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DNV GL provides due diligence to institutional lenders for investment in 659 MW Walney offshore wind project

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Walney offshore wind farm due diligence
Technical advisor’s due diligence enabled lenders to gain an understanding of the technical risk profile of the offshore wind project
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LONDON, United Kingdom - 12 February 2018 – DNV GL, the world’s largest independent energy advisory and certification body, secured a leading role as technical advisor to a group of institutional lenders with their investment of the 659 MW Walney Extension. Located off the coast of North West England at Barrow-in-Furness, the Walney Extension offshore wind farm will bring a unique 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 
  • 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.

About DNV GL
DNV GL is a global quality assurance and risk management company. Driven by our purpose of safeguarding life, property and the environment, we enable our customers to advance the safety and sustainability of their business. Operating in more than 100 countries, our professionals are dedicated to helping customers in the maritime, oil & gas, power and renewables and other industries to make the world safer, smarter and greener.

In the power and renewables industry
DNV GL delivers world-renowned testing and advisory services to the energy value chain including renewables and energy efficiency. Our expertise spans onshore and offshore wind power, solar, conventional generation, transmission and distribution, smart grids, and sustainable energy use, as well as energy markets and regulations. Our experts support customers around the globe in delivering a safe, reliable, efficient, and sustainable energy supply. Learn more at dnvgl.com/energy.