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Overview

ICBC contributes £32.76 million GBP to the £917.15 million GBP term loan tranche of a £5.5145 billion GBP syndicated loan for the 1.2 GW Dogger Bank B Wind Farm of the 3.6 GW Dogger Bank Wind Farm Project (Linked to Record ID#100290)

Commitments (Constant USD, 2023)$43,332,820
Commitment Year2020Country of ActivityUnited KingdomDirect Recipient Country of IncorporationUnited KingdomOverseas JurisdictionUnited KingdomSectorEnergyFlow TypeLoan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 26, 2020
Start (actual)
Jan 13, 2020
End (planned)
Jan 1, 2025
Last repayment (originally scheduled)
May 26, 2040

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The 3.6 GW Dogger Bank Wind Farm sought to construct an 277-turbine offshore wind farm in Dogger Bank in the North Sea, located over 130 kilometers (80 miles) off the northeast coast of Yorkshire, England, that was divided into three 1.2 GW phases (Dogger Bank A, Dogger Bank B, and Dogger Bank C). Dogger Bank A and B would connect via a cable from offshore to the existing Creyke Beck substation near Cottingham, in the East Riding of Yorkshire. More detailed locational information can be found at: https://www.openstreetmap.org/way/1157893250 and https://www.openstreetmap.org/relation/18465466 and https://www.openstreetmap.org/way/1417956644 and https://doggerbank.com/about/.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Government Agencies

  • Export Credit Norway (Eksportkreditt Norge AS)

Private Sector

  • ABN AMRO Bank NV
  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • Barclays Bank PLC
  • BNP Paribas S.A.
  • CaixaBank, S.A. (Formerly Criteria CaixaCorp)
  • Canadian Imperial Bank of Commerce (CIBC)
  • Coöperatieve Rabobank U.A. (Rabobank)
  • Credit Agricole S.A. (Crédit Agricole Group)
  • Crédit Industriel et Commercial (CIC)
  • Danske Bank A/S
  • DNB Bank ASA (formerly DnB NOR ASA)
  • ING Bank N.V.
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Natixis
  • Norinchukin Bank (Nochu Bank)
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • SBI Shinsei Bank, Limited
  • Skandinaviska Enskilda Banken AB (SEB)
  • Société Générale S.A. (SocGen or Societe Generale)
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • Allied Irish Banks, p.l.c. (AIB)
  • Banque publique d'investissement (Bpifrance)
  • Korea Development Bank (KDB)
  • National Westminster Bank Plc (NatWest)

State-owned Commercial Banks

  • Bank of China (BOC)

State-owned companies

  • Swedish Export Credit Corporation (SEK)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Doggerbank Offshore Wind Farm Project 2 Projco Limited

Implementing agencies

Joint Venture/Special Purpose Vehicles

  • Hitachi Energy Ltd. (formerly Hitachi ABB Power Grids)

Private Sector

  • ABB Group
  • AEG Power Solutions B.V. (AEG PS)
  • Aibel
  • Alfa Group Consortium (Russia)
  • AOC Archaeology Group
  • Cable Hellenic Cables Group (Hellenic Cables)
  • DEME Offshore NL B.V. (Formerly GeoSea)
  • Eastgate Engineering Services UK Ltd
  • F B Taylor (Cable Contractors) Ltd
  • General Electric Co. (GE)
  • Global Maritime
  • Granada Material Handling Ltd. (Granada Cranes)
  • Jan de Nul Group
  • Jones Bros Ruthin (Civil Engineering) Co Ltd
  • K2 Management
  • Keltbray
  • Mammoet (UK) Limited
  • Manor Renewable Energy Ltd (MRE)
  • Metec UK
  • National Grid plc
  • NKT A/S
  • Nordic Steel AS (Nordic Steel Group)
  • North Star Renewables
  • OHT ASA
  • Powersystems UK Ltd
  • Proserv Controls Ltd.
  • Ryder Architecture
  • Ryder Geotechnical Limited
  • Saipem S.p.A.
  • Seaway 7 ASA
  • Sif Netherlands B.V.
  • Smulders Projects Belgium N.V.
  • Specialist Marine Consultants Ltd (SMC)
  • Tata Steel Limited
  • Tekmar Energy Limited
  • Wood Thilsted Limited

Guarantors

Joint Venture/Special Purpose Vehicles

  • Doggerbank Offshore Wind Farm Project 2 Holdco Ltd

Collateral providers

Joint Venture/Special Purpose Vehicles

  • Doggerbank Offshore Wind Farm Project 2 Holdco Ltd
  • Doggerbank Offshore Wind Farm Project 2 Projco Limited

