BayernLB in financing of UK wind portfolio

Golden Square Energy (GSE), the joint venture established in 2014 between Ingenious Clean Energy and AGR Renewables, has completed a long term financing of a portfolio of 18 single turbine on-shore wind projects with BayernLB.

Manufactured by Enercon, EWT and Acciona, the turbines will benefit from Feed-In-Tariff for the next 20 years.

GSE aims to complete the second tranche of financing of a further 10 assets by the end of this year making this transaction the leading portfolio financing of a feed in tariff wind portfolio in the United Kingdom.

GSE has to date invested financing in excess of £65 million in its Feed-In-Tariff wind portfolio and is continuing to develop and acquire further sites from developers and farmers to add to its portfolio.

Watson Farley & Williams (WFW) has advised Bayerische Landesbank (Bayern LB) on the long term financing transaction. Burness Paull advised Bayern LB on Scottish law matters.

Oliver Breidt, Director of GSE, commented:

'We are delighted to have worked with BayernLB on this transaction - they have been the perfect partner in enabling the next stage of our growth as we move towards becoming the UK's largest owner of single wind turbines'

Alexander von Dobschütz, Bayerische Landesbank's Managing Director, Global Head Financial Institutions and Structured Finance of Global Structured & Trade Finance, stated:

'In closing one of the largest FiT Wind portfolios in the UK we are not only further establishing our strong position in the UK renewables market but also supporting the impressive growth strategy of our client GSE. We are delighted that GSE has selected us to support them on their way to becoming the largest player in the UK market for single wind turbines, and we look forward to continuing to work with them on their next stage',

WFW lead partner, Henry Stewart commented:

“We are delighted to have advised Bayern LB on this important transaction within the onshore wind sector. Onshore wind continues to play an important role in the UK’s renewable energy mix and we look forward to continuing to advise Bayern LB as Golden Square Energy expand their portfolio.”