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United Kingdom

United Kingdom

Finance completed at three CfD-backed sites

UK: Local developer Banks Renewables has completed the financing of £210m for three projects in Scotland and England, supported with Contracts for Difference (CfD) support.

The three projects are expected online between 2018-19
The three projects are expected online between 2018-19

Banks Renewables has arranged the lending through a consortium of financial institutions including Macquarie Infrastructure Debt Investment Solutions, Santander, ING, National Australia Bank and Rabobank, the developer said.

The finance means three projects, totalling 151MW, can proceed to construction. They include the 88MW Kype Muir and 5MW Middle Muir projects in South Lanarkshire, southern Scotland, and the 12MW Moor House project in northeast England.

The three projects will use Senvion turbines. Twenty-six 3.4MW machines with a 104-metre rotor diametre will be installed at Kype Muir, while 15 turbines of the same output but with a 114-metre rotor will be supplied to the Middle Muir project, according to the manufacturer.

Moor House will use six Senvion MM100 2MW turbines. Delivery is due to take place between August 2017 and early 2018, the German firm added.

Early works have started at Moor House, due online early next year, followed by Middle Muir and then Kype Muir in 2019.

The power from the projects will be sold to developer and utility Dong Energy.

Banks Renewables won support for the sites in the UK's first CfD auction held in February 2015. The three projects won deals with a strike price of £82.50/MWh.

Under the CfD scheme, renewable energy projects were awarded 15-year contracts, guaranteeing a set price for the electricity produced.

"Onshore wind in general and these projects in particular represent the best value for money to consumers as the government seeks to deliver on its climate change obligations. We believe onshore wind will continue to play a key role in delivering lowest cost carbon free energy for the UK," said Banks Renewable managing director Richard Dunkley.

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