The project, which will consist of five 2MW wind turbines with a tip height of 110.5 metres, has been developed by experienced renewable energy specialists, EcoGen, who together with their landowner partners will continue to own the remaining 45% of the wind farm company. The average annual electricity generated by the farm will be sufficient to fulfill the needs of 6,300 homes.
The funding package is provided by a combination of Triodos Renewables equity and Santander UK debt finance. The term of the debt is seven years post completion of construction. The wind turbines will be supplied by Senvion along with a long-term service package; the balance of plant contract has been placed with RG Carter, and Statkraft will act as power offtaker under a 15-year contract. EcoGen will manage the construction of the project and also provide long-term operations management.
"Triodos Renewables’ investment in the project plugs the funding gap allowing both the project to be realised and for the landlord and developer to maintain ownership and therefore continue to benefit from the project in the long term," explained Matthew Clayton, managind director of Triodos Renewables.
The wind farm is the twelfth in Triodos Renewables' portfolio, which also includes Ness Point and Eye in Suffolk and Avonmouth Wind farm in Bristol. In 2012, Triodos Renewables launched a public share issue to raise funds for the development of onshore wind power in the UK.
According to Clayton, Triodos Renewables grew its renewable energy generation capacity by 40% in 2013 and generated what he called "record levels" of green energy. "We enter 2014 confident and excited about what lies on the horizon," he said.