27 Feb 2018
11 May 2016
Platina Energy Partners LLP successfully completed the £28m refinancing of the 28 MW Danu II wind portfolio
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 a US Bank. This is the second for the company in less than a month.
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.