United Kingdom

United Kingdom

Construction begins on first Velocita project since merger revealed

UK: Work has started on the Maerdy wind farm in South Wales, the first project of Velocita Energy's to progress since it announced a merger of its UK arm with Scottish developer 2020 Renewables.

Earlier this month Velocita, subsidiary of US private-equity firm Riverstone Holdings, revealed it was merging with 2020 and taking over its pipeline of 20 onshore projects of around 450MW.

The 24MW Maerdy wind farm, situated in the Rhondda Valley in South Wales, is the first of these projects to reach the construction stage. It comprises eight Siemens SWT 3.0-101 3MW direct drive turbines and is due to be completed in March 2013.

Power will be sold under a long-term contract to Statkraft, and CA Blackwell will provide civil and electrical works.

The project reached financial close on its debt facilities in June, securing a long term loan of £33.5 million plus additional working capital facilities from Bank of Tokyo-Mitsubishi UFJ.

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