UK green bank in first offshore wind deal with Walney refinancing

Walney wind farm

OPW has refinanced its 24.8% stake in Walney Offshore Windfarms, the company that owns the 367MW UK project of the same name.

OPW – a joint venture between Dutch pension fund PGGM and renewable energy investor Ampere Equity Fund – acquired a 24.8% stake in Walney in 2010 from Dong Energy, which owns the rest of the project and which supported OPW in the new deal.

The refinancing has been provided by a consortium of five banks, who have provided senior debt finance of about £224m ($364m).

The club of banks includes the government-backed UK Green Investment Bank (GIB) which is lending about £45m. This will be GIB’s first transaction in the UK…

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