Investors refinance debt associated to Walney offshore wind farm

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Investors refinance debt associated to Walney offshore wind farm

Walney Offshore Wind Farm has successfully completed refinancing of the project by means of commitments arranged with different investors, for an overal amount of  £186 million (US$230 million).

Green Giraffe advised OPW in 2011-12 on the initial debt transaction, when £224 million (US$276 million) was raised on a non-recourse basis from a group of banks, including the GIB (in what was the public bank’s first offshore wind transaction).

Green Giraffe was mandated again in 2016 to help refinance that debt, and that transaction closed on 15 December 2016, for an overall amount of £186 million (US$230 million), provided by KfW-IPEX, RBS, Santander and Siemens Bank. The refinancing extended the maturity of the debt and brought down pricing in line with current market

Walney Offshore Wind Farm comprises 102 Siemens wind turbines with a total capacity of 367 MW, half with a 107m rotor, and the other half with a 120m rotor - the first commercial project with that enhanced version of the Siemens 3.6 MW turbine. Developed by DONG, which retains a 50.1% stake, it has been operational since 2012SSE owns 25.1% and the remaining 24.8% is owned by OPW, the borrower, a special purpose company owned by PGGM (60%) and  Ampere, a renewable energy fund managed by fund manager DIF, and using commercial and financial asset manager EcoGen.

The project legal advisor was Clifford Chance and NRF acted as LLA.

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