DNV GL Completes Hornsea One Due Diligence

Independent energy advisory and certification body DNV GL  has completed a lenders’ technical due diligence on Ørsted’s 1.2GW Hornsea Project One offshore wind farm.

The project, which is currently under construction, consists of 174 7MW Siemens Gamesa wind turbines and is located 100km offshore, making it the furthest offshore wind farm in the UK, DNV GL said.

The distance is made possible by an electrical transmission system using the world’s first offshore reactive power compensation mid-station, enabling power to be transmitted 100km to shore.

Working in collaboration with Ørsted and the lenders, legal, financial and insurance advisors, DNV GL conducted an independent energy yield assessment and undertook a technical due diligence study on all aspects of the offshore wind farm and offshore transmission assets.

“Drawing on our extensive offshore wind experience, we identified the key technical and commercial aspects of the project. This enabled 35 financial institutions, many of which have limited experience in lending to offshore wind projects, and a credit rating agency to evaluate the risk profile of the proposed structure, and to lend various tiers of debt capital to the project. Making it the largest project financing of a single renewable energy asset known to date,” said Prajeev Rasiah, Executive Vice President for DNV GL’s Energy business in Northern Europe, Middle East & Africa.