July 12 (Renewables Now) - The developers of the 588-MW Beatrice offshore wind farm in the Outer Moray Firth, Scotland, today announced they have reached financial close on a refinancing of the project's senior debt facilities.
The huge wind complex 13 km (8.1 miles) off Caithness is a partnership between UK utility SSE plc (LON:SSE), which holds 40% in Beatrice Offshore Windfarm Ltd (BOWL), Copenhagen Infrastructure Partners and SDIC Power Holdings Co Ltd’s (SHA:600886) Red Rock Power. The latter own stakes of 35% and 25% respectively.
The refinancing consists of commercial bank debt and an institutional tranche. In addition to the joining of new lenders, some of the project’s original lenders remained, BOWL said, adding that the debt facilities were “heavily oversubscribed.”
The project owner was advised by Santander and Linklaters, while Norton Rose Fulbright and Wood acted as the lenders’ counsel.
Turbine installation at the Beatrice power plant was completed in May. The 84 Siemens Gamesa turbines are to produce enough to meet the demand of more than 450,000 households.