23 Jun 2015 07:00
Infinis Energy plc ("Infinis" or the "Company") is pleased to announce that it has acquired an 18.5MW consented onshore wind farm project from Peel Group.
The wind farm is sited on former surface mining land in Northumberland and neighbours the 8MW consented Sisters Wind Farm project developed by Infinis. Both projects are at an advanced stage of pre-construction and will enable Infinis to secure grid connection, turbine procurement and further ongoing operational synergies. Infinis anticipates funding both projects with project finance whilst the consideration will be paid from available funds. Grid energisation for both projects is expected in June 2016.
Both projects are fully consented, with a signed connection agreement in place and have entered into their leases. Consequently, both will qualify for the RO, complying with the grace period conditions announced last week by the Government applicable to new projects which become operational after 31 March 2016. Construction works on both projects are scheduled to commence in July.
Eric Machiels, Infinis CEO, said: "Today's announcement represents a further milestone in the Infinis growth strategy announced at the time of our IPO. In conjunction with the A'Chruach (43MW) and Galawhistle (66MW) construction projects, Infinis has made significant progress with its growth plans and will be comfortably within the 130-150MW IPO target for additional RO-accredited onshore wind generating capacity by March 2017".
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 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.