Security / collateral agents

Private Sector

  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))

Loan desecription

BOC and ICBC contribution to tranches of £5.5145 billion GBP syndicated loan for the 1.2 GW Dogger Bank A Wind Farm and 1.2 GW Dogger Bank B Wind Farm of the 3.6 GW Dogger Bank Wind Farm Project in the United Kingdom in November 2020

Interest rate (t₀)1.963%Interest typeVariable Interest RateMaturity19.5 years

Collateral

Doggerbank Offshore Wind Farm Project 2 Projco Limited securitized (collateralized) its debt by providing a first legal mortgage on 140 square meters part of beach cliff at Ulrome Sands north-east of Ulrome (provisional title number YEA94926); 222 square meters Woodland, part of the watercourse known as Beeford Beck/Dunnington Sewer and access track adjoining the public highway known as Skipsea Road (B1249), east of Beeford (provisional title number YEA94928); and 257 square meters part of private access track known as Carr Land east of Weel, east of Beverley (provisional title number YEA94929), a first fixed equitable charge on all real property acquired after the mortgage, a first fixed charge all of all its beneficial interest in freehold property including Model Farm, Beverley Parks, Beverley, HU17 0RN; land lying to the East and South West of Halfway House, Woodmansey; 6,555 square meters of farmland north of the public highway known as A1079, south-west of Woodmansey, 197 square meters of part of the watercourse north of the public highway known as A1079, south-west of Woodmansey; 1,223 square meters of farmland north of public highway known as A1079, south-west of Woodmansey; leaseholds on land lying on the East and West of North Carr and South Carr Lane, Wee; Hall Farm and Fiel House Farm, Routh; Land on the North Side of the A1079, Cottingham; Paradise Farm, Hull Road, Woodmansey, Beverley; Land and Buildings on the East and West sides of Allison Lane, Ulrome; Land at Corner Farm, Burshall, Brandesburton, Driffield, YO25 8LY; Land at Highthorns Farm, North Frodingham, Driffield, YO25 8LS; Land at Highthorns Farm, North Frodingham, Driffield, YO25 8LS; Land at Kenley House Farm, Ferry Road, Wawne HU7 5XY; Model Farm, Beverley Parks, Beverley, HU17 0RN; and Land and Buildings at Heighholme Hall Home Farm, Heigholme Lane, Heigholme, Leven, a first fixed charge of all rights in a number of key contracts, insurances, balances on bank accounts, receivables, investments, uncalled capital and goodwill, intellectual property, planet and machinery, and equipment, and a first floating charge of all its undertaking and all its assets, both present and future, with some exceptions, as charged to MUFG Bank in a security agreement dated November 25, 2020. Additionally, Doggerbank Offshore Wind Farm Project 2 Projco Limited also securitized (collateralized) a first legal mortgage on the leasehold property known as Creyke Beck B at the bed of the sea at Dogger Bank in a lease between Her Majesty the Queen, The Crown Estate Commissioners, and Doggerbank Offshore Wind Farm Project 2 Projco Limited to MUFG Bank in a supplemental legal mortgage dated December 18, 2020. Doggerbank Offshore Wind Farm Project 2 Holdco Limited securitized (collateralized) its debt by charging a first fixed charge of all its rights, titles, and interest in all current deposit or other accounts with any financial institution and all balancing standing to the credit of those accounts, and all related rights, all shares held in Doggerbank Offshore Wind Farm Project 2 Projco Limited, and the Holdco Loan Agreement and any other subordinated loan between the Holdco and Projco, as charged to MUFG Bank and issued a guarantee for Doggerbank Offshore Wind Farm Project 2 Projco Limited's debt in a security agreement dated November 25, 2020.

