Parkwind NV, which is based in Belgium, has reached financial closure on its Arcadis Ost 1 offshore wind project in the German part of the Baltic Sea. The project has a capacity of 247 MW and will be located in the waters of the Mecklenburg-Western Pomerania state, about 19 km northeast off the island of Ruegen. Parkwind has procured about $691.2 million in the form of debt financing. This has enabled the offshore wind group to move on to the execution phase of the project. It is expected to begin operating in 2022-23.

The debt financing was sourced from a consortium of nine companies, which are KBC Bank, Belfius Bank, Helaba, KfW IPEX-Bank, Cooperatieve Rabobank, Societe Generale, ING Bank, EKF Danmarks Eksportkredit and the European Investment Bank.

The Arcadis Ost 1 project was successful in Germany’s offshore wind auction in April 2018. The wind farm will utilise 27 V174 – 9.5 MW turbines provided by Vestas Wind Systems. The turbines will be installed by Heerema Marine Contractors, which is a Netherlands-based company. Cumulatively, the offshore project will be able to produce enough electricity to meet the demand of 290,000 homes.