Scottish renewable energy business GreenPower has acquired 100% ownership in its 46 MW Carraig Gheal onshore wind farm, which GreenPower originated and managed through development, consenting and construction. GreenPower has operated the 20 turbine wind farm, located in Argyll & Bute, Scotland since 2011. The project had previously been co-owned by GreenPower and the Ampere Equity Fund until 25th Oct 2019, when GreenPower acquired Ampere’s 50% share, increasing its ownership to 100%.
The finance for the acquisition was through a combination of GreenPower equity and mezzanine debt provided by the Sustainable Investments department of ING.
Rob Forrest, Chief Executive and owner of GreenPower, commented “Carraig Gheal is a significant part of our portfolio as we help to deliver a zero carbon economy and we are pleased to conclude this transaction. We wish to thank the whole ING team who worked on this transaction with us, for their support and we look forward to working with them further in the future. Our thanks must also go to the Ampere Equity Fund, who have been an excellent partner throughout the construction and operation of the wind farm.”
Mark Weustink Head Of Sustainable Investments at ING commented “We are very pleased to support GreenPower in this important strategic and transformational step. By combining the relevant expertise within the ING franchise, we were able to deliver the desired financing within the short timeline. We would like to thank GreenPower and especially management for the trust in us and look forward to continuing our longstanding relationship.”
Further information from:
James Simpson, GreenPower, 01259 272158
Notes
The Transaction
GreenPower was advised by Ernst & Young LLP (financial) and CMS Cameron McKenna Nabarro Olswang LLP (legals).
The project company was advised by Pinsent Masons LLP.
Ampere was advised by KPMG (Financial) and Watson Farley and Williams (Legal).
ING was advised by Norton Rose Fulbright and Burness Paul.
Carraig Gheal Wind Farm
Carraig Gheal is a 46MW onshore wind farm, located to the west of Loch Awe in Argyll & Bute, Scotland. The project comprises 20 Siemens 2.3MW wind turbines, sub-station and control buildings and included the construction of a 35km access road. The project is connected to the 132kV transmission system. The project was commissioned in 2013 and benefits from support under the Renewables Obligation until 2033. The wind farm has senior debt in place from ING, Sabadell and Santander which remains in place following the transaction. The project was, from 2011, owned 50% by the Ampere Equity Fund and 50% by GreenPower.
GreenPower
GreenPower is an independent originator, developer, owner and operator of renewable energy assets with projects in onshore wind, hydro and solar. Founded in 2000, GreenPower is based in Alloa, central Scotland and has a small specialist team leading development, construction, acquisitions and operation of renewable assets. GreenPower has consented over 270MW of renewable assets and currently have projects in development of over 170 MW.
ING
ING Corporate Investments Mezzanine Fonds B.V is part of ING Groep N.V. ING is a global bank with a strong European base. Our 53,000 employees serve around 38.4 million customers, corporate clients and financial institutions in over 40 countries. Our purpose is to empower people to stay a step ahead in life and in business.
For our Wholesale Banking clients we provide specialised lending, tailored corporate finance, debt and equity market solutions, payments & cash management and trade and treasury services.
When it comes to sustainability, we facilitate and finance society’s shift to a low-carbon future and pioneer innovative forms of finance to support a better world. As such, we’re ranked as a leader in the banking sector on the Dow Jones Sustainability Index (Europe and World) and we’re included in the FTSE4Good Index.