GIB And Marubeni Refinance Share In 210 MW Offshore Wind Project

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The UK Green Investment Bank (GIB) and Japan-based Marubeni Corp. have refinanced part of their 50% shareholding in the 210 MW Westermost Rough offshore wind project. The companies bought their project stake in March for 500 million British pounds.

Now, GIB and Marubeni have signed an agreement with a consortium of lenders that will provide 370 million British pounds of limited recourse senior debt. The lenders include the Japan Bank for International Cooperation, The Bank of Tokyo-Mitsubishi UFJ Ltd., Mizuho Bank Ltd., Siemens Financial Services and Societe Generale Corporate & Investment Banking. Financial close is expected to take place in the next few weeks.

DONG Energy holds the remaining 50% equity in Westermost Rough and is developing the project. The wind farm, currently under construction off the coast of Yorkshire in the U.K., will feature Siemens 6 MW direct-drive turbines.

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