Vantage RE has refinanced its share of the Blyth wind farm offshore of Northumberland. The £72 million refinance package sees Mizuho Bank and Natwest Bank become lenders to the company, which is a subsidiary of Tenaga Nasional Berhad (TNB), a utility company “aspiring to be a leading sustainable energy solutions provider in Malaysia and internationally”. Vantage RE was launched as TNB’s renewable energy growth platform in the UK and Europe and has been operating in the UK since 2017.
The financing agreement features a 15-year tenor and will enable Vantage RE to repay the original intercompany loan back to its parent TNB.

Vantage RE chief executive Vian Davys said: “The completion of this refinancing is an important step and demonstrates the confidence in Vantage RE. These facilities allow us to follow through on our strategy to optimise the capital structure by raising local financing and we are looking forward to continuing to deliver on our plans.”
Last month, Vantage RE acquired 102 MW of solar and an option for 65MW of co-located battery storage systems as the company broadens its activities into project development.
The company owns and operates 49% of the shares of the 41.5MW Blyth 1 offshore wind farm in partnership with EDF Renewables UK, which is the majority shareholder.
Vantage RE now manages 365MW of solar PV and 125MW of onshore wind as well as its share of Blyth.