REG achieves financial closure on 4-MW wind project in UK
Jul 31, 2013 - UK company Renewable Energy Generation Ltd (LON:WIND), or REG, said today it had secured project financing for its 4-MW Orchard End wind park in northwestern England.
The company obtained GBP 4.2 million (USD 6.4m/EUR 4.8m) from the Co-Operative Bank. The 10-year project financing bears an interest rate of 6.075%.
REG confirmed its intentions to sell the Orchard End wind power facility Lancashire, northwestern England, to US investment group BlackRock (NYSE:BLK) later this year. According to its website, the wind farm is powered by two turbines of Danish Vestas Wind Systems A/S (CPH:VWS). Construction was initiated in August 2012 and the plant is seen to be switched on this year.
At the moment REG has 14 wind projects with a combined capacity of some 67.15 MW in England and a development pipeline exceeding 1,000 MW.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.