United Kingdom

United Kingdom

GIB agrees Westermost Rough refinance

UK: The government-backed Green Investment Bank (GIB) and Marubeni have refinanced part of the 210MW Westermost Rough project off the UK's east coast.

GIB and Marubeni jointly hold a 50% stake in Westermost Rough
GIB and Marubeni jointly hold a 50% stake in Westermost Rough

GIB and Japanese investment bank Marubeni have agreed a £370 million (EUR 464 million) deal with a consortium of lenders to make funds available for investment in new projects.

The consortium's members include the Japan Bank for International Cooperation, the Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, Siemens Financial Services and Societe Generale Corporate & Investment Banking.

GIB and Marubeni hold a 50% stake in Westermost Rough, with Danish developer Dong Energy owning the remainder.

Dong sold half of the project to GIB and Marubeni in March for £240 million. Marubeni and GIB pledged to commit £500 million to the project's construction.

All foundations at the development, nine kilometres from the coast, were completed in May. Westermost Rough will be the first commercial project to use the Siemens 6MW turbine.

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