Equinor, Masdar and China Resources Group, which jointly own the 402MW Dudgeon offshore wind farm, have signed a hybrid refinancing of over $1bn.
The refinancing includes commercial bank debt and senior secured notes privately placed with institutional investors.
Both tranches have been oversubscribed. The A- (EXP) rating by Fitch reflects efficient operations and robust asset performance.
The refinanced debt consists of approximately £1.27bn in fully-amortizing senior-term loans, comprising around £561m in commercial debt and a £706m private placement of senior secured notes, maturing in June 2032.
The financing also includes approximately £150m in ancillary facilities provided via commercial bank commitments.
Dudgeon Offshore Wind Limited chair and director Beate Myking said: “Dudgeon is a unique project with strong operational performance.
“The excellent collaboration with our partners and advisors has enabled the successful refinancing. The A- (EXP) credit rating and investors’ keen interest further underpins the market confidence in Dudgeon and is strong evidence of Equinor’s competence and capacity to successfully develop and operate offshore windfarms.”
Dudgeon is located 32 km off the Norfolk coast in England. It produces 1.7 terawatt hours of electricity annually.