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£790m funding for Battersea Power Station

The developers of Battersea Power Station have struck a financing deal worth more than £790m.

Battersea Power Station Development Company has announced a £532m five-year facility to support the first phase of the scheme and the refurbishment of the power station over the next three and a half years, including the reconstruction of its chimneys.

It has also got a £258.2m five-year facility to refinance the initial loan used to buy the site.

The loans are being provided by banks CIMB, OCBC, Standard Chartered and Maybank.

The banks have existing relationships with the shareholders of Battersea Power Station – SP Setia, Sime Darby and Employees’ Provident Fund – who have promised up to £1bn of equity finance to the development.

Work started on the £400m first phase, called Circus West, in July 2013, which was won by Carillion.

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