Masdar nails London Array finance

The London Array

The London Array

Masdar has refinanced its 20% stake in the London Array offshore wind project after reaching a deal with an international group of lenders that includes the UK’s Green Investment Bank (GIB).

The Abu Dhabi state-owned clean-energy venture said it has secured a 12-year limited-recourse project finance deal for £266m ($424m) on its stake in the 630MW  first phase of the Thames Estuary plant.

The lenders are the Bank of Tokyo-Mitsubishi UFJ, KFW-IPEX Bank, Siemens Bank, Sumitomo Mitsui Banking Corporation, and the UK GIB.

The UK government-backed GIB said its share of the refinancing amounts to £58.6m.

GIB CEO Shaun Kingsbury said the capital released by the deal will be ploughed back into the UK offshore sector by Masdar – in line Log in to read complete article.

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