DNV GL on Walney Extension Due Dilligence Duty

DNV GL has acted as technical advisor to a group of institutional lenders with their investment in the 659MW Walney Extension offshore wind farm.

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

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.

Through DNV GL’s technical assessment to the group of lenders, the company’s team of offshore experts provided details on the risk profile of the offshore project, enabling the lenders to enter the strategically important and ever-expanding offshore wind market, DNV GL said.

“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,” said Prajeev Rasiah, Executive Vice President for DNV GL’s Energy business in Northern Europe, Middle East & Africa.

”DNV GL has broad experience in offshore wind since 1993 and this venture into one of the world’s 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.” 

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.

The wind farm, which is a shared-ownership project between Ørsted (50%) and two Danish pension funds PFA (25%) and PKA (25%), is due for completion in the second half of 2018, when it will become the biggest operating offshore wind farm in the world.