The Green Investment Bank (GIB) has successfully refinanced a 20% stake in London Array, the world’s largest offshore wind farm, which was previously financed by UAE firm Masdar.
The GIB announced on Thursday that it would be investing £58.6m in the project, which will refinance a significant portion of Masdar’s 20% stake in the London Array. The investment is part of a wider £266m deal between Masdar, GIB, Siemens Bank, IPEX Bank, the Bank of Tokyo-Mitsubishi and Sumitomo Mitsui Banking Corporation.
The deal will give Masdar the opportunity to release capital back into developing further new projects. It now takes GIB’s total investments in UK offshore wind to £162m.
The London Array is situated off the Kent coast and is currently the world’s largest offshore wind farm, providing clean energy to half a million homes in the UK. It is believed that it displaces around 1.9m tonnes of carbon emissions each year. [http://blueandgreentomorrow.com/2013/07/05/pm-and-energy-secretary-open-worlds-largest-offshore-wind-farm/]
Opened in July this year, London Array was initially funded by energy giants Masdar, DONG Energy and E.ON.
Commenting on the deal, business secretary Vince Cable said, “London Array is an impressive project which has helped the UK earn its position as leading the way in the development of offshore wind.
“This announcement by the UK Green Investment Bank is an example of how this new institution is helping to attract new capital from around the world and promoting additional private investment into this important sector.”
Meanwhile, Sultan Ahmed Al Jaber, CEO of Masdar, said, “Reaching financial close on a project of this scale and complexity marks another milestone in Masdar’s dedication to breaking new ground within the renewable energy sector. London Array is delivering half a million UK homes with clean energy and further reinforcing the UAE’s position as a responsible and diversified energy supplier.”
He added that Masdar continues to seek investment in new offshore wind projects.
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