December 13 (Renewables Now) - A hybrid refinancing worth GBP 1.4 billion (USD 1.8bn/EUR 1.6bn) has been obtained for the 402-MW Dudgeon wind park off the coast of Norfolk in UK waters.
Equinor ASA (NYSE:EQNR), one of the plant’s owners, said on Wednesday that the funds were secured from commercial debt financing and a private placement of senior secured notes among institutional investors. The Norwegian oil and gas group and Abu Dhabi's renewable energy company Masdar each own a 35% stake in the complex, while the remaining 30% are held by state-owned enterprise China Resources (Holdings) Co Ltd.
The debt refinancing consists of about GBP 1.27 billion in fully-amortising senior-term loans, comprising GBP 561 million in commercial debt and GBP 706 million of senior notes due in June 2023. The financing also includes some GBP 150 million in ancillary facilities coming from commercial bank commitments.
The 67-turbine Dudgeon wind park was opened in November 2017. Its annual output is expected to be around 1.7 TWh, or enough to supply 410,000 UK homes and offset 893,000 tonnes of carbon dioxide (CO2) emissions.
(GBP 1.0 = USD 1.264/EUR 1.111)