Masdar Energy UK has announced that it has refinanced its stake in the 630 MW London Array offshore wind farm. The refinanced debt amounted to around $581 million was secured by Masdar Energy UK in the form of a commercial bank facility maturing in December 2032.
Masdar Energy UK, a wholly owned subsidiary of Masdar is a subsidiary of Abu Dhabi-based Mubadala Development Company. One of the largest offshore wind farms projects in the world, the original financing for the London Array project was completed in October 2013.
The project first began producing power in 2012, according to a statement from Masdar. It is a joint venture between renewable energy companies RWE which owns 30 per cent and Orsted which has a 25 per cent stake, along with global investor Caisse de dépôt et placement du Québec having a 25 per cent stake and Masdar which owns 20 per cent.
Located off the coast of Kent, UK, on the outskirts of the Thames Estuary, the wind farm has an operating capacity of 630MW, Masdar’s statement added. It powers more than half a million homes, while displacing almost 1 million tonnes of carbon dioxide emissions every year.
Additionally, in the UK, Masdar has also invested in the 402 MW Dudgeon offshore wind farm off the coast of Norfolk in England and the Hywind in Scotland, the world’s first commercial-scale floating wind farm.