Marubeni, GIB Sign GBP 370 Mln Project Financing Deal for Westermost Rough
Marubeni Corporation today announced that an agreement concerning project financing for the Westernmost Rough Offshore Wind Power Project has been reached with a consortium of lenders and WMR JV Investco Limited, a UK company jointly owned by Marubeni and wholly state-owned UK Green Investment Bank plc.
Approximately £370million of project financing will secure the funds for Investco to meet the capital requirement of the Project.
Project financing documents were signed on August 8 with a consortium of lenders comprising Japan Bank for International Cooperation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Siemens Financial Services (Germany), and Societe Generale Corporate & Investment Banking (France).
On April 4, Marubeni and GIB acquired 50% interest of the Project from a subsidiary of DONG Energy A/S, a Danish utility leading the offshore wind market. The Project is under construction off the coast of Yorkshire in the UK and is due to reach commercial operation in 2015.
Press release, August 11, 2014; Image: DONG Energy