The Green Investment Bank and KKR joined up to lend £82.7 million to Blue Energy’s new Blackcraig wind farm project in Dumfriesshire.
The 52.9MW project will consist of 23 Siemens turbines and is expected to produce 1250 GWh – enough renewable electricity to power 37,500 homes annually
The project is forecast to reduce greenhouse gas emissions by 25 kt CO2e per annum; the equivalent of taking 11,200 cars off the road
Construction work is schedule to start in January 2016 with completion scheduled by the end of March 2017.
A community fund, established by Cheshire-based Blue Energy and managed with local representatives, will support local initiatives throughout the 25-year operational life of the wind farm.
Christopher Dean, Chief Executive, Blue Energy, said:“In what has been an eventful year for UK renewables we are delighted to secure this funding from Temporis, GIB and KKR.
“Whilst the funding environment remains challenging, this financing completes a very successful year for Blue Energy as we now have just over 250MW of onshore wind projects in construction throughout the UK.”
Meanwhile, Blue Energy and KFW IPEX-Bank have agreed an additional £17 million loan for the seven turbine extension to the Beinneun Wind Farm near Fort Augustus.
This will take the total installed capacity to 108.8MW, made up of 32 Senvion 3.4MW turbines. All turbines are scheduled to complete construction in early 2017 and when operational the total site will produce enough electricity to power over 75,000 households a year.