LONDON (Alliance News) - Infinis Energy PLC Friday said it has signed a seven-year GBP83 million project financing facility to construct the Galawhistle wind farm in Scotland.
The facilities have been signed with Santander Global Banking and Markets and Barclays Bank PLC as joint lead arrangers to fund the construction of the Galawhistle wind farm, which will have an installed capacity of 66 megawatts.
Galawhistle has been under development since 2007, and Infinis is expecting to export first power from the wind farm in November 2016.
The company also confirms that it has entered into binding agreements with Vestas Wind Power Europe AS, which will supply the turbines and provide ongoing turbine maintenance, with Gael Force Renewables for the balance of plant work, and with nPower, which will buy the power.
"At a time when the UK government is keen to secure new renewable capacity to meet its international obligations at the lowest cost to consumers, Infinis is pleased to contribute to the UK's power decarbonisation efforts with the most cost-effective renewable technology," said the company.
Infinis shares closed down 1.0% to 196.50 pence per share on Friday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Barclays (BARC)
