Blue Energy and KFW IPEX-Bank GmbH have reached financial close (FC) on senior debt facilities totalling circa £39.8 million (US$60.13 million) for the construction of the Cour Wind Farm project on the Mull of Kintyre in Scotland.
Cour Wind Farm will complete construction in early 2017 and will be made up of 10 Senvion 2.05MW turbines, giving an installed capacity of 20.5MW. When operational the site will produce enough electricity to power nearly 20,000 households per annum.
Working with Blue Energy and KfW IPEX-Bank on this project were: Senvion as the turbine supplier; RJ McLeod as the balance of plant and civils contractor; Vattenfall as PPA counterparty; Pinsent Masons as lender’s counsel; DLA Piper as borrower’s counsel; Sgurr Energy as lender’s technical advisor; Marsh as insurance broker, Benatar & Co as lender’s insurance advisor; Natural Power as owner’s engineer; Greenbank as model author and Mazars as model auditor.
Blue Energy is one of the United Kingdom’s fastest growing investors and developers of renewable energy projects, focused on developing, owning and operating onshore wind farms and solar PV generating assets. Founded in 2010 Blue Energy is managed by a highly experienced project delivery team with market leading expertise in the financing and delivery of wind and solar PV projects in the UK and a wide range of international jurisdictions. The Cour Wind Farm project was acquired from SSE in June 2015 along with the Whiteside and Blackcraig projects.
Within KfW Group, KfW IPEX-Bank GmbH is responsible for international project and export finance. Its function of providing financing to boost the German and European economy is derived from the legal mandate assigned to KfW.