Global real estate advisor, CBRE, has provided funding for Gronan Wind Farm Limited, a 9.4MW windfarm in County Tyrone, on behalf of Northern Ireland Investment Fund (NIIF).
NIIF is a £150m revolving fund, managed by CBRE’s Lending team, with the aim of providing debt finance for real estate, regeneration, low carbon and infrastructure projects and stimulating private sector infrastructure investment in Northern Ireland.
The windfarm will consist of four refurbished Enercon E82 E4 turbines at 2.35MW each. Construction is underway, with the turbines expected to be operational by early 2026. Upon completion, the windfarm will be capable of exporting in excess of 20GWh per annum to the grid, with a long-term Power Purchase Agreement in place.
The funding marks NIIF’s first deployment of capital into a low carbon energy generation project. It will fund a portion of the total development costs of £12.9m and will be secured by a first charge over the asset.
Finance Minister John O’Dowd said: “I welcome the announcement that the Fund will be supporting the development of Gronan Wind Farm.
The Gronan Wind Farm meets the Fund’s key aims of supporting energy efficiency and low carbon projects. Wind energy is vital in supporting a sustainable and clean energy future and this project will help to utilise our abundant natural resources and promote the use of renewable energy.”
Will Church, Executive Director, Lending at CBRE said: “The deployment of these funds marks a significant milestone for NIIF, supporting a project where typical debt funding options were not available, and we look forward to seeing the project complete next year. The ability to ensure delivery of much needed renewable energy schemes with connectivity is core to our mandate.”
The Sponsor, BSI Wind Limited, is a Northern Ireland based developer, supported by HCA Corporate Advisory, that has brought a number of similar schemes to market in the region. CBRE’s Lending team was supported by QMPF, which provided renewable energy advice and detailed financial modelling through the due diligence and approvals process.