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Amsterdam and Amersfoort, the Netherlands – 1 October 2019
Eurus Energy Group (“Eurus”), a leading Japanese renewable energy company, and YARD ENERGY Group (“YARD”), a Dutch-based developer of wind energy projects, jointly announced today that they have achieved financial close for the construction of Windpark Mauve, Windpark Mondriaan and Windpark Vermeer, with a combined capacity of 155 MW, in the province of Groningen in the Netherlands. Eurus acquired the projects from YARD prior to financial close. YARD will remain as a minority shareholder in the projects.
Windpark Mauve and Windpark Mondriaan will be built near the Port of Delfzijl and will consist respectively of seven and nine wind turbines. Both projects will be financed by Rabobank and Sumitomo Mitsui Banking Corporation. Windpark Vermeer, consisting of 20 wind turbines, will be located approximately 20 km to the south of the two other wind farms, and will also be financed by the two banks, together with ABN AMRO Bank and BNG Bank. Eneco will offtake the renewable electricity from all three wind farms, in an amount equivalent to the annual consumption of approximately 200,000 households.
The three wind farms will bring the total wind capacity of Eurus in the Netherlands to 303 MW by 2021, when all three wind farms are expected to start operation. Hidenori Mitsuoka, Managing Director of Eurus Energy Europe, stated: “Thanks to the successful partnership with YARD ENERGY, our portfolio in the Netherlands will soon become our second largest in Europe after Spain. We hope to grow our Dutch business further and thus contribute to achieving the EU target of 40% greenhouse gas reduction by 2030.” YARD has been working on the development of the three wind farms since 2014, and will also manage their construction. Kevin Dijkers, CEO of YARD, commented: “Reaching financial close of these three wind farms again proves that entering into a strategic partnership with Eurus Energy was the right decision. Working together with our reliable partner, we were able to accelerate our development process and reach financial close earlier than anticipated. The three projects significantly contribute to the Dutch targets for renewable energy, and we are very proud of this result”.
Stibbe, Clifford Chance, and Cees Advocaten provided legal advisory services, PwC and mth accountants & adviseurs provided tax advisory services, and IX Wind provided technical services for the transaction. Allen & Overy, DNV GL, Loyens & Loeff, and Marsh provided the lenders with legal, technical, tax, and insurance advice respectively, and Rebel audited the financial model.

Eurus Energy Group (“Eurus”), a leading Japanese renewable energy company, announced today the start of commercial operation of Windpark Spui, a 21 MW wind farm located in the municipality of Hoeksche Waard in South Holland, the Netherlands. Windpark Spui consists of five Enercon E-126 EP4 wind turbines, each with a hub height of 135 meters, a rotor diameter of 127 meters and a rated power of 4.2 MW. The construction of the wind farm has been managed by YARD ENERGY, with Enercon acting as the project EPC contractor. The power generated at Windpark Spui, which will be sufficient for supplying renewable electricity for more than 24,000 households, will be sold to Eneco Group. YARD ENERGY will remain in the project as a minority shareholder. With the successful completion of the construction of Windpark Spui, the total capacity of Eurus’ wind farms in Europe now stands at 1,020 MW, passing the 1 GW milestone. Tetsuya Suwabe, Managing Director of Eurus Energy Europe, states: “As a global frontrunner in the field of renewable energy, Europe has always been one of the key markets for the growth of Eurus Energy Group. We will continue to expand our European project portfolio and contribute to further progress in Europe’s energy transition.” Eurus entered the European market in the early 1990s with investment in two wind farms in the UK, and currently has operational assets in six European countries.

Eurus Energy Group (“Eurus”), a leading Japanese renewable energy company, and YARD ENERGY Group (“YARD”), a Dutch-based developer of wind energy projects, jointly announced today that Eurus has acquired 6 operational wind farms in the Netherlands with a combined capacity of 32.18 MW from YARD. The 6 wind farms, consisting of 15 wind turbines in total, were developed and constructed by YARD in various parts of the Netherlands. Their combined production is sufficient for supplying renewable electricity for more than 24,000 households. The acquisition has brought the total wind capacity of Eurus in the Netherlands to 106.48 MW. Tetsuya Suwabe, Managing Director of Eurus Energy Europe, stated: “We are glad that our Dutch business has been growing steadily, thanks to the successful partnership with YARD ENERGY. We also took over the asset management of the projects from YARD ENERGY and will maintain good operations for all stakeholders.” Kevin Dijkers, CEO of YARD, added: “Eurus Energy proved to be a very good long term partner making it possible for us to keep developing wind energy projects, being our contribution to the energy transition.” Dentons, IX Wind and PwC respectively provided Eurus with legal, technical and tax advisory services, while Stek and Cees Advocaten advised YARD on legal matters and mth accountants & adviseurs provided tax advisory services for the transaction. Horst & van de Graaff Notarissen provided all notary services.

Eurus Energy Group (“Eurus”), a leading Japanese renewable energy company, and YARD ENERGY Group (“YARD”), a Dutch-based developer of wind energy projects, jointly announced today that they have achieved financial close for the construction of Windpark Deil, a 21-MW wind farm in the Netherlands. Eurus acquired the project from YARD prior to financial close. YARD will remain as a minority shareholder in the project as from start of operation. Windpark Deil is one of the three wind farms to be built near the interchange between A2 and A15 motorways in the municipality of West Betuwe in Gelderland. It will consist of five Vestas V136-4.2 MW wind turbines, which will have a hub height of 140 meters and a rotor diameter of 136 meters. Rabobank and Sumitomo Mitsui Banking Corporation will provide the debt financing for this project. Eneco Group will offtake the renewable electricity from the wind farm, which is equivalent to the consumption of approximately 26,000 households. Windpark Deil will be the second wind farm to be built under Eurus-YARD partnership, after Windpark Spui reached financial close in April 2018. Tetsuya Suwabe, Managing Director of Eurus Energy Europe, stated: “We will continue in our effort to realize more projects in the Netherlands over the coming years.” YARD has been working on the development of Windpark Deil since 2013, and will also manage the construction of the wind farm. Kevin Dijkers, CEO of YARD, commented: “After years of hard work it is good to see that our windfarm will be successfully operated by our reliable partner Eurus. The track record of Eurus as a long-term operator of wind farms throughout the world will give comfort to all stakeholders, and provide us the opportunity to continuously focus on development of new renewable energy projects contributing to the energy transition”. Stibbe, Clifford Chance, and Cees Advocaten provided legal advisory services, PwC and mth accountants & adviseurs provided tax advisory services, and IX Wind provided technical services for the transaction. Allen & Overy, DNV GL, Loyens & Loeff, and Marsh provided the lenders with legal, technical, tax, and insurance advice respectively, and Rebel audited the financial model.