{
  "url": "https://openlegislation.uk/eu-decision-2015-658/annex-B/division-1",
  "json_url": "https://openlegislation.uk/eu-decision-2015-658/annex-B/division-1.json",
  "legislation": "eudn/2015/658",
  "legislation_title": "Commission Decision (EU) 2015/658 of 8 October 2014 on the aid measure SA.34947 (2013/C) (ex 2013/N) which the United Kingdom is planning to implement for support to the Hinkley Point C nuclear power station (notified under document C(2014) 7142) (Only the English version is authentic) (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2015-658",
  "path": "annex/B/division/1",
  "kind": "division",
  "number": null,
  "heading": null,
  "text": "Table 16\nBenchmark Information\n1. Recent Limited Recourse Project Finance Bank Loans (Low Carbon Energy)\nThis table updates the one provided in Annex A of our responses dated 5 September 2014 to show the quantum of the commercial debt tranche distinct from the total debt quantum which, for certain projects, included export credit guaranteed or multilateral debt facilities.\nSource: Commercial banks; InfraNews; InfraJournal\nProject\nFinancial Close\nAmount[Commercial Bank Tranche]\nTenor(Years)\nCommercial Bank Loan Margin (6)\nGovernment Support (7)\nGemini Offshore Wind\nMay 2014\nEUR 2 000 m\n[EUR 850 m]\n14\n300\nSDE renewable subsidy (per MWh) from Dutch government Separate export credit facilities provided by EKF (Denmark), Euler Hermes (Germany) and Delcredere/Ducroire from Belgium\nLondon Array Offshore Wind\nOct 2013\nGBP 266 m\n[GBP 266 m]\n13\n275\nRenewables Obligation subsidy (per MWh) from UK Government Separate export credit facility provided by EKF (Denmark) for initial financing\nButendiek Offshore Wind\nFeb 2013\nEUR 950 m\n[EUR 230 m]\n8,5\n300\nFeed-in Tariff subsidy (per KWh) from German government Separate export credit facility provided by EKF (Denmark)\nWestermost Rough Offshore Wind\nAug 2014\nGBP 370 m\n[GBP 197 m]\n15\n300\nRenewables Obligation subsidy (per MWh) from UK Government\n[…]\n[…]\nEUR 650 m\n[EUR 650 m]\n10\n175-275\nFinance from commercial banks only\nDerbyshire Energy from Waste PFI\nAug 2014\nGBP 145 m\n[GBP 145 m]\n25\n315-320\nRenewables Obligation subsidy (per MWh) from UK Government Local Authority payments for waste recycling\nMEDIAN\n300\nSWAP SPREAD (8)\n+ 13\n(To convert from LIBOR margin to Gilt benchmark)\nILLIQUIDITY PREMIUM\n– 50\nMARKET INDICATION (9)\n263\n2. Corporate Debt (rated BB+) Spreads\nSource: Bloomberg as at 21 August 2014 using BGN Source.\nIssuer\nTicker\nCoupon\nMaturity\nAmount\nRating\nTenor(years)\nCurrent Spread (bp)\nGovernment Support\nHeathrow Airport\nHTHROW\n7,125 %\n01/03/2017\nGBP 325 m\nNR/Ba3/BB+\n3\n231\nNil\nHeathrow Airport\nHTHROW\n5,375 %\n01/09/2019\nGBP 275 m\nNR/Ba3/BB+\n5\n253\nNil\nAnglian Water\nOSPRAQ\n7,000 %\n31/01/2018\nGBP 350 m\nNR/Ba3/BB+\n3\n290\nNil\nElectricity North-West\nNWENET\n5,875 %\n21/06/2021\nGBP 80 m\nBB+/NR/NR\n7\n274\nNil\nYorkshire Water\nKEL\n5,750 %\n17/02/2020\nGBP 200 m\nBB–/NR/BB+\n5\n314\nNil\nEnel SpA\nENELIM\n7,75 %\n10/09/2075\nGBP 400 m\nBB+/Ba1/BBB–\n61\n373\n31,2 % owned by Government Ministry\nEnel SpA\nENELIM\n6,625 %\n15/09/2076\nGBP 500 m\nBB+/Ba1/BBB–\n62\n367\nTelecom Italia\nTITIM\n5,875 %\n19/05/2023\nGBP 400 m\nBB+/Ba1/BBB–\n9\n281\nNil\nEnergias de Portugal\nELEPOR\n8,625 %\n04/01/2024\nGBP 425 m\nBB+/Ba1/BBB–\n10\n256\nNil\nMEAN\n293\nILLIQUIDITY PREMIUM\n– 50\nMARKET INDICATION\n243\n3. iTraxx Europe Crossover Series 21 Constituents Rated BB+/Ba1\nSource: Markit; Bloomberg as at 21 August 2014 using CMAN Source.\nCompany\nTicker\nIdentifier\nRating\nTenor (Years)\nCDS Flat Spread\nArcelorMittal\nMT NA\nCX375716\nBB+/Ba1\n10\n347\nEDP Energias de Portugal SA\nEDP PL\nCEPO1E10\nBB+/Ba1\n10\n203\nFinmeccanica SpA\nFNC IM\nCFME1E10\nBB+/Ba1\n10\n285\nHeidelbergCement AG\nHEI GY\nCHEI1E10\nNR/Ba1\n10\n226\nLafarge SA\nLG FP\nCLAF1E10\nBB+/Ba1\n10\n168\nTelecom Italia SpA\nTIT IM\nCTII1E10\nBB+/Ba1\n10\n281\nWendel SA\nMF FP\nCMWP1E10\nBB+/NR\n10\n206\nMEAN\n245",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2015/658/annex/B/division/1",
    "retrieved_at": "2026-11-01T15:14:22.986865+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}