HomeWorld RegionsEuropeMasdar refinances stake in London Array windfarm

Masdar refinances stake in London Array windfarm

Masdar Energy UK, a wholly-owned subsidiary of UAE clean energy group Masdar, has refinanced its stake in the London Array offshore windfarm.

The refinanced debt totals approximately à‚£466m ($579m) in commercial bank debt and matures in December 2032: the original financing for the project closed in October 2013.

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The 630 MW project off the east coast of England was officially opened in 2013 and was the world’s biggest offshore windfarm until 2018, when Walney Extension was fully commissioned.

Masdar refinances stake in London Array windfarm
London Array was the world’s biggest windfarm when it opened in 2013

It is a joint venture between renewable energy companies RWE (30 per cent), Orsted (25 per cent), investor Caisse de dépàƒ´t et placement du Québec (25 per cent) and Masdar (20 per cent).  

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Kelvin Ross
Kelvin Ross is Editor-in-Chief of Enlit Europe and Power Engineering International. A journalist for more than 30 years, he has worked on regional, national and international newspapers, as well as trade magazines serving sectors including insurance, shipping, health and financial markets. He has covered the energy sector for more than 10 years. He helped establish Energy Live News in the UK before joining PEi and he has been ranked among the top 100 global influencers on Twitter for 'renewable energy' and 'smart grid' topics.