Masdar Energy gets GBP 266 million for wind farm development
Masdar Energy UK was able to get a loan worth GBP 266 million or USD 424 million to fund its share of expenses for the development of London Array wind farm. Masdar Energy UK is the London-based unit of Abu Dhabi's state-backed renewable energy company Masdar Energy.
The London Array wind farm would set to be the biggest offshore wind farm development in the world. The funding came from Bank of Tokyo-Mitsubishi UFJ Ltd, KFW-IPEX Bank, Siemens Bank, Sumitomo Mitsui Banking Corp and UK Green Investment Bank, Masdar Energy said in a press release.
The London Array wind farm is a joint development project of Dong Energy, Germany's EON and Masdar. Bloomberg reported that Dong Energy had a 50% stake in the project while EON has a 30% ownership stake. Masdar owned the remaining 20% share for the wind farm, which is located in the southeast coast of the UK in the Thames estuary.