trending Market Intelligence /marketintelligence/en/news-insights/trending/z6x7vk22q0bdyuy5-xfh5q2 content esgSubNav
In This List

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


Despite turmoil, project finance remains keen on offshore wind

Case Study

An Energy Company Assesses Datacenter Demand for Renewable Energy


Japan M&A By the Numbers: Q4 2023


See the Big Picture: Energy Transition in 2024

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.