A consortium of companies that holds a 50% stake in Orsted’s 573MW Race Bank wind farm off Norfolk has signed a debt refinancing deal worth £200m (€222m).
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.
The loan marks Nippon Life’s first foray into the the offshore wind market and the lender said the refinancing package will “support the stable operation of the project”.
The lender said the deal was part of a company strategy to invest ¥700bn (€5.4bn) in sustainable projects by 2020.
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%).
The project features 91 Siemens Gamesa 6.3MW turbines.