The owners of the 396MW Merkur offshore wind farm in the German North Sea have completed restructuring of debt for the project totalling €1.5bn.

Societe Generale was financial advisor, mandated lead arranger and restructuring and market hedge coordinator for the amended financing deal. 

“The existing facilities have been amended to enable a syndicate of 13 international lenders to participate,” the bank said.

In parallel, Merkur has switched to a “base tariff” from a “compressed tariff” under the German Renewable Energy Act. 

The change will enable the project, which is located about 45km north of the island of Borkum, to benefit from a lower, but longer guaranteed and stable income stream lasting 12 years instead of eight.

Partners Group owns 50% of Merkur, Infrared 25%, while DEME and Coriolis each have 12.5% stakes.

Coriolis is a joint venture between GE and L’Agence de l’Environnement et de la Maîtrise de l’Energie acting on behalf of the French state.

GE has installed more than half of the project’s 66 Haliade 150-6MW hardware.

Turbine installation is scheduled to be wrapped up in September. 

The wind farm is expected to be fully commissioned in 2019.

Image: GE turbine at Merkur (SPS Wind)