UK GIB and Marubeni refinance equity stake in UK offshore wind farm

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UK GIB and Marubeni refinance equity stake in UK offshore wind farm

The UK Green Investment Bank (GIB) and Japan’s Marubeni Corporation have refinanced part of their 50% shareholding in the 210 MW Westermost Rough offshore wind project in UK.

The project is being developed by DONG Energy, who holds the remaining 50% equity in the project. GIB and Marubeni have signed an agreement with a consortium of lenders who will provide £370 million (US$621 million) of limited recourse senior debt. The lenders include:

Financial close is expected to take place in the next few weeks.

GIB and Marubeni announced their purchase of a 50% equity stake in the project on 31 March 2014 for c. £500 million. The project, currently in construction off the coast of Yorkshire, will see the first commercial deployment, anywhere in the world, of Siemens 6 MW direct drive turbines.

The project will be made up of 35 Siemens 6 MW (megawatt) turbines and will have a total capacity of 210 MW. The 6MW machine has the biggest capacity of any wind turbine in use anywhere in the world, and Westermost Rough will be the first wind farm to use the 6MW turbine on a large scale. The project has a operational life of 20 years.

The construction off the wind farm represents a total investment of approximately £800 million (US$1.343 billion) including the construction of the transmission assets (inter-array and export cables, and the offshore substation).

The Westermost Rough offshore wind farm is one of the last Round 2 projects. The Westermost Rough offshore wind farm will be situated 8 km off the Yorkshire Coast, east of Hull.

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