Dublin-based renewable energy firm NTR said it secured a £44.9 million debt facility with Royal Bank of Scotland for its 27 megawatt Quixwood Moor wind farm in East Berwickshire, Scotland.
The Quixwood Moor senior debt facility will be used to finance construction of the wind farm, which is expected to generate enough electricity to power 17,000 homes with clean energy.
Construction has started and Quixwood Moor is due to be operational in early 2017.
“This is another important milestone for RBS in demonstrating our commitment to renewables financing,” said Bruce Riley, head of project finance at RBS.
NTR’s chief financial officer Marie Joyce said: “We are delighted to have secured this facility with RBS which adds to our recent successful completion of a project finance facility for our Ora More wind project in Northern Ireland.”
Pinsent Masons acted as legal advisors to NTR and Burges Salmon were advisors to RBS.
Civil contractors on the project are RJ McLeod and the Owners Engineer, and technical advisor for NTR on Quixwood Moor is Natural Power.