market, said Prajeev Rasiah, Executive Vice President for DNV GLs Energy business in Northern Europe, Middle East & Africa.

DNV GLs comprehensive experience in lenders and owners due diligence for over 30 GW of wind projects, provided the group of lenders with detailed insight into the technical risk of their customers investment decision.

Built in the Irish Sea, the newly expanded Walney wind farm will have a total generating capacity of 1.7 GW.


2018-02-12

Please see DNV GL company electronic office

Media contact:
Nikos Späth, Head of Media and Public Relations
DNV GL Maritime Communications
Tel.: +49 (0)40/36149-4856
E-Mail: nikos.spaeth@dnvgl.com

Driven by our purpose of safeguarding life, property and the environment, DNV GL enables organizations to advance the safety and sustainability of their business. Operating in more than 100 countries, our professionals are dedicated to helping our customers in the maritime, oil & gas, energy and other industries to make the world safer, smarter and greener.
In the maritime industry
DNV GL is the world’s leading classification society and a recognized advisor for the maritime industry. We enhance safety, quality, energy efficiency and environmental performance of the global shipping industry - across all vessel types and offshore structures. We invest heavily in research and development to find solutions, together with the industry, that address strategic, operational or regulatory challenges.

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