£11.4m project financing for the Drumduff Wind Farm in Scotland
Green Breeze Energy Ltd, a joint venture between GreenPower (International) Ltd and Thrive Renewables plc has concluded financing arrangements for its Drumduff Wind Farm situated in West Lothian, central Scotland.
Achieving this milestone triggers the commencement of the construction of the wind farm which will commence generation in summer 2017. A senior debt facility of up to £11.4 million (US$13.3 million) has been secured from Santander UK plc, with the balance of funding met equally between GreenPower and Thrive.
Rob Forrest, CEO of GreenPower, said:
“We are delighted to have partnered with Thrive Renewables on the development and delivery of the Drumduff Wind Farm. This is another significant investment we are making to contribute towards both the Scottish and UK renewable energy targets. Raising project finance in the current regulatory environment in the UK is difficult and the completion of this deal reflects the strength of the GreenPower and Thrive teams and demonstrates the commitment and experience that Santander UK brings to this sector”
Matthew Clayton, MD of Thrive Renewables, said:
“Investing in this three turbine wind project located on a disused coal mining site meets our objective of sensitivity siting renewable energy. The project was initiated by a family based developer, we are pleased to have been able to take the project forwards navigating the regulatory uncertainty. Working with GreenPower, an experienced developer and operator of renewable energy projects has brought great benefit to the project, complimenting Thrive’s team. We are now all focused on working with the team of suppliers to ensure that the project can commence delivery of renewable power this summer.”
The Santander deal team comprised Katie Bagshaw and Howard Whitehead. Howard Whitehead, Head of Infrastructure & Renewable Energy, Santander Corporate & Commercial, said:
“We are delighted to have been given the opportunity to support GreenPower and Thrive in the delivery of this high quality wind project. Drumduff will deliver significant environmental and economic benefits, and we are pleased to have been able to deliver a bespoke funding package to support its successful delivery.”
This will be the first project for either GreenPower or Thrive using GE turbines. The project will generate approximately 20,200 MWh per annum, equivalent to the yearly demand from 5,120 homes.