12 Jun 2015 16:43
12 June 2015
INFINIS ENERGY PLC (Symbol: INFI)
Infinis achieves financial close on £83 million project financing facility for the construction of Galawhistle Wind Farm in Scotland (66MW)
Infinis Energy plc ("Infinis"), the UK's leading independent generator of renewable power, has announced it has signed a seven year £83 million project financing facility to fund the construction of the Galawhistle Wind Farm in Scotland.
The facilities have been arranged by Santander Global Banking & 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 66MW. The wind farm has been under development since 2007 and is located on the borders of South Lanarkshire and East Ayrshire in Scotland. First exported power is expected by November 2016 and will be accredited under the rules of the Renewables Obligation scheme.
The company also confirms that it has entered into binding agreements with Vestas Wind Power Europe AS who will supply the turbines and provide ongoing turbine maintenance, Gael Force Renewables for the balance of plant work and Npower who will buy the power under a Power Purchase Agreement (PPA).
Eric Machiels, Chief Executive of Infinis, said:
"We are delighted to have closed the £83 million project financing facility with Santander and Barclays and we can confirm that construction is moving ahead on Galawhistle. This is a further key milestone in Infinis' growth aspirations as, together with A'Chruach (43MW), we now have 109MW of onshore wind assets under construction in Scotland.
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."
For further information, please contact:
Investors and analysts: Will Cooper, Head of Investor Relations
Infinis Energy plc
Telephone: +44 (0) 1604 742338
Email: equityinvestors@infinis.com
Media: Brunswick LLP
David Litterick / Simon Maine
Telephone: +44 (0)20 7404 5959
Email: infinis@brunswickgroup.com
Notes to Editors
About Infinis Energy plc:
Infinis is the UK's leading independent generator of renewable power, operating a growing portfolio of landfill gas (LFG) and onshore wind plants across the UK.
We employ approximately 365 people across 137 operating sites with an aggregate generating capacity of 589MW, comprising, 121 LFG sites (315MW) and 16 onshore wind farms (274MW). In addition, Infinis has a strong onshore wind development portfolio with 109MW of onshore wind assets under construction.
About Galawhistle:
The site consists of 22 turbines located 7km east of Muirkirk, East Ayrshire and 4km west of Douglas, South Lanarkshire in Scotland.
The 22 turbines will have an installed capacity of 66MW with the wind farm expected to export first power by November 2016. The wind turbines are expected to generate electricity for 25 years with a P50 output of c.165GWh per annum.