Citi Perspectives Spring 2020

Hornsea 1 Wind Project: $100B Goal in Action Citi served as co-debt financial advisor, co-placement agent and sole export credit agency arranger to Ørsted (formerly DONG Energy) and Global Infrastructure Partners (GIP) on a £3.6 billion debt financing package for Hornsea 1, a greenfield UK offshore wind farm project located in the southern part of the North Sea. Hornsea 1 will be the world’s largest offshore wind farm when commissioned, with a total capacity of 1,218 megawatts, and will supply clean energy to more than one million UK homes. Citi led the structuring and placement of the debt financing — the largest-ever project financing in the global renewable sector — as co-debt financial advisor and co-placement agent. Citi also underwrote the £800 million export credit agency-backed facilities as sole arranger and sole initial lender. The debt financing package will partially fund the construction of the offshore wind farm, as well as support the £4.5 billion acquisition by GIP III Jupiter of a 50% stake in Hornsea 1, where Citi acted as exclusive sell-side merger and acquisition financial advisor to Ørsted in the sale process. Citi finances next generation electronic vehicles Citi lead £625 million financing for Jaguar Land Rover Automotive with a first-ever UK Export Finance guarantee issued under its General Export Facility program. Citi, together with a syndicate of international banks, recently completed a £625 million term loan facility with Jaguar Land Rover Automotive plc. The facility is backed by a £500 million guarantee from UK Export Finance under its new General Export Facility program (GEF). Citi acted as Coordinator and Facility Agent. The loan will amortize over five years and support Jaguar Land Rover’s business as the largest automotive exporter in the UK, including investment in the research and development of next-generation electric vehicles and future mobility solutions. “We are pleased to have been able to support Jaguar Land Rover in successfully concluding this first of its kind UKEF General Export Facility.” — Alex Taylor, EMEA Head, Export and Agency Finance, Treasury and Trade Solutions, Citi.