Project Financing Agreement for the 210MW Westermost Rough Offshore Wind Power Project
Aug. 11. 2014
Marubeni Corporation (“Marubeni”) is pleased to announce that an agreement concerning project financing for the Westernmost Rough Offshore Wind Power Project (“the Project”) has been reached with a consortium of lenders and WMR JV Investco Limited (“Investco”), a UK company jointly owned by Marubeni and wholly state-owned UK Green Investment Bank plc (“GIB”). Approximately £370million of project financing will secure the funds for Investco to meet the capital requirement of the Project.
Project financing documents were signed on August 8 with a consortium of lenders comprising Japan Bank for International Cooperation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Siemens Financial Services (Germany), and Societe Generale Corporate & Investment Banking (France).
On April 4, Marubeni and GIB acquired 50% interest of the Project from a subsidiary of DONG Energy A/S (“DONG”), a Danish utility leading the offshore wind market. The Project is under construction off the coast of Yorkshire in the UK and is due to reach commercial operation in 2015.
Marubeni will continue promoting various renewable energy businesses supporting the global need for low-carbon power sources through electricity businesses.