Linklaters advises on Beatrice Offshore Wind Farm refinancing
Linklaters has advised the sponsors, SSE Renewables, Copenhagen Infrastructure Partners and Red Rock Power Limited in relation to the refinancing of the 588MW Beatrice Offshore Windfarm Limited project located 13km off the Caithness coast in Scotland.
The wind farm, which became fully operational in May 2019, consists of eighty-four 7MW turbines manufactured by Siemens Gamesa. The Beatrice Offshore Wind Farm is capable of generating enough electricity per annum to power around 450,000 homes.
The refinancing involved 27 commercial banks and an institutional investor. Santander UK plc advised as the Financial Adviser.
“It was a privilege to work again with SSE Renewables, CIP, Red Rock Power Limited and the Beatrice Offshore Wind team to successfully close this refinancing, having previously advised on the original debt financing a little over three years ago.
The success of this refinancing as well as a number of recent refinancings on which we have advised (Galloper, Dudgeon and Race Bank), and the increased interest from institutional investors, demonstrates the continued strong appetite for the right offshore wind assets developed by a reputable and experienced sponsor group.”
Other members of the team included Noor Ashraf, Subir Rajadhyaksha, Shan Yang, Sebastian Witte and Suné Crafford.