Vantage RE an owner and operator of renewable energy assets in the UK, has agreed to a £72 million refinancing plan with two major lenders.
In accordance with the agreement, Mizuho Bank and Natwest Bank would lend money to Vantage RE for financing purposes for the Blyth 1 offshore wind farm off the northeastern coast of England.
Vantage RE will be able to pay Tenaga Nasional Berhad back for the initial intercompany loan thanks to the financing agreement’s 15-year term (TNB).
Tenaga Nasional Berhad (TNB), a utility business with aspirations to be a leading provider of sustainable energy solutions in Malaysia and around the world, is the parent company of Vantage RE, a fully owned subsidiary of TNB.
Together with EDF Renewables UK, the principal stakeholder, Vantage RE owns and manages 49% of the stock in the 41.5 MW Blyth 1 offshore wind farm.
CEO at Vantage RE, Vian Davys, 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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