West Burton Energy has indicated plans for new projects after refinancing its 1332MW combined cycle gas turbine and 49MW battery in Nottinghamshire.
The company is owned by funds managed by EIG, an institutional investor in the global energy and infrastructure sectors with more than $45 billion US dollars in capital committed to energy investments globally.
The £350 million refinancing package was supported by commitments from Bank of China, Deutsche Bank, Investec, MUFG, Nomura, Santander and Starwood. It comprises a seven-year amortising term loan of £204 million, credit facilities of £110 million to support operational requirements and a £36 million debt service reserve facility.
The refinancing package is underpinned by contracted revenues from the UK’s Capacity Market, new trading arrangements with EDF Energy and a tolling arrangement with Shell Energy Europe for part of the CCGT’s generating capacity.
Proceeds of the refinancing will be used to repay the remaining debt that was incurred when EIG acquired the Company from EDF in August 2021, pay a dividend and fund new generation and storage projects.