DNV GL Completes Due Diligence of World’s Largest Offshore Wind Farm

Shailaja A. Lakshmi
Friday, September 28, 2018

DNV GL has successfully completed a lenders’ technical due diligence on Ørsted’s Hornsea Project One, the world’s largest offshore wind farm with a total capacity of 1.2 GW.

The project, which is currently under construction, consists of 174 7 MW Siemens Gamesa wind turbines and is located 100 km offshore, making it the furthest offshore wind farm in the UK. The exceptional distance is made possible by an innovative electrical transmission system using the world’s first offshore reactive power compensation mid-station, enabling power to be transmitted 100 km to shore.

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

DNV GL’s Energy Transition Outlook report forecasts that renewable energy sources will power a surge in electricity demand, accounting for an estimated 80% of global electricity production in 2050. As electricity consumption accelerates, offshore wind farms will play an increasingly important role to ensure that we can meet this demand.

“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.

Categories: Wind Power Offshore Offshore Energy

Related Stories

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

French Oil Major Acquires Interests in Multiple Blocks in Southeast Asia

Fugro Expands Geotechnical Testing Capabilities in Indonesia

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

Argentina YPF to Shed Offshore Exploration Projects

Marine Masters Secures Wellhead Platforms Installation Job Off India

Current News

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com