The project financing, with ING Bank N.V., is for a total of £21 million (US$36 million), with an underlying amortisation schedule of 15 years post construction.
REG has also placed orders, under turbine supply agreements, with Vestas-Celtic Wind Technology Ltd for five V80 2 MW turbines at St Breock and four V90 2 MW turbines at Ramsey. The sites are already under construction, with turbines scheduled to arrive during Q4 2014. Both projects are expected to become operational in the first half of 2015.
Together the projects will contribute around 49GWh per annum of green electricity, sufficient to power the annual equivalent of approximately 11,500 homes.
Andrew Whalley, Chief Executive Officer of REG, stated:
We are delighted to partner for the first time with ING, one of Europe's leading banks with an increasing footprint in supporting renewable energy projects, in the financing of these two new wind projects. We look forward to developing this relationship with ING. It is also encouraging to continue our excellent long term relationship with Vestas, adding to the turbines it has supplied for many other REG projects over the years.