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Financial closure for Northwester 2 Offshore Windfarm

Thursday, 25 October 2018

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Northwester 2 is a 219 MW offshore wind farm being developed in the North Sea, off the coast of Ostend, Belgium. It will be the sixth wind farm in the North Sea off the Belgian coast, and will be located at a water depth of approximately 40m. Parkwind holds a 70% stake in Northwester 2, while Sumitomo Corporation holds the remaining 30%.

Northwester 2 has reached an agreement in principle with the Belgian Government for the project development in October 2017, and achieved financial closure in October 2018. Construction of the wind farm started in early 2018, while operations are scheduled to start in the first half of 2020.

The offshore wind farm is estimated to cost approximately €700m ($805m) and is expected to have a lifespan of 25 years. It is expected to generate 818,60GWh of electricity, sufficient to meet the requirement...

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