May 13 (Renewables Now) - National Westminster Bank, known as NatWest, has extended GBP 80 million (USD 104.1m/EUR 92.7m) in debt to Red Rock Power to back a 50-MW wind farm in Scotland and its future expansion plans.
The funding will be allocated to the Afton wind project in East Ayrshire, Red Rock Power said last week. The Edinburgh firm, which is owned by China’s SDIC Power, acquired the scheme from InfraRed Capital in October 2018.
The firm now said it will also use the debt financing to stabilise its balance sheet as it looks to expand its portfolio with new investments. “The financial backing of our Chinese owner, SDIC Power, puts us in a competitive position as we look to consider new acquisition opportunities,” said CEO Guy Madgwick.
The Afton wind park consists of 25 Siemens Gamesa turbines of 2 MW each, whose output is being sold under a 15-year power purchase agreement (PPA) with a unit of UK-based Centrica Group.
The project has been accredited under the UK’s Renewables Obligation (RO) scheme.
(GBP 1.0 = USD 1.301/EUR 1.158)