Masdar secures $424mn for London Array
The London Array started generating power in October 2012
Masdar Energy UK, a unit of Abu Dhabi’s state renewable energy developer, secured US $424mn in loans to finance its share of London Array, the world’s largest offshore wind farm.
Bank of Tokyo-Mitsubishi UFJ, KFW-IPEX Bank, Siemens Bank GmbH, and Sumitomo Mitsui Banking Corp. contributed to the refinancing, Masdar said in a statement.
“While the London Array financing is a great success, it is critical to the future of the renewable energy industry that we see a deepening level of engagement from the financial sector,” said Sultan Ahmed Al Jaber, Masdar chief executive officer. “We need increased collaboration between institutional investors and the renewable energy industry to drive down cost and accelerate adoption.”
The London Array, located in the outer Thames Estuary, started generating power in October 2012.