Bulletin

Dudgeon wind farm secures £1.3bn project financing

Wind Turbines - Wind farm under construction - SantanderCB

The developers of the Dudgeon Offshore Wind Farm, currently under construction off the Norfolk coast, have secured £1.3bn in long-term financing to meet the capital requirements of the 402-megawatt development.

Dudgeon is being developed by Statoil, Abu Dhabi renewable energy company Masdar, and Norway's state-owned electricity company Statkraft. 

Mandated lead arrangers for the transaction included Bank of Tokyo-Mitsubishi UFJ; BNP Paribas, Crédit Agricole Corporate & Investment Bank; Abbey National Treasury Services plc (trading as Santander Global Corporate Banking); Siemens Financial Services; Societe Generale Corporate & Investment Banking, and Sumitomo Mitsui Banking Corporation.

The advisory group included Linklaters and Allen & Overy as legal advisors, with Societe Generale Corporate & Investment Banking as financial adviser and documentation bank.

Statkraft and Statoil are also participating in the financing through sponsor co-lending. Statkraft will finance its 30% share in the project, while Statoil will finance a share of 17.5%.

Dudgeon is on schedule to begin commercial operations by the second half of 2017 and is the first UK offshore wind project to obtain financing under the UK government's Contract for Difference scheme.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

Other Articles

The new Apprenticeship Levy could help transport and logistics companies solve their recruitment problems and equip their workforces with…

Cornwall is a land steeped in legend but this salty business success story is no myth.

Santander Incubator social enterprise, Liverpool Girl Geeks, has secured £20k in Rosa funding to help them grow their programmes and…

Santander Incubator social enterprise, Liverpool Girl Geeks, has secured £20k in Rosa funding to help them grow their programmes and…

Travelstar European Ltd, one of the West Midlands’ leading coach hire companies, has moved to larger premises in Portland Street, Walsall,…

The UK’s aerospace industry is the focus of our second quarterly bulletin in partnership with EEF, the manufacturer’s organisation. We take…

Where Next?