Narrative

Full Description

Project narrative

On November 26, 2020, financial close was reached on a deal in which a syndicate of 31 lenders — including the Bank of China (BOC) and the London Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a £5.5145 billion GBP ($7.38296 billion USD) syndicated loan agreement with Doggerbank Offshore Wind Farm Project 1 Projco Limited and Doggerbank Offshore Wind Farm Project 2 Projco Limited — a pair of special purpose vehicles (SPVs) owned, via respective holding companies, by Norwegian state-owned Equinor (50% equity stake) and British firm SSE Renewables plc (50% equity stake) — for the 1.2 GW Dogger Bank A and 1.2 GW Dogger Bank B of the 3.6 GW Dogger Bank Wind Farm Project. This loan was divided into seven tranches: a £827.38 million GBP ($1.10772 billion USD) Offshore Transmission Owner (OFTO) facility tranche for Dogger Bank A with a maturity period of seven years, a final maturity period of November 26, 2027, and an interest rate of LIBOR plus a margin of 190 basis points (bps), a £832.00 million GBP ($1.11390 billion USD) OFTO facility tranche for Dogger Bank B with a maturity period of seven years, a final maturity date of November 26, 2027, and an interest rate of LIBOR plus a margin of 190 bps, a £703.33 million GBP ($941.64 million USD) term loan tranche for Dogger Bank A with a maturity period of 18.5 years, a final maturity date of May 26, 2039, and an interest rate of LIBOR plus a margin of 190 bps, a £917.15 million GBP ($1.22791 billion USD) term loan tranche for Dogger Bank B with a maturity period of 19.5 years, a final maturity date of May 26, 2040, and an interest rate of LIBOR plus a margin of 190 bps, a £359.80 million GBP ($481.71 million USD) ancillary facilities tranche for Dogger Bank A with a maturity period of 18.5 years, a final maturity date of May 26, 2039, and an interest rate of LIBOR plus a margin of 190 bps, a £374.83 million GBP ($501.83 million USD) ancillary facilities tranche for Dogger Bank B with a maturity period of 19.5 years, a final maturity date of May 26, 2040, and an interest rate of LIBOR plus a margin of 190 bps, and a £1.500 billion GBP ($2.00824 billion USD) export credit facility tranche for both Dogger Bank A and B. BOC and ICBC each contributed £29.14 million GBP ($39.02 million USD) to the £827.38 million GBP OFTO facility tranche for Dogger Bank A. Record ID#89398 captures BOC's contribution. Record ID#100285 captures ICBC's contribution. In addition to BOC and ICBC, 26 other lenders contributed the respective amounts to this tranche: ABN AMRO Bank NV (£29.14 million GBP), Allied Irish Banks (AIB) (£29.14 million GBP), Barclays Bank Plc (£46.04 million GBP; $61.64 million USD), Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) (£18.00 million GBP; $24.10 million USD), BNP Paribas S.A. (£29.14 million GBP), CaixaBank S.A. (£29.14 million GBP), Canadian Imperial Bank of Commerce (CIBC) (£29.14 million GBP), Crédit Industriel et Commercial (CIC) (£29.14 million GBP), Crédit Agricole Group (£45.67 million GBP; $61.14 million USD), Danske Bank A/S (£29.14 million GBP), DNB ASA (£29.14 million GBP), ING Bank N.V. (£29.14 million GBP), Lloyds Bank (£29.15 million GBP; $39.03 million USD), Mizuho Bank (£41.00 million GBP; $54.89 million USD), MUFG Bank (£17.63 million GBP; $23.60 million USD), Natixis (£29.14 million GBP), National Westminister Bank Plc (NatWest) (£29.14 million GBP), Norinchukin Bank (£29.14 million GBP), Oversea-Chinese Banking Corporation, Limited (OCBC Bank) (£29.14 million GBP), Coöperatieve Rabobank U.A. (Rabobank) (£23.50 million GBP; $31.46 million USD), Banco Santander, S.A. (£23.50 million GBP), Shinsei Bank (£29.14 million GBP), Skandinaviska Enskilda Banken AB (SEB) (£29.14 million GBP), Société Générale S.A. (SocGen) (£29.14 million GBP), Standard Chartered Bank (£29.14 million GBP), and Sumitomo Mitsui Banking Corporation (SMBC) (£29.14 million GBP). BOC and ICBC each contributed £29.04 million GBP ($38.88 million USD) to the £832 million GBP OFTO facility tranche for Dogger Bank B. Record ID#100286 captures BOC's contribution. Record ID#100287 captures ICBC's contribution. In addition to BOC and ICBC, 26 other lenders contributed the respective amounts to this tranche: ABN AMRO (£29.04 million GBP), AIB (£29.04 million GBP), Barclays (£47.51 million GBP; $63.61 million USD), BBVA (£18.00 million GBP), BNP Paribas (£29.04 million GBP), CaixaBank (£29.04 million GBP), CIBC (£29.04 million GBP), CIC (£29.04 million GBP), Crédit Agricole (£49.60 million GBP; $66.41 million USD), Danske Bank (£29.04 