Abu Dhabi - Mubasher: The UAE's Masdar announced on Friday that its 35%-owned UK-based Dudgeon Offshore Wind Farm has received a long-term financing worth GBP 1.3 billion.
The loan will fund the capital requirements of the 402-megawatt (MW) Dudgeon Wind Farm, currently under construction 32 kilometres out to sea from the North Norfolk coast of East England, a statement revealed.
Dudgeon is currently being developed by the Norway's Statoil, which has a 35% stake in the win farm, alongside Abu Dhabi’s renewable energy company Masdar, which also has a 35% stake, and the Norwegian state-owned electricity firm Statkraft, whose stake in the farm amounts to 30%.
"Dudgeon is the first UK offshore wind project to obtain financing under the UK government’s ‘Contract for Difference’ (CfD) scheme," the statement highlighted, adding that the Project met its Milestone Requirement in May last year.
The two Norwegian companies will also be participating in the financing through sponsor co-lending. Statkraft will finance its 30% share in the project, while Statoil will finance a share of 17.5%.
Mandated lead arrangers for the mega deal are: The Bank of Tokyo-Mitsubishi UFJ, Ltd.; BNP Paribas; Crédit Agricole Corporate & Investment Bank; KfW IPEX-Bank GmbH; Mizuho Bank, Ltd.; Abbey National Treasury Services plc (trading as Santander Global Corporate Banking); Siemens Financial Services; Societe Generale Corporate & Investment Banking, London Branch; and Sumitomo Mitsui Banking Corporation.
