November 29 (Renewables Now) - EDP Renovaveis SA (ELI:EDPR) announced on Wednesday that a consortium it leads has secured financing for the construction of the 950-MW Moray Offshore Windfarm East (MOWEL) project in UK waters.
The financing agreement includes GBP 2.1 billion (USD 2.69bn/EUR 2.37bn) in senior debt and GBP 0.5 billion in other debt instruments as well as an equity bridge loan facility to cover part of the equity needs.
The company signed the financing agreement with a syndicate of commercial banks, Denmark’s Export Credit Agency (EKF) and the Japan Bank for International Cooperation (JBIC).
Overall, financial closure for MOWEL is expected to occur before the year is over. Scheduled to be completed by 2022, MOWEL has a 15-year contract for difference (CfD) with the UK government at GBP 57.5 per MWh.
In addition to EDPR, the MOWEL consortium also includes Diamond Generating Europe, which is a unit of Japan's Mitsubishi Corp (TOKYO:8058), and France’s Engie SA (EPA:ENGI). EDPR has a 43.3% stake.
(GBP 1 = USD 1.28/EUR 1.13)