14 September 2017
The joint venture partners in the Carraig Gheal Wind Farm, GreenPower and the Ampere Equity Fund, managed by DIF, are pleased to announce that a senior debt funding package has been put in place for the re-finance of the 46MW wind farm. Financial close for the transaction was achieved on 14th September 2017. The project has been operational since 2013.
The new debt is structured as a 7-yr mini-perm underpinned by long term interest rate and inflation hedges. The funding package, totalling £74m, is being provided by Sabadell, Santander and ING.
Colville Partners acted as Financial Adviser to the borrower with Pinsent Masons as Legal Adviser. Norton Rose and Burness Paul acted as legal advisers to the banks with Wood Group providing technical advice.
The project was developed by GreenPower, who will also provide continued operations management.
Rob Forrest, Chief Executive of GreenPower, said: “It has been important for Carraig Gheal Wind Farm and its shareholders that the project has been able to take advantage of improved market conditions and we are delighted with the terms that have been secured in this new funding facility. We are grateful for the support of Sabadell, Santander and ING in the process leading to financial close and we look forward to working with them during the continued successful operation of the Carraig Gheal Wind Farm.”
Adam Waddington, Senior Director at DIF: “We are very pleased to have achieved this re-finance which capitalises on positive market conditions to enable us to continue delivering robust investment returns to our investors.”
Bert Schoen, Colville Partners, commented: “Advising on raising this quantum of debt on the terms achieved is a significant achievement and we are proud to have advised GreenPower and DIF in developing the financing and hedging structure and subsequently bringing Sabadell, Santander and ING into the project. The re-financing package significantly enhances the value of the project for the Sponsors.”
Notes to Editors:
The Carraig Gheal Wind Farm is near Kilchrenan in Argyll, Scotland, on a hill farm property and was commissioned in 2013 with a capacity of 46 Megawatts. The wind farm is connected to the transmission network and comprises 20 Siemens 2.3 Megawatt turbines, an electrical power distribution network, sub-station and control facilities and ancillary equipment including wind measurement masts. The access route for turbine component delivery was developed in a joint initiative with the Forestry Commission Scotland and constitutes a 35 kilometre long strategic timber haul road.
For further project information please contact John Morgan, Project Manager on 01259 272158.
GreenPower, formed in 2000, is one of the leading independent renewable energy developers in the UK. The development team at GreenPower has substantial experience within the renewable energy sector and has the technical, management and financial skills to successfully bring complex projects to fruition.
GreenPower has achieved consent for over 260MW of clean renewable energy capacity and operates projects ranging from single wind turbine sites to utility scale commercial wind farms. GreenPower also has significant hydro experience having constructed their 500kW Carie hydro project near Pitlochry in Perthshire which they own and operate. In addition GreenPower has a further 130MW in active development.
For more information please contact Phil Parkin, Director: email@example.com
Ampere Equity Fund
Ampere Equity Fund invests in onshore wind, solar PV and offshore wind projects in The Netherlands, Germany, France, Spain, Italy and the UK. The Fund has built a diversified portfolio of renewable energy assets with a total committed capital of EUR 320 million. It utilizes proven technology with the objective of providing stable and predictable long term returns for its investors.
DIF is an independent and specialist fund management company, managing funds of approximately €4.2 billion across seven closed-end investment funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and complementary strategies.
The majority of DIF’s funds target PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australasia.
DIF CIF I targets small to mid-sized infrastructure assets in the telecom infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the midterm with highly rated entities. The fund targets both greenfield and operational projects in Europe, North America and Australasia.
DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.
For more information please contact Allard Ruijs, Partner: A.Ruijs@dif.eu
Colville Partners is a leading M&A and corporate finance boutique focused on the Renewable Energy sector.
Colville Partners has rapidly built an extensive track record working on the buy side, sell side and raising finance. Our clients include institutional investors, utilities, technology companies and project developers. We provide deal origination, M&A execution, fundraising, valuation and due diligence services.
For more information please contact Thijs Bauer: Thijs.Bauer@colvillepartners.com