Masdar Refinances London Array Stake

Masdar Energy UK, a wholly-owned subsidiary of Masdar, has refinanced its stake in the 630 MW London Array offshore wind farm in the UK.

The refinanced debt totalled approximately GBP 466 million in commercial bank debt, maturing in December 2032. Original financing for the project closed in October 2013.

Located off the coast of Kent on the outskirts of the Thames Estuary, London Array comprises 175 Siemens turbines.

It is currently the third-largest fully commissioned offshore wind farm in the UK after the 1.2 GW Hornsea One and the 659 MW Walney Extension.

London Array first began producing power in 2012 and was fully commissioned in 2013.

The project is a joint venture between renewable energy companies RWE (30 per cent) and Ørsted (25 per cent), along with the global investor Caisse de dépôt et placement du Québec (25 per cent) and Masdar (20 per cent).

In the UK, Masdar also has stakes in the 402 MW Dudgeon offshore wind farm, and the 30 MW Hywind Scotland, the world’s first commercial-scale floating wind farm.