Euler Hermes Rating has confirmed the BBB issuance rating for the senior notes issued by Gode Wind 1 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 Gode Wind 1 is a joint investment of Ørsted and private equity investors. The wind farm is located in the German exclusive economic zone of the North Sea and has a total capacity of 344.5 MW, consisting of 55 monopile supported Siemens Wind Power turbines with a capacity of 6.3 MW each. The project is fully operational. Ørsted or an affiliate is managing the operation and maintenance of the wind farm. Global Infrastructure Partners has sold its 50% stake in Gode Wind 1 during Q3 2019 to Glennmont Partners and The Renewables Infrastructure Group. Following this transaction the project will be held by Ørsted (50%), The Renewables Infrastructure Group (25%) and Glennmont Partners (25%).
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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