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Global Tech I offshore project, powered with AREVA M5000 turbines is "Wind Deal of the Year"
The award was given by internationally-renowned magazine, Project Finance International (PFI), during an official ceremony held on January 25, in London.
Global Tech I, for which the group will supply 80 M5000 wind turbines, is the only offshore wind project to have raised debt financing in excess of 1 billion Euros. It is the second AREVA-powered offshore wind project to be awarded such financ-ing. In 2008-2009, Willi Balz, initiator of GTI and CEO of Windreich AG had raised 800-million euro equity.
The transaction, signed with a consortium composed of 16 commercial banks, the European Investment Bank and KfW, covers both construction and operation for the GTI project.
Louis-François Durret, CEO of AREVA's Renewables Business Group, said: "We are delighted that the Global Tech I project has received the "Wind Deal of the Year" award. It confirms the financial community's confidence in AREVA's wind technology and in GTI shareholder's ability to successfully carry out a complex large-scale project. This recognition will also facilitate financing of new projects that Windreich AG and AREVA may develop together in the future."
About Global Tech 1
Global Tech I is the largest project-financed offshore wind farm ever, and in view of the distance to shore and water depth, one of the most challenging offshore wind projects in the world.
Global Tech I is located 90 kilometres from the coast in the German North Sea. The wind farm will generate 1.6 billion kWh per year, enough to supply 445 000 households with environmentally friendly electricity. Global Tech I will be con-nected to the national grid in 2012 and fully completed in 2013.
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