Masdar refinances stake in 630 MW London Array offshore wind project in the Thames Estuary

Masdar Energy UK, a wholly-owned subsidiary of Masdar, has refinanced its stake in the London Array project.

The refinanced debt totaled approximately GBP466 million (US$579 million) in commercial bank debt, maturing in December 2032. Original financing for the project closed in October 2013.

One of the largest offshore wind projects in the world, London Array first began producing power in 2012. The project is a joint venture between renewable energy companies RWE and Orsted, along with global investor Caisse de dépôt et placement du Québec and Masdar.

Located off the coast of Kent, UK, on the outskirts of the Thames Estuary, the wind farm has an operating capacity of 630 MW, powering more than half a million homes, while displacing almost 1 million tonnes of carbon dioxide emissions every year.