Successful refinancing of the 588 MW Beatrice offshore wind farm in Scotland

Crédit Agricole CIB has successfully participated in the non-recourse (Senior Debt) refinancing of the 588 MW Beatrice offshore wind farm located off the coast of Scotland.

Picture of an offshore wind farm

Our Power & Utilities EMEA team has successfully reached Financial Close, on July 9th, 2019, on the refinancing of the 588MW Beatrice offshore wind farm. The refinancing Sponsor group is made up of SSE plc (known as Scottish and Southern Energy), Copenhagen Infrastructure Partners (CIP), and Red Rock Power Limited.

The Project comprises 84 Siemens Gamesa wind turbines with 7MW capacity each, and will produce electricity capable of powering c. 450,000 homes. It is located in Scottish territorial waters off the Caithness coast, in an area with strong wind resource in the UK. This landmark Project was built over 2 years, reached a successful construction completion in May 2019 and is expected to become fully operational during summer 2019.

Portrait de Thomas Ragot

 

“Crédit Agricole CIB has participated as an MLA on this landmark project, once again demonstrating our strong position within the offshore wind sector. We are pleased to finance Scotland's largest offshore wind farm, that will produce electricity capable of powering c. 450,000 homes and plays a critical role in the quest to provide affordable energy from renewable sources.”  
Thomas Ragot, Head of Power & Utilities EMEA

 

For more information on the Beatrice wind farm, see the dedicated website.