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UK: Renewable Energy Generation secures €15m finance for Burnthouse turbines

The company has now purchased the three turbines, three 2MW G80 turbines, from Spanish manufacturer Gamesa.

REG’s commercial director Simon Wannop said: “The UK has a pressing need to reduce levels of harmful emissions and play its part in tackling dangerous climate change. We have the necessary expertise in development, financing, construction and operations to play a significant part in delivering the renewable energy capacity required for 2020 and beyond, and projects such as Burnthouse Farm are part of this.”

Established in 2005, REG’smain business is the development, construction, financing and operation of onshore wind farms in the UK. The company operates 11 wind projects in Cornwall, County Durham, Cumbria, Cambridgeshire, Yorkshire and Gwynedd, with a total capacity of 57.15MW, and has six projects with planning permission awaiting construction.

The latest deal with HSBC bank follows another agreement with the Co-op Bank in 2012 for a £25 million debt facility covering 20MW of its operating wind capacity.

The company has faced challenging times in recent years, posting losses of £1.8 million and £3 million in 2012 and 2011 respectively. Chairman Mike Liston has blamed global investor uncertainty in the renewables market for the company’s mixed fortunes.

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