Abu Dhabi – Mubasher: The Abu Dhabi Future Energy Company (Masdar), along with its partners Equinor and China Resources Group, inked a hybrid refinancing for Dudgeon wind farm in Britain’s North Sea,
The refinancing deal includes AED 2.6 billion of commercial bank debt and AED 3.275 billion of senior secured notes, maturing in 2032, state-news agency WAM reported.
Both tranches have been oversubscribed, underpinning strong investor interest, and the financial close is expected to be next week, Masdar said.
The original financing for the 402-megawatt farm was successfully closed in May 2016, WAM added.
“The total refinanced debt consists of approximately GBP1.27 billion (AED 5.89 billion) in fully-amortising senior-term loans. Both tranches were oversubscribed, reflecting strong credit features and investor interest,” it said.
The mandated lead arrangers were BNP Paribas Fortis, DBS Bank (Hong Kong) Limited, DNB Bank ASA, MUFG Bank, Skandinaviska Enskilda Banken AB, Societe Generale London Branch, Sumitomo Mitsui Banking Corporation London Branch, and the Norinchukin Bank.
Commenting on signing the deal, Mohamed Jameel Al Ramahi, CEO of Masdar, said, “This reconfirms the strong bankability of Dudgeon and further reflects the market appetite for large-scale assets which have a robust credit profile, transparent economics and are subject to stable regulatory environments. It also demonstrates our own commitment at Masdar to the United Kingdom’s renewable energy sector.”
Dudgeon, which started operations in October 2017, is developed and operated by Equinor (35%), formerly known as Statoil, Abu Dhabi’s Masdar (35%), and Chinese conglomerate - China Resources Group (30%).
