Statoil, Statkraft, Masdar secure £1.3bn funding for UK wind farm

WCN Editorial Team 16 May 2016 EUROPE ENERGY & UTILITIES

The 402MW Dudgeon Offshore Wind Project has secured £1.3bn of project financing.

The wind farm, located 32km from the coast of North Norfolk, UK, is being developed by Statoil (35%), Abu Dhabi-based Masdar (35%), and Statkraft (30%).

Allen & Overy, a UK-based law firm, is advising the Mandated Lead Arrangers on the long-term financing, which will fund the capital requirements of the wind farm.

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%.

Chris Andrew, lead Allen & Overy partner on the deal said: “This is a landmark transaction as it’s the first UK offshore wind project to obtain financing under the UK government’s new ‘Contract for Difference’ regime.

“Detailed preparatory work meant financing on this project was nevertheless executed very quickly.”

* Data provided by Timetric's Construction Intelligence Center.

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