Group of banks to lend GBP 370m for UK's Westernmost Rough wind farm
Aug 11, 2014 - A consortium of lenders will provide around GBP 370 million (USD 621m/EUR 464m) in project financing for the 210-MW Westernmost Rough wind farm off the coast of Yorkshire in the UK.
The announcement was made today by Japanese trader Marubeni Corp (TYO:8002), which bought a 50% stake in the project through a joint venture with state-owned UK Green Investment Bank Plc (GIB) in early April. The transaction was worth a total of GBP 240 million.
The banks involved in the loan deal include Japan Bank for International Cooperation, The Bank of Tokyo-Mitsubishi UFJ Ltd, Mizuho Bank Ltd, Siemens Financial Services and Societe Generale Corporate & Investment Banking.
The Westernmost Rough offshore wind project is expected to start commercial operations in 2015. The wind park will comprise 35 turbines of 6-MW each, supplied by Germany’s Siemens AG (FRA:SIE). Together, the machines will be able to generate enough electricity to power some 210,000 households.