UK renewable energy operator and owner Vantage RE has struck a deal for a £72m refinance package with two major lenders.
The deal sees Mizuho Bank and Natwest Bank become lenders to Vantage RE with finance facilities relating to the Blyth 1 offshore wind farm, located off the north-east coast of England.
The financing agreement features a 15-year tenor and will enable Vantage RE to repay the original intercompany loan back to Tenaga Nasional Berhad (TNB).
Vantage RE is a wholly owned subsidiary of TNB, a utility company aspiring to be a leading sustainable energy solutions provider in Malaysia and internationally.
Vantage RE owns and operates 49% of the shares of the Blyth 1 offshore 41.5MW wind farm in partnership with EDF Renewables UK which is the majority shareholder.
Vian Davys, CEO at Vantage RE, said: “The completion of this refinancing is an important step and demonstrates the confidence in Vantage RE. These facilities allow us to follow through on our strategy to optimise the capital structure by raising local financing and we are looking forward to continuing to deliver on our plans.”