UK's infrastructure investor, John Laing, has achieved financial close for the Dungavel onshore wind farm in South Lanarkshire, South West Scotland.
John Laing is the sole investor in the facility, which was acquired by the company from E.ON in October 2013.
Once completed, Dungavel will have an installed capacity of 26MW generated by 13 Vestas turbines capable of producing enough renewable energy to power over 20,000 homes*. Balance of plant works will be carried out by RJ McLeod.
Ross McArthur, Managing Director of Renewable Energy for John Laing, said:
“We are delighted to have achieved financial close for the Dungavel wind farm. John Laing made a significant investment in the renewable energy sector in 2013, growing its portfolio of wind and solar PV assets, both operational and under construction, to over 170MW of generating capacity. The Dungavel facility is our first wind farm investment in 2014, leading the way for further expansion in the sector.”
The senior debt for the facility will be provided by The Bank of Tokyo-Mitsubishi UFJ Ltd, with existing funding provided by John Laing. Union Bank was the security trustee.
The transaction involved a power purchase agreement with Statkraft.
Advisers for the refinancing were FIM Services Limited, DLA Piper and Natural Power together with Pinsent Mason and DNV GL on behalf of the senior lenders.
It is anticipated that the project will be fully operational in summer 2015. The operating and maintenance of the turbines will be carried out by Vestas.