Vantage RE Strikes Refinancing Deal

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by KnowESG

UK renewable energy operator and owner Vantage RE has struck a deal for a £72 million refinance package with two major lenders.

As a result of the deal, Mizuho Bank and Natwest Bank will provide financing to Vantage RE for the Blyth 1 offshore wind farm, which is located off the northeast coast of England.

The financing agreement features a 15-year tenor and will enable Vantage RE to repay the original intercompany loan back to Tenaga Nasional Berhad (TNB). Vantage RE is a wholly owned subsidiary of TNB, a utility company aspiring to be a leading provider of sustainable energy solutions in Malaysia and internationally.

Vantage RE owns and operates 49% of the shares of the Blyth 1 offshore 41.5MW wind farm in partnership with EDF Renewables UK, which is the majority shareholder.

Vian Davys, CEO at Vantage RE, said: “The completion of this refinancing is an important step and demonstrates the confidence in Vantage RE. These facilities allow us to follow through on our strategy to optimise the capital structure by raising local financing, and we are looking forward to continuing to deliver on our plans.”

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Source: reNEWS.BIZ