Financial Close reached on re-finance of the 46MW Carraig Gheal Wind Farm, Argyll, Scotland.

Carraig Gheal Wind Farm Courtesy of GreenPower.

The joint venture partners in the Carraig Gheal Wind Farm, GreenPower and the Ampere Equity Fund, managed by DIF, are pleased to announce that a senior debt funding package has been put in place for the re-finance of the 46MW wind farm. Financial close for the transaction was achieved on 14th September 2017. The project has been operational since 2013.

The new debt is structured as a 7-yr mini-perm underpinned by long term interest rate and inflation hedges. The funding package, totalling £74m, is being provided by Sabadell, Santander and ING.

Colville Partners acted as Financial Adviser to the borrower with Pinsent Masons as Legal Adviser. Norton Rose and Burness Paul acted as legal advisers to the banks with Wood Group providing technical advice.

The project was developed by GreenPower, who will also provide continued operations management.

Rob Forrest, Chief Executive of GreenPower, said: “It has been important for Carraig Gheal Wind Farm and its shareholders that the project has been able to take advantage of improved market conditions and we are delighted with the terms that have been secured in this new funding facility. We are grateful for the support of Sabadell, Santander and ING in the process leading to financial close and we look forward to working with them during the continued successful operation of the Carraig Gheal Wind Farm.”

Adam Waddington, Senior Director at DIF: “We are very pleased to have achieved this re-finance which capitalises on positive market conditions to enable us to continue delivering robust investment returns to our investors.”

Bert Schoen, Colville Partners, commented: “Advising on raising this quantum of debt on the terms achieved is a significant achievement and we are proud to have advised GreenPower and DIF in developing the financing and hedging structure and subsequently bringing Sabadell, Santander and ING into the project. The re-financing package significantly enhances the value of the project for the Sponsors.”

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