Euler Hermes Rating has confirmed the BBB issuance rating for the senior notes issued by Borkum Riffgrund 2 Investor Holding GmbH. The underlying factors were a combination of moderate project risks, moderate financial risks, low operational risks and adequate terms of issuance with adequate recovery expectations. We expect the rating to remain stable over the next twelve months.
The offshore wind farm Borkum Riffgrund 2 is a joint investment of Ørsted and a global infrastructure fund. The wind farm is located in the German exclusive economic zone of the North Sea and has a total capacity of 450 MW, consisting of 36 monopile and 20 suction bucket supported MHI Vestas V164 turbines with a capacity of 8.0 MW each. The project is fully operational. Development and construction was managed by Ørsted. Construction commenced in Q3/2017 and was finished on schedule in Q1/2019. Final taking-over occurred in Q2/2019. Ørsted (or an affiliate) is also managing the operation and maintenance of the wind farm and provides a route-to-market under two separate power purchase agreements for an anticipated initial period of 20 years.
Euler Hermes Rating GmbH (Euler Hermes Rating) was founded in 2001 as an independent European rating agency of the Euler Hermes and Allianz Group focusing on issuer and issuance ratings. Euler Hermes Rating is registered as a credit rating agency (CRA) in accordance with Regulation (EC) No 1060/2009 of the European Parliament and Council (as amended) and is considered as an external credit assessment institution (ECAI) by the European Banking Authority (EBA). Euler Hermes Rating is a subsidiary of Euler Hermes (ELE:PA), the world leader in trade credit insurance. The Moody’s group owns a minority stake in Euler Hermes Rating.
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