MUFG has acted as Documentation Bank, Mandated Lead Arranger, Interest Rate Hedge Provider, Sole LC Issuing Bank, Global Facility and EKF Agent, and Security Trustee in the £2.3bn financing of the Neart na Gaoithe (NnG) offshore wind farm.

EDF Renewables and Irish energy company ESB have launched construction of the 448MW project, which is located off the east coast of Scotland in the outer Firth of Forth. Scheduled to be fully operational by October 2022, the power will be enough to supply around 375,000 Scottish homes, offsetting over 400,000 tonnes of CO2 emissions each year.

Amidst an increasingly competitive market for offshore wind assets, the deal highlighted the marketplace recognition of MUFG being a leader in this area. Earlier this year MUFG was named as the winner of two awards at the European Wind Investment Awards, acknowledging work done in the European wind sector during 2019, which includes involvement in financing the world's largest wind farm, Hornsea 1, and the first offshore wind project ever procured in France, the Saint-Nazaire offshore wind farm.

Stephen Jennings, Head of Energy and Natural Resources for EMEA, said:

"This deal strikes straight to the heart of what our team prides itself on; providing unrivalled expertise, strong support and innovative solutions to our clients.

"This wind farm will make a significant contribution to the supply of clean energy in Scotland, and we couldn't be prouder to have worked alongside some of the leaders in the renewables space on this project."

Michele Schiavone, NnG Investment Manager & EDF Head of Offshore Wind, said:

"NnG Team is extremely pleased to work with MUFG on NnG Financing.

"MUFG's strong experience and know-how as Agent, LC Issuing Bank and Security Trustee was evident from the outset and has been a key factor of success to take the Project to FC and in its move into construction."