million GBP), DNB (£29.04 million GBP), ING Bank (£29.04 million GBP), Lloyds (£29.04 million GBP), Mizuho (£42.00 million GBP; $56.23 million USD), MUFG Bank (£17.73 million GBP; $23.74 million USD), Natixis (£29.04 million GBP), NatWest (£29.04 million GBP), Norinchukin Bank (£29.04 million GBP), OCBC Bank (£29.04 million GBP), Rabobank (£23.63 million GBP; $31.64 million USD), Santander (£23.63 million GBP), Shinsei Bank (£29.04 million GBP), SEB (£29.04 million GBP), SocGen (£29.04 million GBP), Standard Chartered Bank (£29.04 million GBP), and SMBC (£29.04 million GBP). BOC and ICBC each contributed £24.13 million GBP ($32.30 million USD) to the £703.33 million GBP term loan tranche for Dogger Bank A. Record ID#100288 captures BOC's contribution. Record ID#100289 captures ICBC's contribution. In addition to BOC and ICBC, 26 other lenders contributed the respective amounts to this tranche: ABN AMRO (£24.13 million GBP), AIB (£24.13 million GBP), Barclays (£46.04 million GBP), BBVA (£15.00 million GBP; $20.08 million USD), BNP Paribas (£24.13 million GBP), CaixaBank (£24.13 million GBP), CIBC (£24.13 million GBP), CIC (£24.13 million GBP), Crédit Agricole (£45.67 million GBP), Danske Bank (£24.13 million GBP), DNB (£24.13 million GBP), ING Bank (£24.13 million GBP), Lloyds (£24.13 million GBP), Mizuho (£35.00 million GBP; $46.86 million USD), MUFG Bank (£15.00 million GBP), Natixis (£24.13 million GBP), NatWest (£24.13 million GBP), Norinchukin Bank (£24.13 million GBP), OCBC Bank (£24.13 million GBP), Rabobank (£19.98 million GBP; $26.75 million USD), Santander (£19.98 million GBP), Shinsei Bank (£24.13 million GBP), SEB (£24.13 million GBP), SocGen (£24.13 million GBP), Standard Chartered Bank (£24.13 million GBP), and SMBC (£24.13 million GBP). BOC and ICBC each contributed £32.76 million GBP ($43.85 million USD) to the £917.15 million GBP term loan tranche for Dogger Bank B. Record ID#100290 captures BOC's contribution. Record ID#100291 captures ICBC's contribution. In addition to BOC and ICBC, 26 other lenders contributed the respective amounts to this tranche: ABN AMRO (£32.76 million GBP), AIB (£32.76 million GBP), Barclays (£47.52 million GBP; $63.62 million USD), BBVA (£19.00 million GBP; $25.44 million USD), BNP Paribas (£32.76 million GBP), CaixaBank (£32.76 million GBP), CIBC (£32.76 million GBP), CIC (£32.76 million GBP), Crédit Agricole (£49.60 million GBP), Danske Bank (£32.76 million GBP), DNB (£32.76 million GBP), ING Bank (£32.77 million GBP; $43.87 million USD), Lloyds (£32.77 million GBP), Mizuho (£44.00 million GBP; $58.91 million USD), MUFG Bank (£18.85 million GBP; $25.24 million USD), Natixis (£32.77 million GBP), NatWest (£32.76 million GBP), Norinchukin Bank (£32.76 million GBP), OCBC Bank (£32.76 million GBP), Rabobank (£25.12 million GBP; $33.53 million USD), Santander (£25.13 million GBP; $33.64 million USD), Shinsei Bank (£32.76 million GBP), SEB (£32.76 million GBP), SocGen (£32.76 million GBP), Standard Chartered Bank (£32.76 million GBP), and SMBC (£32.77 million GBP). BOC and ICBC each contributed £7.36 million GBP ($9.85 million USD) to the £359.80 million GBP ancillary facilities tranche for Dogger Bank A. Record ID#100292 captures BOC's contribution. Record ID#100293 captures ICBC's contribution. In addition to BOC and ICBC, 26 other lenders contributed the respective amounts to this tranche: ABN AMRO (£7.36 million GBP), AIB (£7.36 million GBP), Barclays (£46.04 million GBP), BBVA (£7.50 million GBP; $10.04 million USD), BNP Paribas (£7.36 million GBP), CaixaBank (£7.36 million GBP), CIBC (£7.36 million GBP), CIC (£7.36 million GBP), Crédit Agricole (£45.67 million GBP), Danske Bank (£7.36 million GBP), DNB (£7.36 million GBP), ING Bank (£7.36 million GBP), Lloyds (£7.36 million GBP), Mizuho (£18.00 million GBP; $24/.10 million USD), MUFG Bank (£68.06 million GBP; $91.12 million USD), Natixis (£7.36 million GBP), NatWest (£7.36 million GBP), Norinchukin Bank (£7.36 million GBP), OCBC Bank (£7.36 million GBP), Rabobank (£10.02 million GBP; $13.42 million USD), Santander (£10.03 million GBP; $13.43 million USD), Shinsei Bank (£7.36 million GBP), SEB (£7.36 million GBP), SocGen (£7.36 million GBP), Standard Chartered Bank (£7.36 million GBP), and SMBC (£7.36 million GBP). BOC and ICBC each contributed £7.59 million GBP ($10.16 million USD) to the £374.83 million GBP ancillary facilities tranche for Dogger Bank B. Record ID#100294 captures BOC's contribution. Record ID#100295 captures ICBC's contribution. In addition to BOC and ICBC, 26 other lenders contributed the respective amounts to