Dong Energy Wins GBP250m Loan Deal For London Wind Farm

Dong Energy has inked a GBP250m loan deal with the European Investment Bank (EIB) to finance the construction of the London Array offshore wind farm. The loan facility is guaranteed by the Danish Export Credit Agency (Eksport Kredit Fonden, EKF) as per the deliveries from Siemens Wind Power and Per Aarsleff.
The financing is in line with Dong Energy's strategy to diversify its funding on various loan types and to fund projects out of the parent company.

The first phase of the London Array wind farm has a capacity of 630MW slated to commence operation in 2012 to be able to provide renewable energy for the London Olympics.

The company claims that once completed, the wind farm will be the world's largest offshore wind farm. Dong Energy owns 50% of the farm with E.ON (30%) and Masdar holding the remaining stake.

Carsten Thomsen, chief financial officer of Dong Energy, said: "Dong Energy's goal is to reach at least 3,000MW of wind turbine capacity by 2020, and London Array is a cornerstone in this transition towards a greener future. The EKF guaranteed EIB funding of the project supports our robustly financed investment program".

Business Energy

9th June, 2010

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