Dudgeon Owners Sign Refinancing Deal

Equinor, Masdar and China Resources Group, the owners of the Dudgeon wind farm, have signed a hybrid refinancing of GBP 1.4 billion (EUR 1.55 billion).

Source: Equinor

The refinancing includes commercial bank debt and senior secured notes privately placed with institutional investors. Both tranches have been oversubscribed, underpinning strong investor interest, Equinor said. The A- (EXP) rating by Fitch reflects efficient operations and robust asset performance.

The refinanced debt consists of approximately GBP1.27 billion in fully-amortizing senior-term loans, comprising around GBP 561 million in commercial debt and a GBP 706 million private placement of senior secured notes, maturing in June 2032. The financing also includes approximately GBP 150 million in ancillary facilities provided via commercial bank commitments.

“Dudgeon is a unique project with strong operational performance,” said Beate Myking, Chair and Director of Dudgeon Offshore Wind Limited.

“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.”

The 402MW Dudgeon offshore wind farm is located 32 kilometres off the Norfolk coast in England. Its 67 wind turbines produce 1.7 terawatt-hours (TWh) of electricity annually.

The wind farm entered full operation in October 2017 and was officially inaugurated in November 2017.