this tranche: ABN AMRO (£7.59 million GBP), AIB (£7.59 million GBP), Barclays (£47.50 million GBP; $63.59 million USD), BBVA (£8.10 million GBP; $10.84 million USD), BNP Paribas (£7.59 million GBP), CaixaBank (£7.59 million GBP), CIBC (£7.59 million GBP), CIC (£7.59 million GBP), Crédit Agricole (£49.60 million GBP), Danske Bank (£7.59 million GBP), DNB (£7.59 million GBP), ING Bank (£7.59 million GBP), Lloyds (£7.59 million GBP), Mizuho (£19.00 million GBP), MUFG Bank (£69.99 million GBP; $93.70 million USD), Natixis (£7.59 million GBP), NatWest (£7.59 million GBP), Norinchukin Bank (£7.59 million GBP), OCBC Bank (£7.59 million GBP), Rabobank (£10.65 million GBP; $14.26 million USD), Santander (£10.64 million GBP; $14.25 million USD), Shinsei Bank (£7.59 million GBP), SEB (£7.59 million GBP), SocGen (£7.59 million GBP), Standard Chartered Bank (£7.59 million GBP), and SMBC (£7.59 million GBP). Only four lenders contributed to the £1.5 billion GBP export credit facility tranche: Swedish Export Credit Corporation (SEK / EKN) (£390.66 million GBP; $523.02 million USD), Export Credit Norway (Eksportkreditt Norge AS) (£390.66 million GBP), Santander (£390.66 million GBP), and Banque publique d'investissement (Bpifrance) (£390.66 million GBP). Norway's Export Credit Guarantee Agency (GIEK) provided a guarantee for Export Credit Norway's debt. Doggerbank Offshore Wind Farm Project 1 Projco Limited securitized (collateralized) its debt by providing a first legal mortgage on freehold property including 160 square meters of woodland, part of the watercourse known as Beeford Beck/Dunnington Sewer and access track adjoining the public highway known as Skipsea Road (B1249), east of Beeford (provisional title number YEA94927); 253 square meters part of private access track known as Carr Land east of Weel, east of Beverley (provisional title number YEA94930); and a leasehold property, Pillwood Farm, Dunswell Road, Cottingham HU16 4JS, a first fixed equitable charge over all other real property acquired by it, a first fixed equitable charge on all its beneficial interest in freehold property Model Farm, Beverly Parks, Beverley, HU17 ORN; land lying to the East and South West of Halfway House, Woodmansey; 6,555 square meters of farmland north of the public highway known as A1079, south-west of Woodmansey; 197 square meters part of the watercourse north of the public highway known as A1079, south-west of Woodmansey; 1,223 square meters of farmland north of the public highway known as A1079, south-west of Woodmansey; and leasehold property on land lying on the East and West of North Carr and South Carr Lane, Weel; Hall Farm and Field House Farm, Routh; land on the North Side of the A1079, Cottingham; Paradise Farm, Hull Road, Woodmansey, Beverley; land and buildings on the East and West sides of Allison Lane, Ulrome; land at corner farm, Burshall; Brandesburton, Dreffield, YO25 8LY; land at Highthorns Farm, North Frodingham, Driffield, YO25 8LS; Land at Kenley House Farm, Ferry Road, Wawane HU7 RX7; and land and buildings at Heighholme Hall Home Farm, Heigholme Lane, Heigholme, Leven, a first fixed charge of all the rights in key contracts, insurances, balance on bank accounts, its receivables, its investments, uncalled capital and goodwill, intellectual property, plant and machinery, and equipment, and a first floating charge of all its undertaking and its assets, both present and future, with some exceptions, as charged to MUFG Bank in a security agreement dated November 25, 2020. Additionally, Doggerbank Offshore Wind Farm Project 2 Projco Limited also securitized (collateralized) a first legal mortgage on the leasehold property known as Creyke Beck A at the bed of the sea at Dogger Bank in a lease between Her Majesty the Queen, The Crown Estate Commissioners, and Doggerbank Offshore Wind Farm Project 1 Projco Limited to MUFG Bank in a supplemental legal mortgage dated December 2, 2020. Doggerbank Offshore Wind Farm Project 1 Holdco Limited securitized (collateralized) its debt by charging a first fixed charge of all its rights, titles, and interest in all current deposit or other accounts with any financial institution and all balancing standing to the credit of those accounts, and all related rights, all shares held in Doggerbank Offshore Wind Farm Project 1 Projco Limited, and the Holdco Loan Agreement and any other subordinated loan between the Holdco and Projco, as charged to MUFG Bank and issued a guarantee for Doggerbank Offshore Wind Farm Project 1 Projco Limited's debt in a security agreement dated November 25, 2020. Doggerbank