21 Oct 2015 07:00
21 October 2015
INFINIS ENERGY PLC (Symbol: INFI)
Infinis achieves financial close on funding facilities for the construction of Sisters and North Steads Wind Farms
Infinis Energy plc ("Infinis"), the UK's leading independent generator of renewable power, today announces that it has signed two project financing facilities with a total value of £51 million to fund the construction of Sisters (8MW) and North Steads (19MW) wind farms in Northumberland.
The debt facilities have been arranged by Santander and will fund the construction of both sites. The two neighbouring sites will have a combined installed capacity of 27MW and means Infinis will have a total of 135MW of new wind capacity under construction. We expect both sites to be fully operational by September 2016 and both sites to be accredited under the Renewables Obligation scheme.
Eric Machiels, Chief Executive of Infinis, said:
"We are pleased to have finalised these two project financing facilities. Taken together with our A'Chruach (43MW) and Galawhistle (66MW) construction projects, this means we have now reached financial close on 135MW of new onshore capacity which is in line with our growth targets. The construction of both A'Chruach and Galawhistle is progressing well with A'Chruach scheduled to be fully commissioned by the end of March 2016."
"Securing project financing in the current climate of regulatory uncertainty is a real challenge for British businesses investing long term capital as they build out renewable generation capacity. Our ability to finalise these facilities is testament to the strength of our collaborative relationship with Santander and Infinis' strong development track record. Government decisions to change the regulatory framework for onshore wind at short notice and without providing full details of those policy changes have had a significant impact on the ability of developers of renewable energy to conclude project financing agreements with lenders."
"While we have successfully concluded project financing on all our projects, we call on the government to adopt a stable policy regime that supports efforts to decarbonise power generation in an affordable way, and which will prevent further damage to the independent sector."
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 Group 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 585MW, comprising, 121 LFG sites (311MW) and 16 onshore wind farms (274MW). In addition, Infinis has a strong onshore wind development portfolio with 135MW now under construction.
About Sisters and North Steads:
Sisters and North Steads Wind Farms are adjacent projects located on the site of a restored, former open cast coal mine near Widdrington Village in Northumberland. Sisters will be a four-turbine (8.2MW) project, while North Steads will be a nine-turbine (18.5MW) development.
Farrans have been appointed as principal contractor at Sisters, while I&H Brown have been appointed as principal contractor at North Steads. Turbines and the ongoing operational maintenance at both sites will be provided by Senvion.
Power purchase agreements have been completed with Axpo Group in the case of Sisters, and Statkraft for North Steads.
Forward-looking statements:
This announcement contains forward-looking statements, which are generally identified by words such as "expect", "may", "will" or similar expressions. Forward-looking statements are subject to risks and uncertainties and actual events, results or performance may differ materially from those reflected or stated in such forward-looking statements.
ENDS