John Laing completes refinancing of onshore wind farm in South West Scotland
John Laing, the specialist investor in and manager of infrastructure assets, has completed the refinancing of the Carscreugh onshore wind farm. The project located in Dumfries and Galloway, South West Scotland was acquired by John Laing from Gamesa Energia S.A.U in June 2013 and is already in construction.
Once completed Carscreugh will have an installed capacity of 15.3MW generated by 18 Gamesa G52 turbines capable of producing enough renewable energy to power over 9,500 homes*.
Ross McArthur, Managing Director of Renewable Energy for John Laing, said: “We are delighted to have completed the refinancing of Carscreugh wind farm within a short period of time since we acquired the project on an all equity basis at the end of June. We look forward to working with our partners to help deliver clean, renewable electricity to communities across the UK”.
Santander UK will provide circa £19m of senior debt for the project to accompany the existing funding provided by John Laing. Advisers for the refinancing were FIM Services Limited, Pinsent Masons, Eversheds and Natural Power.
It is anticipated that the project will be fully operational in late Spring 2014 and operations and maintenance for the facility will be provided by Gamesa UK.
*DECC “Sub-National electricity sales and numbers of customers 2005-2011” Publication URN:12D/468, revised December 2012.