United Kingdom

United Kingdom

Masdar makes London Array refinancing deal

UK: Masdar has refinanced its 20% stake in the 630MW London Array project for £266 million (EUR 313 million).

The 630MW London Array — the world's largest operational offshore wind farm
The 630MW London Array — the world's largest operational offshore wind farm

The deal includes a £58.6 million investment from the UK's Green Investment Bank (GIB). Other banks include the Bank of Tokyo-Mitsubishi UFJ, KfW IPEX-Bank; Siemens Bank and Sumitomo Mitsui Banking Corporation.

Abu Dhabi-based clean-tech investor Masdar said the capital from this refinancing will be reinvested into the UK offshore wind sector.

GIB signed a memorandum of understanding with Masdar on 1 May when United Arab Emirates president Sheikh Khalifa bin Zayed visited London on a state visit.

This is GIB's third investment in offshore wind, the others being the 367MW Walney and 90MW Rhyl Flats pojects, taking the company’s investment in UK offshore wind to £162 million.

Shaun Kingsbury, GIB’s chief executive, said: "GIB's investment in London Array is the third example of our investment strategy to develop a secondary market in operating assets enabling utility developers to recycle their capital into new offshore wind construction projects."

GIB has been backed with £3.8 billion of funding from the UK government with the aim of making the UK a greener economy.

Sultan Ahmed Al Jaber, CEO of Masdar, said: "Masdar is actively engaged in exploring new investment opportunities in the UK's growing renewable energy market, especially in the offshore wind sector."

London Array was inaugurated by UK prime minister David Cameron on 4 July and is owned by Dong Energy (50%), E.on (30%) and Masdar (20%).

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