Blue Energy gets financing for 52.9-MW wind farm in Scotland
Wind turbines. Author: Anne Marie Peterson. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
UK renewable energy company Blue Energy has secured GBP 82.7 million (USD 123.4m/EUR 113.5m) of senior debt for its 52.9-MW Blackcraig wind farm in Scotland.
The UK Green Investment Bank (GIB) said Friday it is providing GBP 49.5 million of the finance package, with the remainder coming from investment group KKR. The debt has been committed through a lending programme managed by Temporis Capital LLP.
Construction on the consented 23-turbine project in Dumfries and Galloway, Scotland will start next month, with completion due by end-March 2017. Using Siemens turbines, the wind farm is expected to generate more than 150 GWh of electricity per year, enough to meet the needs of over 37,500 homes.
"Whilst the funding environment remains challenging this financing completes a very successful year for Blue Energy who now have just over 250MW of onshore wind projects in construction throughout the UK," said Blue Energy chief executive Christopher Dean.
Blue Energy acquired the Blackcraig project earlier this year from UK utility SSE Plc along with the Whiteside and Cour schemes.