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Financial close for Triton Knoll

By: Tom Russell 31/08/2018 innogy

Corporate General Windfarms

innogy SE has announced the Financial Close of the Triton Knoll offshore wind farm with all debt required now fully committed by the project lenders. Total planned investment volume amounts to approximately £2bn.

The project’s required investment will be provided from international commercial lenders: A consortium of 15 banks are providing around £1.751 billion debt facilities, securing the realisation of the 860MW offshore wind farm, located 20 miles off the coast of Lincolnshire.

The lending group includes Sumitomo Mitsui Banking Corporation, ABN AMRO Bank N.V., MUFG Bank, Ltd., KfW IPEX-Bank, ING Bank N.V.,Landesbank Hessen-Thüringen Girozentrale, Natixis, Bayerische Landesbank, National Westminster Bank Plc, Lloyds Bank plc, Skandinaviska Enskilda Banken AB, Commerzbank Aktiengesellschaft, BNP Paribas, Landesbank Baden-Württemberg and Banco Santander S.A., London Branch. MUFG Bank Ltd acted as financial and Linklaters LLP as legal advisor to the project.

With Financial Close reached, the offshore wind project is now poised to forge ahead into full construction of the onshore electrical system in September.

Hans Bünting, COO Renewables of innogy SE, said: “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.”

innogy SE recently signed an agreement for the sale of 41% of Triton Knoll to Electric Power Development Co., Ltd. (operating under the name J-Power; 25%) and to Kansai Electric Power Co., Inc. (16%). innogy will retain the majority equity stake (59%).

Once fully operational, the 860MW Triton Knoll project is expected to be capable of supplying the equivalent of 800,000 UK households with renewable electricity annually. The planned investment volume amounts to approximately £2bn (approx. €2.24bn at the current exchange rate). The project is located 32km off the coast of Lincolnshire in the east of England.

The project was awarded a Contract for Difference (CfD) in the latest UK Government auction (11th September) which saw the cost of offshore wind power drop by nearly 50%. The project secured a CfD with a strike price of £74.75/MWh (approx.€83.45/MWh) for 15 years.

The project's developer plan to install 90 of MHI Vestas’ V164-9.5 MW turbines, currently considered to be amongst the most powerful and efficient in the world. innogy will manage the construction as well as operation and maintenance works on behalf of the project partners.

Enabling works are now underway at the site of the project’s onshore electrical system, which includes a 57km underground cable route, landfall infrastructure and construction of a new onshore substation at Bicker Fen, in Lincolnshire.

Offshore construction is expected to start in late 2019 and, according to current planning, commissioning is expected to start in 2021.

For more information on offshore wind financing and construction, click here. You can also view Triton Knoll, and others worldwide, using our interactive map.

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Financial close for Triton Knoll

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