DNV GL advises on £ 210 million investment for new UK wind farms

11.04.2017

DNV GL has advised renowned lenders, including Santander, on their £ 210 million project finance investment for the construction of three new onshore wind farms by Banks Renewables.

The 151 MW three wind project portfolio, Kype Muir and Middle Muir in Scotland, and Moor House in England, were among 15 projects that had successfully secured Contract for Difference (CfD) during the first round of the UK government auction initiative in 2015.

Construction has begun on the portfolio, with the six-turbine Moor House wind farm expected to become operational in early 2018. Middle Muir, comprising 15 turbines, is scheduled to be operational later in the same year and Kype Muir’s 26 turbines are due to start producing energy in early 2019.

The lenders’ technical due diligence and advisory services provide an independent evaluation of a project's technical risks, particularly those uniquely relevant to the CfD funding and programme – and highlights the realisation impact of those risks – on the safe and profitable construction and future operation of the assets.

Prajeev Rasiah, Executive Vice President, for DNV GL’s energy business in NW Europe, Middle East & Africa, commented “We always endeavour to provide our customers with the greatest market investment insight, particularly for new schemes, such as the UK government’s CfD programme. We constantly strive to ensure that investors have the knowledge they need to make sound financial investments, to mitigate against all risks to secure the safe construction and smooth operation of assets.”

DNV GL / Funke

Similar Entries

PNE WIND AG has successfully completed construction of the “Kührstedt/Alfstedt” wind farm in Lower Saxony. The turbines have a combined capacity of 43.2MW and are feeding electricity to the grids since the end of 2017.

ET Solutions AG, a subsidiary of ET Energy, a global leading energy solutions provider, announced that it has started the construction of a 60.9 MW solar power project in Jordan for ACWA Power, a Saudi-based independent power producer. The project will become one of the largest 1500VDC PV plants in Europe, the Middle East and Africa after completion.

Siemens Wind Power has received an order for a new onshore wind project in the southwest of France. The new wind power plant, owned by Futuren, an international independent renewable energy producer, will be installed on a site close to the towns of Courant and Nachamps (Charente-Maritime) in the region of Nouvelle- Aquitaine. It will consist of seven units of the Siemens direct-drive onshore wind turbine SWT-3.2-113. The contract includes service and maintenance over a period of 21 years.

In the function of owner's representative on behalf of Prime Capital AG, TÜV SÜD is providing support in the realisation of the Nordlicht (Northern Lights) onshore wind farm near Tromsø, Norway. With 67 wind turbines supplied by Siemens Gamesa and an installed total capacity of 281.4 megawatts, Nordlicht is one of the largest onshore wind farms in Europe.