Offshore Wind Farm Project 2 Projco Limited securitized (collateralized) its debt by providing a first legal mortgage on 140 square meters part of beach cliff at Ulrome Sands north-east of Ulrome (provisional title number YEA94926); 222 square meters Woodland, part of the watercourse known as Beeford Beck/Dunnington Sewer and access track adjoining the public highway known as Skipsea Road (B1249), east of Beeford (provisional title number YEA94928); and 257 square meters part of private access track known as Carr Land east of Weel, east of Beverley (provisional title number YEA94929), a first fixed equitable charge on all real property acquired after the mortgage, a first fixed charge all of all its beneficial interest in freehold property including Model Farm, Beverley Parks, Beverley, HU17 0RN; land lying to the East and South West of Halfway House, Woodmansey; 6,555 square meters of farmland north of the public highway known as A1079, south-west of Woodmansey, 197 square meters of part of the watercourse north of the public highway known as A1079, south-west of Woodmansey; 1,223 square meters of farmland north of public highway known as A1079, south-west of Woodmansey; leaseholds on land lying on the East and West of North Carr and South Carr Lane, Wee; Hall Farm and Fiel House Farm, Routh; Land on the North Side of the A1079, Cottingham; Paradise Farm, Hull Road, Woodmansey, Beverley; Land and Buildings on the East and West sides of Allison Lane, Ulrome; Land at Corner Farm, Burshall, Brandesburton, Driffield, YO25 8LY; Land at Highthorns Farm, North Frodingham, Driffield, YO25 8LS; Land at Highthorns Farm, North Frodingham, Driffield, YO25 8LS; Land at Kenley House Farm, Ferry Road, Wawne HU7 5XY; Model Farm, Beverley Parks, Beverley, HU17 0RN; and Land and Buildings at Heighholme Hall Home Farm, Heigholme Lane, Heigholme, Leven, a first fixed charge of all rights in a number of key contracts, insurances, balances on bank accounts, receivables, investments, uncalled capital and goodwill, intellectual property, planet and machinery, and equipment, and a first floating charge of all its undertaking and all its assets, both present and future, with some exceptions, as charged to MUFG Bank in a security agreement dated November 25, 2020. Additionally, Doggerbank Offshore Wind Farm Project 2 Projco Limited also securitized (collateralized) a first legal mortgage on the leasehold property known as Creyke Beck B at the bed of the sea at Dogger Bank in a lease between Her Majesty the Queen, The Crown Estate Commissioners, and Doggerbank Offshore Wind Farm Project 2 Projco Limited to MUFG Bank in a supplemental legal mortgage dated December 18, 2020. Doggerbank Offshore Wind Farm Project 2 Holdco Limited securitized (collateralized) its debt by charging a first fixed charge of all its rights, titles, and interest in all current deposit or other accounts with any financial institution and all balancing standing to the credit of those accounts, and all related rights, all shares held in Doggerbank Offshore Wind Farm Project 2 Projco Limited, and the Holdco Loan Agreement and any other subordinated loan between the Holdco and Projco, as charged to MUFG Bank and issued a guarantee for Doggerbank Offshore Wind Farm Project 2 Projco Limited's debt in a security agreement dated November 25, 2020. BNP Paribas and BNP Paribas Fortis S.A./N.V., Barclays, Crédit Agricole, Lloyds, Santander, SMBC, MUFG, and Export Credit Norway served as mandated lead arrangers. SocGen, Lloyds, OCBC Bank, Rabobank, Shinsei, Crédit Agricole Corporate and Investment Bank (CACIB), Standard Chartered Bank, Santander, SMBC, ING Bank, Natixis, CIBC, CIC, Danske Bank, NatWest, CaixaBank, SEB, ABN AMRO Bank, AIB, Korea Development Bank (KDB Bank), Mizuho, and BBVA served as the commercial loan mandated lead arrangers. NatWest, Lloyds, SocGen, and Santander served as hedge execution banks. SocGen also served as the documentation bank. MUFG Bank served as the intercreditor agent and security trustee. Santander served as the export credit agency (ECA) Agent and ECA Facilities Agent. Barclays Bank served as the account bank. Additionally, GIEK provided loan guarantees for contracts awarded to Norway's Aibel and OHT totaling kr3.6 billion NOK (approximately €340 million EUR). Equinor and SSE each provided approximately £1.255 billion GBP ($1.68023 billion USD) in cash equity. Dogger Bank A and B cost approximately £3 billion GBP each, with an offshore transmission capex of about £800 million GBP for each phase, and were project financed with a gearing between 65% to 70% of