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RWE Innogy has secured a raft of financial backers for its £1.5 billion Galloper offshore wind project, including Macquarie, Green Investment Bank and Siemens Financial Services.
The four-way international partnership was announced late last week with each joint-equity partner set to take on 25 per cent of the project.
In addition the project has secured £1.37 billion of debt facilities from a consortium of 12 commercial banks plus the European Investment Bank (EIB).
Analysts at RBC Capital said the Galloper deal comes as little surprise after RWE said in August that it was nearing a financial deal. Although the project failed to secure Contract for Difference (CfD) in the first CfD auction, it is likely to be eligible for a 1.8 ROC/MWh rate, falling under the 12-month grace period post the scheme’s target end date of 31 March 2017, RBC added.
The deal is the second final investment decision for an offshore wind farm in as many weeks following news that the 660MW Walney will move ahead. And analysts at Platts now say that UK offshore wind capacity is to hit 10GW by 2020.
The 336MW Galloper project will be located 27 km off the Suffolk coast, with construction due to start this month.
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