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Refinancing secured for 573-MW Race Bank offshore wind farm

The Race Bank offshore wind farm. Source: Ørsted (www.orsted.co.uk).

December 19 (Renewables Now) - The owners of the 573-MW Race Bank offshore wind farm in UK waters have secured a GBP-200-million (USD 253m/EUR 222.6m) syndicated loan to refinance existing project debt.

The funds will be extended by a group of lenders led by Nippon Life Insurance Co and will support the stable operation of the complex, the Japanese company said on Tuesday. It noted that it has joined the loan syndication process from the initial phase, with the deal being its first offshore wind financing transaction in the UK.

The Race Bank wind farm off the North Norfolk coast is 50%-owned by Denmark’s Ørsted A/S (CPH:ORSTED), by Macquarie European Infrastructure Fund 5 with 25%, Sumitomo Corp (TYO:8053) with 12.5%, and funds advised by the Green Investment Group, Arjun Infrastructure Partners and Gravis Capital Management with 12.5%.

Race Bank is powered by 91 Siemens Gamesa 6-MW turbines that can produce enough electricity for over half a million UK homes. The wind farm was officially opened in June.

(GBP 1.0 = USD 1.264/EUR 1.113)

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Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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