the generation assets and gearing of 90% for the transmission facilities. In December 2020, SSE and Equinor each sold a 10% stake (20% total) in Dogger Bank A and B to Eni for a total of £405 million GBP, leaving SSE and Equinor each with a 40% stake in the projects. The Dogger Bank Wind Farm Project sought to construct an 277-turbine offshore wind farm in Dogger Bank in the North Sea, located over 130 kilometers (80 miles) off the northeast coast of Yorkshire, England, the world's largest offshore wind farm once operational. Equipped with 260-meter tall 13MW GE Haliade-X wind turbine, the entire wind farm was expected to produce 6 TWh of renewable electricity for an annual generation of 18 TWh a year — enough to meet 5% of the United Kingdom’s annual energy demand and power six million British homes annually. The construction of the entire wind farm was broken into three 1.2 GW phases (Dogger Bank A, Dogger Bank B, and Dogger Bank C), with the first two phases, Dogger Bank A and Dogger Bank B, being constructed concurrently. Dogger Bank A had a strike price of £39.65/MWh (in 2012 prices, CPI-indexed) and was expected to be delivered in 2023/24, while Dogger Bank B had a strike price of £41.61/MWh (in 2012 prices, CPI-indexed) and was expected to be delivered in 2024/25. Dogger Bank A and B would connect via a cable from offshore to the existing Creyke Beck substation near Cottingham, in the East Riding of Yorkshire. Dogger Bank Wind Farm received exclusive development rights for fifty years in 2010 by The Crown Estate, received planning consent in 2015, and secured 15-year contracts with the Low Carbon Contracts Company (LCCC) in September 2019. On November 24, 2020, SSE Renewables and Equinor signed several 15-year offtake Power Purchase Agreements (PPAs) for Dogger Bank A and B with Ørsted (40% share) (giving them a trading and balancing responsibility for 960 MW), Shell Energy Europe Limited (20% share), Danske Commodities (20% share) on behalf of Equinor, and SSE Energy Supply Limited (20% share) on behalf of SSE Renewables (all three of these organizations had a trading and balancing responsibility for 480 MW). Once operational, Equinor would serve as the lead operator during the farm's expected 35-year lifetime. Major contractors on the project included General Electric Co. (GE), Saipem S.p.A., DEME Offshore NL B.V., Aibel, Jan de Nul Group, NKT A/S, Jones Bros Ruthin (Civil Engineering) Co Ltd, ABB Group, Alfa Group Consortium, Hitachi ABB Power Grids, OHT ASA (OHT merged and became Seaway 7 ASA in 2021), and a consortium of Sif Netherlands B.V. and Smulders Projects Belgium N.V.. DEME Offshore awarded Proserv Controls a contract for the provision of an inter-array ECG holistic cable monitoring system (CMS), built by Hellenic Cables and to be installed by DEME, for Dogger Bank A and B. DEME Offshore awarded a cable protection system (CPS) contract in December 2021 to Tekmar Energy Limited, in which Tekmar would design, manufacture, and supply a Generation 10 TekTube CPS to protect subsea inter array cables on Dogger Bank A and B, with a future option for Dogger Bank C. Aibel awarded four contracts to Granada Material Handling to provide bespoke cranes to install the foundations and offshore convertor platforms for Dogger Bank A and B. Aibel awarded a contract to AEG Power Solutions (AEG PS) for the provision of two Protect 8 UPS, two Protect RCS rectifiers, and distribution cabinets and batteries on racks in order to secure the power for high-voltage, direct current (HVDC) offshore converter platforms at Dogger Bank A and B. Jones Bros Civil Engineering UK was contracted to deliver the land-based infrastructure for Dogger Bank A and B. North Star Renewables won a £270 million GBP contract for the provision of three service operation vessels (SOVs) for the Dogger Bank Wind Farm, beginning delivery to Equinor in summer 2023 with a 10-year charter period an option for three one-year extensions. One SOV was to be used for scheduled maintenance at Dogger Bank A and B and, eventually Dogger Bank C, and the other two vessels would be used for corrective maintenance at Dogger Bank A and B, and, pending the signing of a contract, Dogger Bank C. Metec UK worked as a sub-contractor under Smulders under two multi-million-pound contracts to supply cathodic protection sacrificial anodes for transition pieces and monopiles for Dogger Bank A and B. Ryder Geotechnical Limited and Global Maritime provided a site-specific assessment to assist in the preparation of the installation for the turbines for Dogger Bank A and B. AOC