Dounreay Tri completes bond issue
Dounreay Tri Ltd has closed a EUR 45.0 million Sr Sec bond issued in the Nordic bond market. The bonds have a tenor of 3 years and a fixed coupon of 10.0%. Use of proceeds is to partially fund construction costs of the company’s planned 10MW floating offshore wind installation.
The bond issue follows final project approval from the Scottish government, which was obtained on 17th March. Dounreay Tri will now commence construction of the floating platform at the NIGG Shipyard in Scotland while the columns for the turbines will be manufactured by the Keppel Shipyard in Singapore. Nigg will also complete the final assembly and the unit is scheduled to be in operation in July 2018.
The bond raising marks an important milestone for Dounreay Tri, for the Scottish wind industry, and for the floating offshore wind industry globally.