DNV GL, the world’s largest resource of independent energy experts and certification body, has advised renowned lenders, including Santander, on their GBP 210 million project finance investment for the construction of three new onshore wind farms by Banks Renewables, the first of which is expected to start generating electricity by early 2018.
The 151 MW three wind project portfolio, Kype Muir and Middle Muir in Scotland, and Moor House in England, were among 15 projects that had successfully secured Contract for Difference (CfD) during the first round of the UK government auction initiative in 2015.
The lenders’ technical due diligence and advisory services provide an independent evaluation of a project's technical risks, particularly those uniquely relevant to the CfD funding and programme – and highlights the realisation impact of those risks – on the safe and profitable construction and future operation of the assets.
Prajeev Rasiah, Executive Vice President, for DNV GL’s energy business in NW Europe, Middle East & Africa, commented “We always endeavour to provide our customers with the greatest market investment insight, particularly for new schemes, such as the UK government’s CfD programme. We constantly strive to ensure that investors have the knowledge they need to make sound financial investments, to mitigate against all risks to secure the safe construction and smooth operation of assets.”
Construction has begun on the three-project portfolio, with the six-turbine Moor House wind farm expected to become operational in early 2018.
Middle Muir, comprising 15 turbines, is scheduled to be operational later in the same year and Kype Muir’s 26 turbines are due to start producing energy in early 2019.