The Thrive Renewables ‘green’ finance house has provided mezzanine loans for two wind farms in Scotland that will have a combined total capacity of 11.5MW which will generate enough green electricity for more than 7,500 homes.
Thrive has worked with REV to support the construction of the Gevens project with three turbines in Kirkcaldy – which were all delivered by boat.
It is now focusing on delivering Brotherton, a two-turbine project near Johnshaven, Aberdeenshire, which is on schedule to start generating this summer. The 2.3MW Enercon E82 turbines are just under 100 yards in height.
Banks typically lend up to 75% of project capital costs with developers still needing to find the remaining 20%-25%. The Thrive Renewables loan complemented the senior loan provided by Santander on both the projects.
REV Director Nicol (now Lord) Stephen – a former Liberal MSP – said: “Thrive Renewables were able to act quickly and put an innovative loan in place which has allowed us to retain 100% ownership and helped us to realise the project in time to benefit from the ROCs available.”
For the Gevens site, civil engineering works were provided by contractor RJ McLeod and by AE Yates on the Brotherton site. The construction process has been managed by Green Cat Renewables and Greenbank Accountants.