AMSTERDAM and AMERSFOORT, the Netherlands – 2 May 2018
Eurus Energy Group (“Eurus”), a leading Japanese renewable energy company, and YARD ENERGY Group (“YARD”), a Dutch-based developer of wind energy projects, jointly announced today that they have achieved financial close for the construction of Windpark Spui, a 21-megawatt wind farm located in the municipality of Korendijk in South Holland, the Netherlands. Eurus acquired the project from YARD and its co-developer prior to financial close.
Windpark Spui will consist of five Enercon E-126 EP4 wind turbines, which will have a hub height of 135 meters, a rotor diameter of 127 meters and a rated power of 4.2 megawatts. A consortium of ABN AMRO Bank, Rabobank and Sumitomo Mitsui Banking Corporation will provide the debt financing for this project. The power generated at Windpark Spui, which will be sufficient for supplying renewable electricity for more than 24,000 households, will be sold to Eneco Group, a Dutch sustainable energy company, under a 16-year power purchase agreement. The wind farm will fulfill part of the commitment of the province of South Holland to have 735 megawatts of onshore wind capacity installed by 2020.
Windpark Spui will be the first project constructed under the collaboration between Eurus and YARD since their previous transaction for 9 operational wind farms in the Netherlands in 2016. According to Tetsuya Suwabe, Managing Director of Eurus Energy Europe, the investments of Eurus in the Netherlands are unlikely to stop here: “Our partnership with YARD and strong support for wind energy in the Netherlands will definitely provide more growth opportunities in the coming years”. Having worked on the development of Windpark Spui since 2012, YARD will manage the construction of the wind farm, which is expected to finish in 2019. Kevin Dijkers, CEO of YARD, states: “We are very pleased Windpark Spui has achieved Financial Close and look forward to realizing the windfarm as our next milestone partnering with Eurus Energy supporting the Netherlands in its ambitious transition towards renewable energy”.
Clifford Chance, Cees Advocaten and Simmons & Simmons provided legal advisory services to the transaction, while Allen & Overy acted as legal advisor for the lenders. Green Trust acted as technical advisor for Eurus and DNV GL provided the lenders with technical advice. PwC advised on the tax implications of the transaction. Rebel audited the financial model and Marsh provided insurance advice.
About Eurus Energy Group (www.eurus-europe.com)
Eurus Energy Group develops, invests in and operates renewable energy projects globally. Starting from its first project in California in 1987, Eurus now has over 2.7 GW of wind and solar power generation worldwide. Amsterdam-based Eurus Energy Europe B.V. is a wholly owned subsidiary of Eurus Energy Holdings Corporation, which is jointly owned by Toyota Tsusho Corporation and Tokyo Electric Power Company Holdings, Inc.