In December 2018, Dudgeon ― one of the world's largest offshore wind projects based in the UK and in which Masdar owns a 35 percent shareholding ― achieved Financial Close of a GBP £1.4 billion financing package, including GBP £706 million of privately placed notes.
The refinancing consists of GBP £1.27 billion in senior-term loans and approximately GBP £150 million in ancillary facilities provided from commercial bank commitments. The commercial bank and private placement tranches were both heavily oversubscribed, reflecting robust credit features and investor interest.
The credit rating agency Fitch rated the project A- for the refinancing of its existing non-recourse project debt.
Located 32 kilometers off the Norfolk coast in England, the 402MW Dudgeon Offshore Wind Farm produces 1.7 terawatt-hours of electricity annually. The combined output of the 67 wind turbines is sufficient to power an estimated 410,000 UK homes and displace 893,000 tons of carbon dioxide.
This transaction demonstrates Masdar's commitment to the UK's renewable energy sector. The combined capacity of UK wind energy projects in which Masdar is a partner today exceeds 1 gigawatt, which is enough clean energy to supply nearly 1 million UK.