Archaeology Group conducted excavations of Roman and Iron Age sites along the cable route for Dogger A and B in East Yorkshire. Powersystems UK Ltd and F B Taylor (Cable Contractors) Ltd supported the installation of HVDC cables for Dogger Bank A and B. Joseph Gallagher Ltd undertook horizonal directional drills for cable installation. Equinor awarded a design contract to Ryder Architecture for Operations and Maintenance (O&M) Base for the entire Dogger Bank Wind Farm in the Port of Tyne, which included a warehouse and a quay for the farm Service Operations Vessels (SOVs). National Grid plc assisted in the connection of Dogger Bank A and B from the Creyke Beck 400 kV substation in Yorkshire to its electricity transmission network. Wood Thilsted was responsible for the design of monopile foundations and transitions for the entire Dogger Bank Wind Farm. Tata Steel was responsible for the manufacture and processing of steel for the supporting components of the transition pieces for the entire Dogger Bank Wind Farm. In December 2022, GE Renewable Energy awarded a contract to Mammoet UK to supply onshore heavy lifting and transport for the staging and assembly of turbine components for the entire Dogger Bank Wind Farm. In March 2023, GE Renewable Energy awarded a contract to Eastgate Engineering to provide mechanical and electrical activities for the pre-assembly of the towers and nacelles for the Haliade-X turbines to be used at Dogger Bank Offshore Wind Farm, with its work to be done at Able Seaton Port, the Dogger Bank offshore wind farm marshalling harbor. Aibel awarded contracts to Nordic Steel Group for supply of ventilation ducts for the converter platformers of all three phases of Dogger Bank, 360,000 kilos of ventilation ducts in total. In July 2022, the developers entered into a contract with Manor Renewable Energy (MRE) to provide the temporary offshore power to support the construction of all three phases. K2 Management was contracted to provide a four years of construction monitoring for each of the Dogger Bank projects. Specialist Marine Consultants Ltd won a contract to provide turnkey marine coordination services for the entire Dogger Bank Wind Farm. Keltbray won civil engineering contracts for all phases of Dogger Bank. Aibel awarded an enterprise of competence service contract to the Axess Group to provide an engineer review, inspection, testing, and operational certification of the lifting appliances for the Dogger Bank Substation A. In September 2022, Hughes Subsea Services Ltd signed a contract to provide vessel, crew, and equipment to complete the internal anode installation for Dogger Bank A. In June 2023, DEME Offshore awarded a contract to Correll Group for inter-array cable termination and testing on the wind turbines and offshore substation of Dogger Bank A. CHC Helicopter won a contract to provide crew change support for workers during the construction of Dogger Bank A. Construction on Dogger Bank Wind Farm began the week of January 13, 2020, near the village of Ulrome in East Riding of Yorkshire. Onshore construction for Dogger Bank A and B was ongoing as of November 2020; offshore construction for Dogger Bank A was set to commence in the second quarter of 2022 and the installation of onshore and offshore cables and turbine foundations for Dogger A and B was due for 2023. The first power generation for Dogger Bank A was expected in summer 2023, with the commercial-operations-date (COD) expected for 2024. The first generation for Dogger Bank B was expected for summer 2024, with the COD expected for 2025. The first turbine at Dogger Bank began producing energy transmitted to the national grid on October 10, 2023, for COD expected for the entire wind farm in 2026.

Staff comments

1. A 6-Month LIBOR was assumed. The average 6-Month LIBOR rate for GBP for November 2020 was 0.063%. Therefore, the interest rate has been coded as 0.063% + 1.9% (190 basis points), or 1.963%. 2. There is a dedicated website for this project: https://doggerbank.com/. 3. Until February 2020, the three phases of the project were known as Creyke Beck A, Creyke Beck B, and Teesside A, until they were renamed as Dogger Bank A, Dogger Bank B, and Dogger Bank C respectively. 4. Several sources ("SSE Renewables and Equinor sign largest ever offshore wind loan for Dogger Bank" and "TXF ECA-backed Deals of the Year results") state that Korea Development Bank contributed to this loan. However, it is not listed on IJGlobal's tranche-by-tranche breakdown of the loan. It is possible it joined after close. This issue merits further investigation.