Scope Hamburg affirms and withdraws ratings of offshore windfarm Gode Wind 1 for commercial reasons
Scope Hamburg has affirmed the BBB project rating and the related BBB+ issuance rating for the EUR 556m senior secured amortising registered notes with a remaining term until 2026 issued by Gode Wind 1 Investor Holding GmbH. Key rating considerations remain a combination of moderate project risks, moderate financial risks, low operational risks and adequate terms of issuance with decent recovery expectations (>70%). Subsequently Scope Hamburg withdraws the ratings for commercial reasons, as the contract for assigning and monitoring credit ratings on a regular basis between Gode Wind 1 Investor Holding GmbH and Scope Hamburg GmbH (at the time of signing: Euler Hermes Rating GmbH) was terminated. Scope Hamburg will no longer provide ratings or analytical coverage for Gode Wind 1 Investor Holding GmbH.
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 and currently owned by Ørsted (50%), The Renewables Infrastructure Group (25%) and Glennmont Partners (25%). Ørsted or an affiliate is managing the operation and maintenance of the wind farm.
Scope Hamburg GmbH (formerly Euler Hermes Rating GmbH) was founded in 2001 as an independent European rating agency focusing on issuer and issuance ratings. Scope Hamburg GmbH 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). Scope Hamburg GmbH is a subsidiary of Scope Group, the leading European provider of independent credit ratings, ESG analyses and fund analyses.
Further information on this rating, corresponding reports and applied methodologies can be found at scopehamburg.com
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