Linklaters advises on £2bn financing of 860MW Triton Knoll offshore wind farm
Linklaters has advised Triton Knoll Offshore Wind Farm Limited (“Triton Knoll”), on the project financing of the Triton Knoll Offshore Wind Farm. The total planned investment comprises in excess of £2bn, including debt facilities from a total of 15 banks. Financial Close was achieved today.
Two weeks earlier, Linklaters advised Innogy Renewables UK Ltd. on its signature of an agreement to sell 41% of its interest in Triton Knoll to a subsidiary of Electric Power Development Co., Ltd. (operating under the name J-Power; 25%) and to a subsidiary of Kansai Electric Power Co., Inc. (16%).
The 860MW Triton Knoll offshore wind farm will be located 20 miles off the coast of Lincolnshire. Once fully operational, Triton Knoll will be one of Europe’s largest offshore wind farms, capable of supplying the equivalent of 800,000 UK households p.a. with renewable electricity.
Richard Coar, partner at Linklaters, says:
“The success of Triton Knoll clearly demonstrates that the appetite of both global equity investors and commercial banks in the UK offshore wind sector remains strong. There is a healthy portfolio of both greenfield and brownfield offshore wind assets in the UK and across the rest of Europe and the ability of the sector to continue to attract both existing and new classes of capital at increasingly competitive rates will be key to its continued success.”
The Linklaters team was led by partners Richard Coar and John Pickett, supported by Counsel Andrew Penfold and Managing Associates Tegan Matthews, Ross Schloeffel, Alistair Fraser and Parag Satya.