UK Green Investment Bank (GIB) and KKR have committed £82.7m to finance Blue Energy’s Blackcraig wind farm in Dumfries and Galloway.
The 52.9MW project will consist of 23 Siemens turbines and is expected to produce enough renewable electricity to power 37,500 homes annually
Throughout its 25-year operational life, it is forecast to reduce greenhouse gas emissions by 25 kt CO2e per annum; the equivalent of taking 11,200 cars off the road
Construction of the wind farm will commence in January 2016 with completion scheduled by the end of March 2017. GIB and KKR have committed £82.7m via Temporis Capital LLP. GIB is contributing £49.5m of the total finance package.
A community fund, established by Blue Energy and managed with local representatives, will support local initiatives
Ed Northam, Head of Investment Banking, UK Green Investment Bank, said:
“The Blackcraig wind farm has the capacity to provide 37,500 homes with renewable energy for 25 years. We congratulate Blue Energy on reaching financial close and are pleased to play our part in helping the project to happen.”
Christopher Dean, CEO, Blue Energy, said:
“In what has been an eventful year for UK renewables we are delighted to secure this funding from Temporis, GIB and KKR. Whilst the funding environment remains challenging this financing completes a very successful year for Blue Energy who now have just over 250MW of onshore wind projects in construction throughout the UK.”