DNV GL Lends Support to Walney 3 Offshore Wind Project

 

Located off the coast of North West England at Barrow-in-Furness, the Walney Extension offshore wind farm will bring a mix of wind turbine types, featuring 40 MHI Vestas V164 and 47 Siemens SWT-7.0-154 turbines.

 

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.

 

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

 

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

 

“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. 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. We are proud to support these new sources of investment into this market,” said Prajeev Rasiah, Executive Vice President for DNV GL’s Energy business in Northern Europe, Middle East & Africa.

 

DNV GL’s comprehensive experience in lenders’ and owners’ due diligence for over 30 GW of wind projects, provided the group of lenders with detailed insight into the technical risk of their customers’ investment decision.

 

Built in the Irish Sea, the newly expanded Walney wind farm will have a total generating capacity of 1.7 GW.