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UK: Equinor announces refinancing of the Dudgeon wind farm
12 Dec 2018
The owners of the Dudgeon wind farm, Equinor, Masdar and China Resources Group, have signed a hybrid refinancing of GBP 1.4 billion. The refinancing includes commercial bank debt and senior secured notes privately placed with institutional investors. Both tranches have been oversubscribed, underpinning strong investor interest. The A- (EXP) rating by Fitch reflects efficient operations and robust asset performance.
The refinanced debt consists of approximately GBP1.27 billion in fully-amortizing senior-term loans, comprising around GBP561 million in commercial debt and a GBP706 million private placement of senior secured notes, maturing in June 2032. The financing also includes approx. GBP150 million in ancillary facilities provided via commercial bank commitments.
'Dudgeon is a unique project with strong operational performance,' said Beate Myking, Chair and Director of Dudgeon Offshore Wind Limited.
'The excellent collaboration with our partners and advisors has enabled the successful refinancing. The A- (EXP) credit rating and investors’ keen interest further underpins the market confidence in Dudgeon and is strong evidence of Equinor’s competence and capacity to successfully develop and operate offshore windfarms.'
The 402MW Dudgeon Offshore Wind Farm is located 32 kms off the Norfolk coast in England. It produces 1.7 terawatt-hours (TWh) of electricity annually, the combined output of 67 wind turbines, sufficient to power an estimated 410,000 UK homes and an annual displace 893,000 tonnes of carbon dioxide.
Click here for Dudgeon Offshore Wind Farm press release