Triton Knoll Reaches Financial Close, Inks Main Supplier Deals

August 31, 2018

German-based offshore wind developer innogy has reached financial close for the 860MW Triton Knoll offshore wind farm in the UK, worth around GBP 2 billion, and moved the project towards construction that starts with the onshore electrical system in September.

Offshore construction is expected to start in late 2019 or early 2020, and Triton Knoll is expected to be commissioned in 2021.

With the financial close reached, all contracts with main suppliers are now being executed.

The main suppliers are: MHI Vestas, 3SF (Sif Netherlands B.V. and Smulders Projects Belgium N.V), NKT and Boskalis Subsea Cables and Flexibles (previously VBMS), GeoSea, J Murphy & Sons, Siemens Transmission and Distribution, and Seaway Heavy Lifting (Subsea 7).

Triton Knoll will feature 90 of MHI Vestas’ V164-9.5 MW turbines. In relation to this project, the turbine supplier MHI Vestas will establish a full-scale turbine pre-assembly operation at Able UK’s Seaton Port in Teesside.

The project’s required investment will be provided from international commercial lenders, with a consortium of 15 banks providing around GBP 1.751 billion debt facilities.

The lending group includes Sumitomo Mitsui Banking Corporation, ABN AMRO Bank N.V., MUFG Bank, Ltd., KfW IPEX-Bank, ING Bank N.V., Landesbank Hessen-Thüringen Girozentrale, Natixis, Bayerische Landesbank, National Westminster Bank Plc, Lloyds Bank plc, Skandinaviska Enskilda Banken AB, Commerzbank Aktiengesellschaft, BNP Paribas, Landesbank Baden-Württemberg and Banco Santander S.A., London Branch. MUFG Bank Ltd acted as financial and Linklaters LLP as legal advisor to the project.

In mid-August, innogy confirmed two new partners with whom it will take the Triton Knoll project forward, in line with the company’s strategy of growing its renewables portfolio through partnerships. J-Power will take a 25% share, and Kansai Electric Power a 16% share, while innogy retains the majority equity stake of 59% and will manage the construction, operation and maintenance works on behalf of the project partners.