Keyfacts:
- European Commission approves merger project Seamade NV
- Seamade NV is responsible for the development of both the Mermaid and Seastar offshore wind farms
- Financial close is expected to occur end of 2018, start of construction is scheduled in 2019
- Eneco Wind Belgium enters in the share capital of Seamade NV
- Seamade will build 58 wind turbines with a total capacity of 487 MW
- As of 2020, Seamade will deliver renewable energy for 485.000 households, also allowing for a reduction of more than 500.000 tons of CO2 emissions per year
Following the merger approval by the European Commission on 5 July 2018, the contribution of THV Mermaid into Seastar NV was finalised today. The resulting merged project will be named “Seamade NV”. As of today, Seamade NV will be responsible for the development of both the Mermaid and Seastar areas, which together stand for a total capacity of 478,2 MW, representing approximately a quarter of the currently allocated offshore wind capacity in Belgium. This merged project will allow to finance both projects through one project finance transaction.
Seamade NV hopes that the regulatory framework, which was agreed upon with the Belgian government end of 2017, will soon be implemented after approval by the European Commission and publication of the relevant Royal Decrees. The aim is to achieve financial close by the end of this year. Construction could then start in 2019 in order to be fully operational end of 2020, thus contributing to the Belgian 2020 climate objectives.
Otary RS NV, which regroups various Belgian specialists in renewable energy, will remain the majority shareholder in the Seamade Project. Otary’s shareholders include investment and development companies Green Offshore and Power @ Sea, dredging and marine engineering specialist DEME and green energy actors Aspiravi and Elicio. The Walloon environmental holding SRIW Environnement, and the Flemish and Walloon energy and utility holding companies Z-Kracht/Nuhma and Socofe are also Otary shareholders.
