The annual power consumption of nearly 800,000 people goes green

08/07/2020

71 wind turbines will not only create 1400 jobs, but ultimately produce enough annual electricity consumption for more than 60% of the inhabitants of Seine-Maritime in France.

Supported by Societe Generale, EDF Renouvelables, Enbridge and wpd start the construction of an offshore wind farm off Fécamp, for a total investment estimated at 2 billion euros. This major project should generate enough annual electricity to meet the power needs for 770,000 people and generate significant economic benefits for the region.

The wind farm will consist of 71 wind turbines located between 13 to 22 kilometers off the coast of Fécamp over an area of approximately 60 square kilometers. With a capacity of 500 megawatts, it will ultimately produce enough annual electricity consumption for 770,000 people, more than 60% of the inhabitants of Seine-Maritime.

The Fécamp project was awarded in 2012 by the French government to EDF and will benefit from a 20-year power purchase agreement (PPA), granted by the State in 2018. The Fécamp project is a new pool of jobs for the region as it should generate nearly 1,400 direct and indirect local jobs during construction. A hundred positions will then be created in the port of Fécamp when the park will be put into service in 2023, in order to ensure the maintenance of the installations during the 25-year operation period.

The wind turbines will be produced just a few kilometers away in the future Siemens Gamesa factory in Le Havre, the construction of which will start this summer and which is expected to create 750 jobs. The turbines will then be assembled at the port of Cherbourg before being installed in the park. Other equipment supply contracts have been signed. The offshore electric substation will be built in Saint-Nazaire by Chantiers de l’Atlantique, with GE grid solutions and SDI. The foundations will be laid by Bouygues, in association with the Italian company Saipem and the Dutch company Boskalis. Finally, RTE, responsible for the connection from the substation to the electricity network in Normandy, began its work on land in June.

«  We are thrilled to have contributed to the creation of an industrial sector that creates value and jobs for the region, said Bruno Bensasson, CEO of EDF Renouvelables. These orders come at a time when the country intends to boost its activity after two months of lockdown, added the consortium.  »

World leader in offshore wind power and a major player in the energy transition, Societe Generale is proud to have contributed to the financing of this considerable project by acting as underwriter of the transaction. This is the second French offshore wind project that Societe Generale supports. Indeed, back in 2019, the Bank had contributed to the financing of the offshore wind farm of Saint-Nazaire.

Societe Generale has also a long-standing relationship with EDF, Enbridge and wpd, sponsors whom it supports around the world on major projects in the energy field.

«  We are thankful to EIB and the underwriters for the remarkable transaction for our Fecamp French offshore wind project closed in the particular context of during the Covid-19 crisis, proving their expertise in executing this transaction in a timely manner. We now look forward to the execution of the Courseulles-sur-Mer project financing and we are eager to start construction in a few months.  »

Benoîte Chenut
Head of Offshore Financing, EDF Renouvelables

«  We would like to thank the whole Societe Generale team for the very trustful partnership and strong support in the financing of the Fécamp offshore wind farm project. After Societe Generale had already accompanied us as Mandated Lead Arranger in the financing of our offshore wind farms “Butendiek” (288 MW, Germany) and “Yunlin” (640 MW, Taiwan), we are very proud to work now with Societe Generale in 3 jurisdictions which are key markets of wpd in terms of offshore wind but also for onshore wind and solar projects.  »

Matthias Boll
Director M&A and offshore finance France, wpd AG

This funding is further proof of Societe Generale's commitment to the fight against climate change. The Group has been supporting renewable energies for more than 10 years, providing a full range of financing and advisory services for energy projects around the world, and is now one of the world leaders.

«  Societe Generale has been active in the offshore wind power sector since 2007 and remains the only bank to have supported projects in the United States, Europe and Asia. Since 2019, it has been a great pleasure and pride to support EDF, Enbridge and wpd on high-quality offshore wind projects in France, which will allow the development of a French industry with added value.  »

Jérôme Deflesselles
Co-Head Power Advisory and Project Finance – EMEA, Societe Generale.

«  Societe Generale has been active on the renewable energy market since the early 2000s, and it is with great enthusiasm that we support the development of our clients in historical fields (solar power, onshore wind, etc.) as well as on ambitious new projects such as the Fecamp wind farm. France's new energy roadmap is ambitious and Societe Generale will provide significant support.  »

Nicolas Lorinet
Head of the renewable energy market in France, Societe Generale