24th Jun 2014 13:56
LONDON (Alliance News) - Renewable Energy Generation Ltd Tuesday said it has completed the project financing for its 10 megawatt St Breock repower wind farm in Cornwall and the 8 megawatt Ramsey Extension wind farm in Cambridgeshire, for a total of GBP21 million.
The renewable energy group said the financing was completed with ING Bank NV with an underlying amortisation schedule of 15 years post construction.
The company is replacing eleven 450 kilowatt turbines, first erected at St Breock in 1995, which were producing on average, around 9,000 megawatt hours of electricity a year.
The five new 2 megawatt turbines which replace them should triple the site's output of clean electricity, said the company.
"Importantly, the two new projects will also provide significant community benefits totalling, over their anticipated lives, around GBP2.3 million. REG remains resolutely committed to maximising community funding from its renewable energy projects," Chief Executive Andrew Whalley said in a statement.
The company also said it has placed orders, under turbine supply agreements, with Vestas-Celtic Wind Technology Ltd for five V80 2 megawatt turbines at St Breock and four V90 2 megawatt turbines at Ramsey.
Both sites are already under construction, with turbines expected to arrive during the fourth quarter, and should contribute around 49 gigawatt hours per year of clean electricity, enough to power 11,500 homes, said the company.
Renewable Energy Generation shares were trading flat at 66.5 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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