Abu Dhabi investors fund London Array with $424 million in loans

By Editors of Electric Light & Power/ POWERGRID International

 

The London Array, designed to be the world's largest offshore wind energy facility, secured about $424 million in new financing loans from Masdar Energy U.K., which is controlled by the government Abu Dhabi.

Contributing to the refinancing were Siemens Bank gmbH, Bank of Tokyo-Mitsubishi UFJ Ltd., KFW-IPEX Bank and Sumitomo Mitsui Banking Corp., according to Masdar. An additional $93.75 million loan was provided by the U.K. Green Investment Bank.

The U.K. has agreed to an E.U. goal of generating 30 percent of its power by renewable power by 2020. The U.K. is roughly halfway to this goal.

The 630 MW London Array is sited in the Thames Estuary off the coast of Kent, southeast of London.

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