Scope Hamburg has confirmed the BBB+ issuance rating for the senior secured amortising notes maturing in 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, adequate terms of issuance and decent recovery expectations. The rating outlook remains stable.
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.
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