Kype Muir/Middle Muir/Moor House 151MW Onshore Wind Farms

Overview:

• Kype Muir/Middle Muir/Moor House 151MW Onshore Wind Farms.
• Banks Renewables, the renewable energy arm of the Banks Group, has taken out £210 million in financing in order to develop three new wind farm projects - the 88MW Kype Muir and 51MW Middle Muir projects in South Lanarkshire and the 12MW Moor House project near Darlington in northeast England.
• Moor House is due to be online in 2018 along with Middle Muir. Kype Muir is scheduled for 2019.
• The financing is made up of term facilities, construction guarantee facilities, revolving credit facilities and bonds.
• According to Norton Rose Fulbright the deal is believed to be "the first hybrid bank/institutional deal in the UK market with full construction risk".
• Macquarie Infrastructure Debt Investment Solutions (MIDIS) and Santander acted as arrangers. ING, NAB and Rabobank were also involved as lenders on the commercial facilities.
• The projects are all supported by the UK's contracts for difference (CfD) regime.
• Electricity from the sites is to be sold under a 15 year PPA with DONG Energy.
• KPMG advised Banks Renewables.

Sam Duke - Editor

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