The Harburnhead wind farm development south of West Calder has secured £70 million of funding from Barclays and Bank of Tokyo-Mitsubishi UFJ to deliver the final stages of the project.
The 22-wind turbine Harburnhead development will generate enough electricity to power the equivalent of 31,000 homes and is expected to contribute £3 million to the local economy.
Oxfordshire based FIM Services and Spanish partner LDV Enel Viento have been successful in securing finance for one of the last projects to qualify for the UK’s renewables obligation energy subsidies.
The UK government is planning to scrap the subsidy scheme.
Barclays and Bank of Tokyo-Mitsubishi UFJ are both providing 50% of the debt for the 51.7 megawatt West Calder project that is about a third of the way through construction.
Commercial operation is scheduled for November 2016.
“We are delighted to have secured project finance through two experienced lenders such as Barclays and MUFG,” said Wayne Cranstone, FIM’s chief operating officer.
“It is great to be working with both banks again and I look forward to seeing this exciting project enter the operational phase towards the end of the year.”
Nial Gemmell, director, infrastructure and project finance at Barclays, said: “Harburnhead marks another significant step in developing the UK’s wind power capabilities.
“Working alongside FIM Services and LDV Enel Viento further demonstrates our continued commitment to the renewable energy sector where we have a strong track record in supporting quality projects.”
Stephen Jennings, executive director in the structured finance office at MUFG, said: “MUFG is delighted to have supported FIM Services and LDV Enel Viento in reaching this significant milestone.
“The project joins 4.5GW of existing renewable energy capacity in our EMEA portfolio, of which approximately 2.75GW is located in the UK.”