Dudgeon wind farm secures £1.3bn project financing
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.
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