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UL Solutions Analysis Supports Masdar’s Acquisition and Financing of Stake in Offshore Wind Farm

UL Solutions engineers and technical advisers provided comprehensive due diligence, supporting Masdar’s successful acquisition and financing of its first offshore wind project in Germany, the Baltic Eagle Offshore Wind Farm.

Baltic Eagle Wind Farm

June 12, 2024

Glasgow, Scotland — June 12, 2024 — UL Solutions (NYSE: ULS), a global leader in applied safety science, announced that it has completed technical due diligence to support Abu Dhabi Future Energy Company PJSC – Masdar (Masdar), a leading developer and operator of utility-scale renewable energy projects, in the successful acquisition and subsequent financing of its 49% interest in the Baltic Eagle offshore wind farm, a 476-MW project with 50 wind turbines off the German coast of the Baltic Sea.

UL SolutionsOffshore Advisory Services team provided an unbiased technical and commercial analysis to help guide Masdars initial decision to acquire a 49% stake in the Baltic Eagle offshore wind farm. The due diligence performed by UL Solutions encompassed a review of consents and environment, project design, construction schedule, construction and operational contracts, operational strategy, asset lifetime assessment, energy yield, and economic model review.

UL Solutions also served as a technical adviser to Masdars lenders, who successfully financed Masdars share of the project. The total lending package amounted to 488 million euros, with participation from ABN AMRO, Credit Agricole CIB, ING, Santander and Siemens Bank. 

By integrating our technical and commercial expertise with our deep understanding of project finance processes, we provide clients with an in-depth understanding of project risks to ensure their investment is technically sound and enable them to raise capital to meet their energy asset goals,” said Chris Houston, Director of the Offshore Wind Advisory group at UL Solutions. We thank Masdar for entrusting us to provide them with our proven, science-based advisory services to help support this transaction and ultimately contribute to the future of renewable energy production.”

We are very pleased with the excellent work that UL Solutions did in relation to the Baltic Eagle project, initially acting for Masdar during the acquisition of our 49% stake in the project and subsequently advising the lenders for the debt financing of that stake,” said Bruce Johnson, Director, Corporate Finance and Treasury at Masdar. UL Solutionsexpertise and contributions throughout both processes were invaluable.”

From its worldwide offshore wind headquarters in Glasgow, the UL Solutions Offshore Advisory Services team has provided a wide range of science-backed analyses to empower and help develop wind projects globally, supporting the transition to renewable energy. UL Solutions’ deep understanding of the regulatory, technical and commercial drivers for offshore wind development, coupled with its bespoke services for wind resource and wake modeling, turbine technology assessments and other technical evaluations, provides customers with a comprehensive overview of a project risk profile supporting critical decision-making during investment and finance transactions.

About UL Solutions
A global leader in applied safety science, UL Solutions (NYSE: ULS) transforms safety, security and sustainability challenges into opportunities for customers in more than 110 countries. UL Solutions delivers testing, inspection and certification services, together with software products and advisory offerings, that support our customersproduct innovation and business growth. The UL Mark serves as a recognized symbol of trust in our customersproducts and reflects an unwavering commitment to advancing our safety mission. We help our customers innovate, launch new products and services, navigate global markets and complex supply chains, and grow sustainably and responsibly into the future. Our science is your advantage. 

Press contacts:

Steven Brewster
UL Solutions
T: +1 (847) 664.8425

Tyler Khan
UL Solutions
T: +1 (847) 664.2139