Limekiln Wind Farm, Caithness, gets £130m funding

Export Development Canada (EDC) and NatWest have combined to provide long-term financing of £130 million for the 106MW Limekiln Wind Farm in Caithness, which is owned by Canadian energy producer Boralex.

Law firm Burges Salmon advised EDC and NatWest, who were acting as co-mandated lead arrangers and co-lenders.

With the capacity to produce enough green electricity to power 40,200 homes and save at least 65,000 tonnes of carbon emissions every year, the project is Boralex’s largest scheme in Europe and its first project financing in the UK.

Kristofer Gibson, Director, NatWest Infrastructure & Project Finance, said: “We’re delighted to have had the opportunity to support Boralex with its maiden financing and development in the UK market.

“The debt facility is another example of NatWest’s commitment to actively help building a greener economy and future by providing £100 billion Climate and Sustainable Funding and Financing to our customers by the end of 2025.”

Burges Salmon partner Stuart McMillan said: “It has been a pleasure working with NatWest and EDC to unlock this significant capital for Boralex’s flagship project in the UK, one that will greatly benefit local communities, providing zero-carbon electricity and delivering an array of social, economic, and environmental benefits.

“In what was a complex deal, our experience advising on these types of financing transactions in the renewables sector meant we were able to work together with all parties, and across multiple jurisdictions, to bring this landmark project to fruition.”