FIM Services Ltd, an dependent renewable energy investment manager in the UK, and LDV Enel Viento have been successful in securing financial close for the 51.7MW Harburnhead wind farm through a GBP70 million (US$101 million) funding from Barclays and MUFG’s banking arm, Bank of Tokyo-Mitsubishi UFJ.
Barclays and Bank of Tokyo-Mitsubishi UFJ are both providing 50% of the debt for the project that is already around a third of the way through construction. Commercial operation is scheduled for November 2016.
The 51.7MW Harburnhead wind farm will have 22 turbine located approximately 4 kilometers south of West Calder, in West Lothian, Scotland. The turbines will be up to a maximum 126 meters (to tip) in height. It will be operational for the next 25 years.
On completion, the 51.7MW Harburnhead wind farm will generate enough electricity to power the equivalent of 31,000 homes.
Dr Wayne Cranstone, FIM’s Chief Operating Officer, said:
“We are delighted to have secured project finance through two experienced lenders such as Barclays and MUFG. It is great to be working with both banks again and I look forward to seeing this exciting project enter the operational phase towards the end of the year”.
Nial Gemmell, Director, Infrastructure and Project Finance at Barclays, added:
“Harburnhead marks another significant step in developing the UK’s wind power capabilities. Working alongside FIM Services and LDV Enel Viento further demonstrates our continued commitment to the renewable energy sector where we have a strong track record in supporting quality projects.”
Stephen Jennings, Executive Director, Structured Finance Office at MUFG, commented:
““MUFG is delighted to have supported FIM Services and LDV Enel Viento in reaching this significant milestone. The project joins 4.5GW of existing renewable energy capacity in our EMEA portfolio, of which approximately 2.75GW is located in the UK.”