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5 Nov 2014 07:00
5 November 2014
INFINIS ENERGY PLC (Symbol: INFI)
Progress on A'Chruach Wind Farm Construction
Infinis Energy plc (Infinis or the Group), the UK's leading independent generator of renewable power, is pleased to announce it has signed a six year £52 million project financing facility to fund the construction and operation of the A'Chruach Wind Farm in Scotland.
The facilities have been arranged with the Royal Bank of Scotland and National Australia Bank to fund the construction and operation of the A'Chruach Wind Farm which will have an installed capacity of 43MW. The wind farm is located in Argyle and Bute, Scotland and is expected to be operational by 31 March 2016 and be accredited under the Renewable Obligation scheme.
The company also confirms that it has entered into binding agreements with Senvion SE who will supply the turbines and provide ongoing turbine maintenance, RJ McLeod for the balance of plant work and AXPO Trading AG, the PPA offtaker.
Eric Machiels, Chief Executive of Infinis, said:
"We are delighted to announce today that we have closed the £52 million project financing facility and confirm that construction is moving ahead on A'Chruach. This is a key milestone as we continue to deliver on our growth aspirations that we committed to at the time of the IPO and will increase the scale of our operating wind portfolio."
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
Justine McIlroy, David Litterick
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), onshore wind and hydro plants across the UK.
We employ approximately 365 people across 147 operating sites with an aggregate generating capacity of 610MW, comprising, 121 LFG sites (319MW), 10 hydro sites (17MW) and 16 onshore wind farms (274MW). In addition, Infinis has a strong onshore wind development portfolio.
About A'Chruach:
The planning application for A'Chruach wind farm was approved by Argyll and Bute Council in June 2011. The site consists of 21 turbines located within the Kilmichael Forest area, approximately 5km north-west of Minard and 10km north-east of Lochgilphead in Mid Argyll, Scotland.
The 21 turbines will have an installed capacity of 43MW with the wind farm becoming operational in March 2016. The wind turbines are expected to generate electricity for 25 years.
A community development fund is being established in 2016, once the wind farm is operational. The A'Chruach community fund will be overseen by representatives from Minard, Lochgilphead and Dunadd Community Councils who will take decisions on what projects can be supported locally.
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