The UK Green Investment Bank (GIB) and Japan’s Marubeni Corporation have refinanced part of their joint 50% share in the Westermost Rough offshore wind farm.

A consortium of lenders, including Siemens and Bank of Tokyo-Mitsubishi, are to invest £370 million in refinancing the project being built off the Yorkshire coast.

Developer DONG Energy holds the remaining 50% share in the 210MW wind farm.

Ed Northam, Head of Investment Banking at GIB believes this is the type of “financial innovation” is needed to support the UK’s green economy.

He added: “Increasing the number of long-term debt providers in offshore wind is critical in both ensuring there is sufficient capital to finance new construction projects and lowering the cost of capital for the sector.”

The deal is due to be completed in the coming weeks.