Equinor announces £1.4bn refinancing on Dudgeon Windfarm

View of the Dudgeon wind farm. (Photo: Jan Arne Wold - Woldcam / Statoil ASA)
View of the Dudgeon wind farm. (Photo: Jan Arne Wold - Woldcam / Statoil ASA)

Norwegian energy giant Equinor has announced a £1.4 billion refinancing opportunity on the Dudgeon Windfarm project.

Described as “hybrid refinancing”, Equinor confirmed that it has signed off on the decision with fellow owners Masdar and China Resources Group.

The refinanced debt includes almost £1.27 billion in  senior-term loans and £561 million in commercial debt and a £706 million private placement of senior secured notes, maturing in June 2032.

Beate Myking, chairwoman and director of Dudgeon Offshore Wind Limited, said: “Dudgeon is a unique project with strong operational performance.

“The excellent collaboration with our partners and advisors has enabled the successful refinancing.

“The A- (EXP) credit rating and investors’ keen interest further underpins the market confidence in Dudgeon and is strong evidence of Equinor’s competence and capacity to successfully develop and operate offshore windfarms.”

Dudgeon is a 67 turbine wind development able to power 410,000 homes.

It lies nearly 20 miles off the Norfolk coast.

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