Release
• Four-way international partnership secures £1.5 billion UK renewable energy project
• Significant boost to UK economy creating nearly 800 jobs
• Project can generate enough clean energy for up to 336,000 homes
RWE Innogy has today announced three new project partners for Galloper Wind Farm Ltd (GWFL). UK Green Investment Bank (GIB), Siemens Financial Services and Macquarie Capital, join RWE Innogy in becoming 25% joint equity partners of the 336MW Galloper Offshore wind project. Combining the expertise and experience of all four companies, the deal will enable construction of the project off the coast of Suffolk, to commence in November 2015. The debt financing for GWFL was also closed. A consortium of 12 commercial banks and the European Investment Bank provides the £1.37 billion debt facilities. BNP Paribas acted as financial advisor to the project.
The project’s go ahead is set to create around 700 jobs during construction and around 90 jobs once operational.
Energy Minister Andrea Leadsom said: “This is fantastic news for the region and the whole of the UK, reflecting the fact that we are open for business and the best place in the world to invest in offshore wind. This milestone shows how the UK’s offshore wind industry is going from strength to strength.”
Hans Bünting, CEO of RWE Innogy said: “Today’s announcement is the culmination of many months of successful negotiations with our partners and investors and shows that the UK is still a strong market for offshore renewables. Siemens, as well as becoming a project partner will also, through their technical division, support key aspects of the project including turbines, turbine installation and maintenance support. We welcome GIB, with their experience of supporting renewables ventures and their substantial knowledge of offshore wind financing, back to another offshore partnership, their first ever equity investment being a stake in our Rhyl Flats project. Macquarie Capital bring considerable international business and finance acumen as well as a strong track record advising and investing in infrastructure and energy projects globally. I look forward to working together to utilise our collective experience and expertise to realise the successful construction of Galloper wind farm.”