The Japan-based Nippon Life Insurance has executed a GBP 200 million syndicated loan for the Race Bank offshore wind project in the UK.
According to Nippon, the provided loan will be used to refinance existing debt to support the stable operation of the 573MW project.
The Japanese company said it joined the loan syndication process from the primary phase, and as a result, it represents its first offshore wind financing transaction in the UK.
Located 27km off the coast of North Norfolk, the Race Bank offshore wind farm comprises 91 6MW Siemens Gamesa turbines which were officially inaugurated in June this year.
The project is operated from Ørsted’s East Coast Hub in Grimsby, while offshore maintenance is being carried out from the Edda Passat SOV that remains offshore with technicians working shifts of 14 days on and 14 days off.
Ørsted owns 50% of the wind farm, with Macquarie European Infrastructure Fund 5 holding 25%, Sumitomo Corporation 12.5% and funds advised by the Green Investment Group, Arjun Infrastructure Partners and Gravis Capital Management 12.5%.