Platina Energy refinances U.K. wind farms

Platina Energy Partners LLP said May 18 that it secured 28 million pounds ($40.37 million) of new funding to refinance their 28 MW Danu II wind farm portfolio. This consists of two operational 14MW on-shore wind farms in the UK.

PRESS RELEASE

LONDON, 18th May 2016: Platina Energy Partners LLP (“Platina”) has secured £28m of new funding in order to refinance their 28 MW Danu II wind farm portfolio, consisting of two operational 14MW on-shore wind farms in the UK, both constructed in 2009.

Platina refinanced the existing bank debt with long-term floating rate debt from institutional investors via mandates managed by IFM Investors and novated the existing swaps to a new counterparty, with no payment from Danu II to novate the swaps.

The refinancing increased the gearing and the maturity of project senior debt, with the new debt maturity exceeding that of the underlying power offtake and operating and management agreements.

“Platina is delighted to have closed this refinancing with our partners IFM Investors, Lloyds Bank and US Bank.
The debt comes from two US-based insurance companies, alongside interest rate swaps and ongoing Transaction Banking services provided by Lloyds Bank. Platina will continue to diversify its sources of financing and facilitate for institutional investors to benefit from the stable cash flows generated by renewable projects.”

TradeRisks and Orrick advised the borrower.
Norton Rose Fulbright, DNV GL, BDO, E&Y and JLT advised the lenders.
Shepherd and Wedderburn acted as Scottish counsel.

 

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Platina Energy Partners LLP is the renewable energy arm of Platina Partners LLP, an independent European investment firm established in 2002.  Focusing on renewable energy infrastructure projects its team of over 20 professionals has a track record of developing, financing, constructing, and operating on-shore wind and solar projects across Europe; the team manages over 540MW of renewable energy operating plants across Europe.

With equity under management of c.€500m and an experienced investment team based in London, Paris and Milan,  Platina Partners has a track-record of delivering value to its investor base which comprises leading institutional investors, pension funds and family offices.