The financing facility was completed on Dec 16 last year through its wholly-owned subsidiary Vantage Renewable Energy Ltd (Vantage RE) which owns a 49% stake in Blyth Offshore Demonstrator Ltd (BODL).

The investment in BODL was made in October 2021 in partnership with EDF Renewables, the renewable energy arm of French state-owned utility company Électricité de France (EDF).

In a statement issued to the media today, TNB said BODL owns a 41.5MW offshore wind farm located off the northeast coast of England.

The financing facility by Mizuho Bank Ltd (Mizuho) and National Westminster Bank Plc (NatWest) comes with a 15-year tenure.

TNB president and CEO Baharin Din said the financing package would enable TNB to unlock its renewables portfolio value through further optimisation of its existing capital structure.

He said this was a demonstration of TNB’s confidence in Vantage RE’s capabilities in the renewable energy market in the UK.

“The net proceeds will be recycled to fund TNB’s renewable energy growth in Europe as we continue to focus on achieving our long-term growth objectives,” Baharin added.

This is Vantage RE’s second refinancing exercise in 2022. In February, the company secured a £275 million (RM1.45 billion) refinancing for its 365MW solar portfolio in Vantage Solar UK Ltd.

Vantage RE’s asset portfolio consists of solar, onshore and offshore wind assets totalling 530MW in generation capacity, with a further 102MW of solar under construction that is expected to be commissioned in Q1 2024.