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 £466m ($579m) in commercial bank debt and matures in December 2032: the original financing for the project closed in October 2013.
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.
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 dépôt et placement du Québec (25 per cent) and Masdar (20 per cent).
