MUFG has acted as the financial advisor on the Triton Knoll offshore wind farm and its sponsor, innogy SE, which has today reached financial close. In addition to their role as Financial Advisor, MUFG also participated in the c.a. £1.75 billion debt facilities acting as Mandated Lead Arranger, Facility Agent, Security Trustee, Account Bank, Hedging Bank, LC Issuing Bank and Coordinating Bookrunner.
The 860 megawatt wind farm, located 20 miles off the cost of Lincolnshire will be capable of supplying the equivalent of more than 800,000 UK households per annum with renewable electricity once fully operational. Initial enabling works are already underway at the site of the project's onshore electrical system, which includes a 57km underground cable route, landfall site and construction of a new onshore substation at Bicker Fen, in Lincolnshire.
Carol Gould, Head of Power and Renewables at MUFG in EMEA, said:
"I am delighted that we were able to leverage our expertise to help secure the future of the Triton Knoll Wind Farm. We are a leader in financial advisory services in the offshore wind sector, as well as an active investor in renewables, and welcome the opportunity to partner with companies like innogy who prioritise the development of innovative and sustainable projects."
Hans Bünting, COO Renewables of innogy SE, said today:
"By reaching financial close, we have created the financial foundation for realising and operating the Triton Knoll offshore wind farm jointly with our new equity partners and international lenders. I am very much looking forward to onshore construction starting shortly and seeing the investment come to fruition, with significant benefits to the local economy and businesses."
Full construction of Triton Knoll's onshore electrical system is on schedule to begin in September 2018. Offshore construction is then expected to start in late 2019/early 2020 and commissioning of Triton Knoll is expected to start in 2021.
MUFG was ranked as the number one global Lead Arranger for financing clean energy and energy-smart technologies by Bloomberg NEF in February 2018. In 2017, MUFG financed 63 clean-energy and energy-smart technology projects, totaling $4.3 billion in credits for a market share of 7.96%. These figures represent a 19 per cent year-on-year increase from 2016, when MUFG led 53 deals for total credits of $2.9 billion.