Euler Hermes Rating upgrades the issuance rating for the senior notes of Gode Wind 1 Investor Holding GmbH to BBB+ from BBB based on a stable operational track record, steady deleveraging and improved recovery expectations. Key rating considerations remain a combination of moderate project risks, moderate financial risks, low operational risks and adequate terms of issuance. 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.
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