Nippon Life Insurance has offered a syndicated loan for £200m with Firebolt RB to operate the Race Bank offshore wind farm.
Nippon Life has joined the loan syndication process from the primary phase, and as a result the Loan will be Nippon Life’s first financing transaction for an offshore windfarm project in the UK.
The Project is jointly operated by the Borrower and Denmark-based Ørsted, one of the world leading power generation companies. The Project is located in the Greater Wash area off the north coast of Norfolk in the UK.
Securing a long-term income opportunity for the life insurer’s investment portfolio, Nippon Life is honored to provide the Loan to refinance existing debt to support the stable operation of the Project and has been contributing to the needs of the renewable energy supply in the UK.
In line with the new Mid-term Management Plan (Fiscal 2017-2020), Nippon Life is aiming to make an investment of JPY2 trillion (£14.1bn) in new and emerging growth fields, and the quantitative target for investment in ESG bonds and suchlike over the four years is JPY700bn (£4.93bn). Financing this project will result as an investment in ESG bonds and suchlike.
Nippon Life will continue to contribute to the formation of a sustainable society by bolstering ESG investment and financing, after taking into account matters of a social and public nature, together with the investment returns.
Source: Company Press Release