Invenergy Wind LLC announced yesterday that it has arranged project financing for its 69 MW Corriegarth Wind Energy Center, which is currently under construction in Scotland approximately 31 kilometers southwest of Inverness.
The Mitsubishi UFJ Financial Group and Norddeutsche Landesbank Girozentrale, London Branch acted as the Mandated Lead Arrangers for the financing transaction, which included a Term Facility and a VAT Facility.
Corriegarth will consist of 23 Enercon E-82 E4 wind turbines. Commercial operation is expected to commence at the end of 2016. Energy and Renewable Obligation Certificates will be purchased under a 15-year Power Purchase Agreement.
Jim Murphy, Chief Financial Officer and Operating Group President at Invenergy, said:
“We’re pleased to have reached this milestone for this important project, which represents our first project financing in Scotland. Based on established and successful working relationships between Invenergy and our financing parties, we were able to achieve an efficient financial close amidst changes to the renewable energy framework in the United Kingdom.”
RJ McLeod is the project’s civil works construction contractor, and Powersystems UK is the project’s electrical works contractor. Wind Prospect is providing project management and engineering support. Nevis Environmental is providing environmental management of the site. The development of Corriegarth is creating more than 100 local construction jobs.
The wind farm will further benefit its host community economically through an annual contribution of £138,000 to the Stratherrick and Foyers Community Trust that will be used solely for charitable purposes.