London Array secures $424m Abu Dhabi funding

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The London Array project, designed to be the world’s largest offshore wind energy facility, has secured an estimated $424m in new financing from Abu Dhabi controlled Masdar Energy UK, it was reported.

Contributing to the refinancing were Siemens Bank gmbH, Bank of Tokyo-Mitsubishi UFJ Ltd, KFW-IPEX Bank and Sumitomo Mitsui Banking Corp, a report in UK trade publication Electric Light & Power quoted Masdar as confirming.

The report said an additional $93.75m loan was provided by the UK Green Investment Bank.

The UK has agreed to an European Union goal of generating 30 percent of its power from renewable energy by 2020. It currently generates about half of this.

The London Array offshore wind farm is located in the Thames estuary, about 20km off the Kent and Essex coast.

After starting construction in 2009, it was switched on July 5.

Siemens supplied the 175 wind turbines and the grid connection for London Array, Electric Light & Power has reported.

The wind power plant is owned, developed and built by a consortium consisting of Dong Energy, E.On and Masdar. It has a total capacity of 630MW and will generate enough power to supply 500,000 British households with clean electricity.

London Array will reduce annual carbon emissions by about 900,000 tonnes, which the equivalent of the emissions from 300,000 passenger cars.

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