Belgium-based renewable energy company Parkwind has reached financial close for the 257MW Arcadis Ost I offshore wind farm in Germany.

The offshore wind project raised €570m ($690m) in debt from nine lenders, including KBC Bank, Belfius Bank, Helaba, KfW IPEX-Bank, Coöperatieve Rabobank, Société Générale, ING Bank, EKF Danmarks Eksportkredit and the European Investment Bank.

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Parkwind will now begin construction works for the wind farm located in the German territorial waters of the Baltic Sea, north-east of the island of Rügen.

Parkwind co-CEO Eric Antoons said: “Being joined by such a strong group of lenders gives us further confidence in the pursuit of our mission and our ambition to grow internationally.

“We [will] now focus on delivering the project and contributing to Germany’s transition towards renewable energy sources.”

Parkwind corporate finance head Ralf Bauer said: “Finalising the development of the project and reaching financial close has shown the dedication, professionalism and resilience of the whole Parkwind team and its advisors.

“We are proud to see this reflected in the confidence of the financial markets.”

Offshore installation works on the Arcadis Ost I project are due to begin next year, with the wind farm expected to come online in 2023.

The wind facility, which will connect to the 50Hz grid, is expected to generate enough energy to power 290,000 households in the region.

Arcadis Ost I project director Clément Helbig de Balzac said: “After three years of intense development works, the Parkwind team can be proud of securing the financial close of Arcadis Ost I.

“With the group of world-class contractors that we have formed, the support of the local authorities and, now, our lenders, Arcadis Ost I can begin its execution phase and will ultimately become an integrated part of Germany’s energy transition.”

Parkwind said that it led the financing process alongside Jones Day and Chatham Partners, who served as the acting sponsors’ legal advisors.

Earlier this week, it was announced that UK-based cable manufacturer JDR had been contracted to supply, test and terminate cables for the Arcadis Ost I project.