OPW, a joint venture between Dutch pension group PGGM and renewable energy investor Ampere Equity Fund, has finalised shareholder financing for its stake in the 367MW Walney Offshore Wind farms.
OPW bought a 24.8 per cent stake in Walney in 2010 from Dong Energy.
The financing for the project was provided by a consortium of five banks, who have provided senior debt financing of £224m, including around £45m from the UK’s Green Investment Bank (GIB).
This will be the GIB’s first transaction in the UK offshore wind sector. Walney I and II are now fully commissioned and operational located 14 kilometres off the North West Coast of England. Each wind farm consists of 51 Siemens 3.6MW wind turbine generators.
Mads Skovgaard-Anderson, head of UK commercial partnerships at Dong Energy, said, “Walney wind farm was the first project in the UK to be backed by institutional investors before it was built. The speed and efficiency of the project’s construction demonstrated the confidence in the development, as well as showing our commitment to offshore wind in the UK and to driving down costs.”
Shaun Kinsgbury, CEO of the UK Green Investment Bank, added, “The UK Green Investment Bank is delighted to work with Dong Energy, OPW, SSE and the syndicate of banks on its first project in the UK offshore wind sector, which is a priority sector for us.
“Walney was particularly attractive as it ensures that capital is recycled in the marketplace, delivers a commercial return to the bank and reduces carbon emissions in the UK.”
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