The owners of the Dudgeon wind farm — Equinor, Masdar and China Resources Group — signed a hybrid refinancing of £1.4 billion, which includes commercial bank debt and senior secured notes privately placed with institutional investors.
The refinanced debt includes approximately £1.27 billion in fully amortizing senior term loans, consisting of about £561 million in commercial debt and a £706 million private placement of senior secured notes that will mature in June 2032. It also includes approximately £150 million in ancillary facilities provided through commercial bank commitments.
Project operator Equinor said Dec. 12 that both tranches have been oversubscribed.
The 402-MW Dudgeon wind farm located 32 kilometers off the Norfolk coast in England produces 1.7 TWh of electricity per year from 67 wind turbines. It started construction in 2012 and began operations in 2017.
The wind farm could power an estimated 410,000 U.K. homes and displace 893,000 tonnes of carbon dioxide.
The project was given an A- rating by Fitch Ratings, reflecting efficient operations and robust asset performance.