Beatrice Offshore Wind Farm closes refinancing
Beatrice Offshore Windfarm Ltd (BOWL), a joint venture between SSE Renewables (40%), Copenhagen Infrastructure Partners (35%) and Red Rock Power Limited (25%), has achieved a successful Financial Close on a refinancing of its senior debt facilities.
The wind farm, located 13km off the Caithness coast, Scotland, is the fourth largest offshore wind farm in the world and Scotland’s largest. Now complete, the project’s 84, 7MW (588MW) Siemens Gamesa turbines are capable of delivering clean, renewable power to over 450,000 homes per year.
The refinancing comprises primarily commercial bank debt and also includes an institutional tranche. Several of the project’s original lenders have remained in the refinancing and the project has also attracted investment from a number of newer lenders to the UK offshore wind market.
The facilities were heavily oversubscribed, reflecting strong lender appetite for the offshore wind farm. The project reached full operations in May 2019, signalling the expiry of all material construction risks, enabling the refinancing to reach a successful conclusion.
BOWL were advised by Santander and Linklaters, with Norton Rose Fulbright acting for the lenders and Wood providing technical advice to the lenders.
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