FIM acquires delayed Devon wind project from Iberdrola

UK: Specialist investment advisor FIM Services Ltd has acquired the consented Darracott Moor project in North Devon from Iberdrola, which had not progressed the site since it bought it from West Coast Energy in 2006.

by Janice Massy 14 May 2010

Although Darracott, near Great Torrington, has consent for three 1.3 MW turbines, FIM plans to use three 850 kW machines giving an installed capacity of 2.55 MW. It is currently negotiating with turbine suppliers and balance of plant contractors.

Equity for construction will come from FIM's private clients; Co-operative Bank plc is to provide a 15-year loan. FIM diversified from forestry investments into renewables and already owns operating wind farms in Cumbria, the Western Isles and Powys.

Natural Power Consultants will project manage construction and then operate the wind farm when completed.