United Kingdom

United Kingdom

Ten banks back 270MW Lincs as financial close announced

First non-recourse deal for a UK offshore project

The developers of the 270MW Lincs offshore wind farm have secured funds totalling £425m from a group of ten commercial banks. Announcement of the debt financing deal marks a significant step forward for the UK Round 1 offshore project, which is owned by a joint venture comprising Centrica (50%), Dong (25%) and Siemens (25%).

The 15-year financing deal reconfirms the willingness of leading commercial banks to back offshore wind projects.

The ten banks that have committed collectively to lend Lincs up to £425m are: Santander, BNP Paribas. Nordea, Skandinaviska Enskilda, Unicredit, DNB, HSBC, KfW IPEX Lloyds TSB, and the Bank of Tokyo-Mitsubishi UFJ, with the latter also acting as financial adviser on the deal.

Lincs is being constructed 8km off the Lincolnshire coast, in north east England, and will feature 75 Siemens 3.6MW turbines. First power is expected this summer, with full commissioning scheduled for the first half of 2013.

 

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