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Cobra Instalaciones secured £380M financing funds for Kincardine OWF

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Cobra Instalaciones y Servicios has secured £380 million financing funds for the Kincardine offshore wind farm. Natixis, a french corporate and investment bank will act as sole green loan coordinator.

The project includes the construction of a 50MW offshore wind farm, situated southeast of Aberdeen, Scotland, which will be the world’s largest floating offshore wind farm once completed.

Kincardine will consist of six turbines (one 2 MW and five 9.5 MW, all supplied by MHI Vestas) mounted on semi-submersible floating structures constructed by Principle Power in water depths of 60-80 meters. The project is scheduled to be fully operational by Q4 2020.

The financing of the project was awarded the “Certified Climate Bond” label by Climate Bonds Initiative (CBI).

Vigeo Eiris has been mandated as verifier of the Marine Renewable Energy Criteria. 

“Natixis is very pleased to support its key client Cobra in this landmark transaction which confirms Natixis’ leadership in the Green, Social and Sustainability financing.

Jean Philippe Adam, senior country manager, Spain and Portugal, corporate & investment banking at Natixis.

“This is the first Climate Bonds Certification of a floating offshore wind project, congratulations are due to both Cobra and Natixis for their innovation and leadership. It’s a global scale transaction providing a strong pointer to the enormous investment potential in the floating wind sector.”

Sean Kidney, CEO Climate Bonds Initiative.

“Vigeo Eiris is proud to have provided the CBI verification for this landmark mission. It demonstrates well how finance can be leveraged to support the goals of the Paris Climate Agreement.”

Emilie Beral, Vigeo Eiris executive director methods, innovation, quality & issuers markets.
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