Wear Point Wind Farm
Quayle Munro Project Finance is pleased to announce that it has advised John Laing Investments Limited and Infinergy on structuring and arranging the senior debt funding package to support the construction of the 8.2MW Wear Point wind farm.
The senior funding package, totaling £17.8m, is provided by Nord/LB and consists of a term loan, TSA letter of credit, VAT facility and Decommissioning Bond. The term of the debt is 15 years post construction. The wind turbines and long term service package will be provided by REpower with Raymond Brown undertaking the balance of plant. All power will be sold to Statkraft under a 15 year power purchase agreement.
The wind farm will comprise four REpower 2.05MW MM82 wind turbines. Full power generation is scheduled for December 2013.
This transaction further enhances Quayle Munro Project Finance’s reputation in the renewable energy sector and follows on from Bilsthorpe wind farm, where Quayle Munro advised John Laing on structuring and securing the senior debt funding package to support the construction of the 10.25MW wind farm.
Previously Quayle Munro advised Barclays Infrastructure Funds on the acquisition and financing of Wadlow Wind Farm and also advised the respective project companies on the Carraig Gheal Wind Farm and Hog Jaeren Wind Farm projects.
Clare Lacey, Partner, Quayle Munro Project Finance said:
“Quayle Munro Project Finance is delighted to have been part of this transaction. We are pleased to have successfully supported John Laing and Infinergy to achieve financial close for this project.
This is the latest in a long line of successful transactions delivered by a very experienced and independent team”.
Ross McArthur, Head of Renewable Energy for John Laing, said:
”The Quayle Munro team has been instrumental in helping to achieve financial close on Wear Point Wind Farm and we are now looking forward to working with our partner, Infinergy, to help deliver clean, renewable electricity to communities across the UK”.
Infinergy’s Managing Director Esbjorn Wilmar said:
“We are delighted to have reached this key milestone. We are keen to move forward to the construction stage now and to take on the operational management of the project.”
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