Impax Asset Management AIFM Limited, the London-based specialist investor, has achieved project finance to develop the 36 MW Glanaruddery wind farm in County Kerry (Ireland).
More concretely, Impax has obtained a package of bank funding provided by Norddeutsche Landesbank. This comprises a senior term loan and working capital facilities. It will be used for the development and working capital for an investee company of a fund managed by Impax that owns a wind farm located in County Kerry, Ireland, Glanaruddery Windfarms Limited.
The wind farm is currently under construction. It will have an installed capacity of 36 MW on completion, powered by 11 high wind-site turbines from Vestas. The V112-3.3MW machines are expected to become fully operational in the second quarter of 2017.
In February, we reported thah Vestas received an order to provide win turbines for the project. The contract includes delivery, installation, and commissioning as well as a 12-year Active Output Management (AOM) 5000 service agreement.
Ryan Cameron, Director at Impax, commented,
“We are pleased with the integrated package of term debt to fund construction and operating period working capital to support our sale of electricity directly to the market. This Wind Farm is an important asset in our Irish wind portfolio which we are committed to expanding through 2020 and beyond.”
Heiko Ludwig, Managing Director of NORD/LB said,
“Ireland is one of our core markets and, as a global provider of non-recourse debt to renewable energy projects, we are glad that our highly competent team has been able to service Impax.”