Race Bank refinances Orsted's 573 MW wind project off Norfolk

A consortium of companies that holds a 50% stake in Orsted's 573 MW Race Bank wind farm off Norfolk has signed a debt refinancing deal worth £200m (US$253 m).

Macquarie, Sumitomo and funds advised by the Green Investment Group, Arjun Infrastructure Partners and Gravis Capital Management have refinanced existing debt through a loan with Japanese financial services outfit Nippon Life Insurance Company.

Race Bank Offshore Wind Farm consists of 91 Siemens SWT-6.0-154 units of 6.3 MW each, and an overall capacity of 573 MW. The array is located in the North Sea, 27 km north of Blakeney point off the coast of Norfolk, and 28 km east of Chapel St. Leonards off the coast of Lincolnshire. The transmission assets will connect at the Wapole 400 kV substation near King’s Lynn. When completed, the wind park will be able to generate electricity to supply around 500,000 homes annually.

Orsted holds a 50% share of Race Bank, along with Macquarie (25%), Sumitomo (12.5%) and the funds advised by the Green Investment Group, Arjun Infrastructure Partners and Gravis Capital Management (12.5%).