Belltown Power closes £47 MM wind refinancing

Belltown Power has announced that it has concluded the refinancing of Tirgwynt wind farm with senior debt provided by Barclays.

The £47m long-term senior debt facility is provided by Barclays, alongside a long-term power purchase agreement (PPA) with Engie. Advisers for the refinancing were Elgar Middleton and Eversheds together with Pinsent Mason and Everose acting on behalf of the senior lender.

Tirgwynt is a 12 Turbine ROC accredited operational wind farm in mid-Wales, with an installed capacity of 24.6MW and will produce enough renewable energy to power 21,500 homes. Turbines were supplied by Senvion, and Balance of plant works was carried out by Jones Brothers.

The wind farm will provide community benefit funding for the 25-year life of the wind farm.

As we reported in August 2016, Belltown Power acquired Awel Newydd Cyf, the developer of the wind farm from RDC Partners.

Dan Allen, Investment Director for Belltown said:

“We are delighted to have completed the refinancing of the Tirgwynt Wind Farm. This transaction builds on our previous success in the onshore wind space, and will allow Belltown to continue to grow its portfolio of renewable energy assets.  We are pleased to become long term partners with Barclays through this refinancing, their long term structure and flexibility are a good fit for this project”

Neil Fleming, Director at Barclays, said:

“With Barclays’ strong track record in supporting renewables projects, we saw our part in this key venture through the provision of debt finance as a natural fit.  Working closely with the Belltown management team, we agreed a structure that works for both parties to help deliver the successful refinancing of the Tirgwynt Wind Farm, further demonstrating our continued commitment to the UK renewable energy sector.”