Chicago-based Invenergy Wind LLC has arranged project financing for its 69 MW Corriegarth Wind Energy Center, which is currently under construction in Scotland approximately 31 km southwest of Inverness.
The Mitsubishi UFJ Financial Group and Norddeutsche Landesbank Girozentrale, London Branch acted as the mandated lead arrangers for the financing transaction, which included a term facility and a VAT facility.
Corriegarth will consist of 23 Enercon E-82 E4 wind turbines. Commercial operation is expected to commence at the end of 2016, and energy and renewable obligation certificates will be purchased under a 15-year power purchase agreement.
"We're pleased to have reached this milestone for this important project, which represents our first project financing in Scotland," says Jim Murphy, chief financial officer and operating group president at Invenergy. "Based on established and successful working relationships between Invenergy and our financing parties, we were able to achieve an efficient financial close amidst changes to the renewable energy framework in the United Kingdom."
RJ McLeod is the project's civil works construction contractor, and Powersystems UK is the project's electrical works contractor. Wind Prospect is providing project management and engineering support, while Nevis Environmental is providing environmental management of the site. According to Invenergy, the development of Corriegarth is creating more than 100 local construction jobs.
Furthermore, Invenergy says the wind farm will benefit its host community through an annual contribution of 138,000 British pounds to the Stratherrick and Foyers Community Trust that will be used for charitable purposes.