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United Kingdom

Financing secured for 48MW Moray project

SCOTLAND: Renewable energy developer RES has concluded a financing deal for its 48MW Hill of Towie project in Moray.

The European Investment Bank (EIB), Lloyds Banking Group and BNP Paribas are to provide £76 million in long-term project finance facilities. Hill of Towie - formerly known as Drummuir - will be RES's largest UK project.

Siemens has been lined up to supply 21 of its 2.3MW wind turbines to be delivered in summer 2011 and the output will be purchased by Scottish Power on completion in spring 2012.

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