Centrus advises Ventient Energy on €1bn of interest rate swaps

Transaction Overview

Centrus was appointed as Hedge Advisor by Ventient Energy (“Ventient”), an independent producer of renewable energy, to advise on and execute hedging related to the refinancing of its multi-jurisdiction operational onshore wind farm portfolios.

The transaction focused on Ventient consolidating its separate Continental European onshore wind farm portfolios and refinancing these as one aggregate portfolio in order to create synergies and optimise the overall financing structure.

Prior to the transaction, Ventient owned and operated 34 onshore wind platforms in the United Kingdom with a capacity of c. 690MW. Following a restructure and the successful refinancing, Ventient now owns and operates 103 onshore wind farms in Belgium, France, Germany, Portugal, Spain and the United Kingdom, with a total capacity of 1.9GW.

Our Role

As part of the refinancing and hedging, Centrus assisted Ventient in 4 main areas:

  • Analysis of the interest rate risk and pre-hedging options
  • Execution of the pre-hedges, subsequent restructure and novation of these to 8 banks
  • Management of the existing interest rate swap unwinds
  • Pricing of the institutional debt

“This landmark transaction for Ventient successfully allows it to establish a renewable platform outside of the UK. Centrus was able to assist in the evaluation of the associated pre-hedging and long-term hedging strategy to manage risk in the current negative interest rate environment. This ultimately led to an effective and value accretive solution for our clients at relatively low cost.”

Geoff Knight, Managing Director – Centrus

For more information, please contact Geoff Knight, Managing Director – Centrus

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