Blue Energy reaches financial close for Scottish wind farm
Blue Energy has successfully closed a senior debt facility with KfW IPEX-Bank for the construction of the 85 MW Beinneun Wind Farm near Fort Augustus, Scotland.
The project will complete construction in early 2017 and will be made up of 25 Senvion 3.4 MW turbines, giving a combined capacity of 85 MW. When operational, the site will produce enough electricity to power nearly 60,000 households per annum, whilst saving over 100,000 tonnes of CO2 every year.
Working with Blue Energy and KfW IPEX-Bank on this project are:
- Senvion as the turbine supplier;
- RJ McLeod as the balance of plant and civils contractor;
- Statkraft as power purchase agreement (PPA) counterparty;
- Pinsent Mason as lender's counsel;
- DLA Piper as borrowers'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
- BDO as model auditor.
Blue Energy acquired the Beinneun Wind Farm project from HG Capital in 2013 as part of the Ridgewind portfolio, a 177 MW collection of onshore wind farms. The portfolio consists of 45 MW of projects in late stage construction, 132 MW with planning permission, and a significant development pipeline.
Matt Williams, CFO at Blue Energy, has commented:
"This is a landmark financing for Blue Energy which further establishes us as one of the UK's leading renewable energy investors. We also welcome a new funding partner in KfW IPEX-Bank who, alongside Blue Energy, have shown real commitment to the UK renewables sector."
Thomas Brehler, Global Head of Power, Renewables & Water for KfW IPEX-Bank said:
"KfW IPEX-Bank are delighted to underwrite the financing of the Beinneun Wind Farm and equally importantly, support Blue Energy in its efforts to develop, construct and operate sustainable energy projects. Supporting this project aligns with our strategy of continuous support to the renewable energy industry not just in Europe but worldwide."
