Vantage RE seals £72 million refinance package

UK renewable energy operator and owner, Vantage RE, announces a £72 million refinance package with two major lenders. The deal sees Mizuho Bank and Natwest Bank become lenders to Vantage RE with finance facilities relating to the Blyth 1 offshore wind farm, located off the northeast coast of England. The financing agreement features a 15-year tenor and will enable Vantage RE to repay the original intercompany loan back to Tenaga Nasional Berhad (TNB).

Vantage RE owns and operates 49% of the shares of the Blyth 1 offshore 41.5MW wind farm in partnership with EDF Renewables UK who are the majority shareholder. This transaction supports Vantage RE to pursue its investment strategy.

Vantage RE is a wholly owned subsidiary of Tenaga Nasional Berhad (TNB), a utility company aspiring to be a leading sustainable energy solutions provider in Malaysia and internationally. The company was launched as TNB's renewable energy growth platform in the UK and Europe.

Vantage RE now manages a growing portfolio of solar, onshore and offshore wind with a combined total of 530MW generation capacity. Last month, Vantage RE announced their latest acquisition of 102 MW of solar and option for 65MW of co-located battery storage systems as the company broadens its activities into project development. In February 2022 Vantage RE announced a £275 million refinancing with Macquarie Asset Management covering a portfolio of solar power plants in the UK owned by Vantage Solar UK.