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Innogy secures £1.75B of financing, power contract for UK offshore wind farm

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According to Market Intelligence, December 2022

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Innogy secures £1.75B of financing, power contract for UK offshore wind farm

German energy group Innogy SE has secured £1.75 billion of debt financing from a consortium of 15 banks for the planned 860-MW Triton Knoll offshore wind farm off the coast of Lincolnshire, U.K.

The lending group includes Sumitomo Mitsui Banking Corp., ABN AMRO Bank NV, MUFG Bank Ltd., KfW IPEX-Bank, ING Bank NV, Landesbank Hessen-Thüringen Girozentrale, Natixis, Bayerische Landesbank, National Westminster Bank PLC, Lloyds Bank PLC, Skandinaviska Enskilda Banken AB, Commerzbank Aktiengesellschaft, BNP Paribas, Landesbank Baden-Württemberg and Banco Santander SA London Branch.

MUFG Bank Ltd. acted as financial and Linklaters LLP as legal adviser to Triton Knoll.

Innogy also signed a 15-year power purchase agreement with Ørsted A/S for the entire output of the wind farm, which is estimated to cost approximately £2 billion. The facility will host 90 Vestas Wind Systems A/S 9.5-MW turbines and is anticipated to achieve operation in 2021.

The developments comes on the heels of innogy's announcement in August that it agreed to sell 41% of the equity stake in the Triton Knoll project to two Japanese investors. Electric Power Development Co. Ltd. and Kansai Electric Power Co. will take stakes of 25% and 16%, respectively. Innogy will retain the remaining 59% stake.