Presentation

Green Offshore NV

AvH: 80.2%

(€ 1,000) 2017 2016
Turnover 0 0
EBITDA -13 -182
EBIT -13 -184
Net result 127 -342
Shareholders' Equity (group share) 16,627 5,001
 Net financial position -18,430 -27,103
 Balance sheet total 35,607 32,694

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Green Offshore

Beneficial interest AvH: 80.2%
AvH Contact: Koen Janssen

Green Offshore is active in the development and exploitation of offshore wind farms.

Information from the 2017 annual report

Green Offshore has shareholdings in offshore wind farms in Belgium: Rentel (12.5% direct and indirect), Otary (12.5%) and the offshore wind projects Seastar and Mermaid that are still to be developed.

Rentel is an offshore wind concession in the Belgian North Sea. The wind farm lies approximately 40 km from Ostend, and will consist of 42 wind turbines of 7.35 MW. With a total installed capacity of 309 MW, it will deliver renewable energy to around 285,000 households. With their peak height of 183 m, the wind turbines are the highest to be installed in the Belgian North Sea so far. They will be delivered and maintained by Siemens and will work with direct drive, i.e. the rotor is connected directly to the generator (without a gearbox).

Rentel reached the financial close in the fourth quarter of 2016. The offshore operations have run according to plan in the past year, 2017. The first current is expected to be injected into the Belgian grid medio 2018, and the wind farm should be fully operational by the end of 2018. The Rentel project will then contribute to the leadership role of Belgium in offshore wind energy, and to the realisation of the Belgian climate targets for 2020.

In September 2017, both AvH and CFE subscribed to their 50% share in a capital increase in Green Offshore to the amount of 11.5 million euros.

In October 2017, the Belgian federal government adopted an amended legislative framework that will apply to the offshore wind farms Seastar and Mermaid. This is expected to allow the further development of those wind farms (together generating approximately 500 MW) in the short term.

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