DNV GL advises lenders on investment in three UK onshore wind farms
Independent expert services and certification body DNV GL has advised a body of creditors, including Santander, on their project finance investment worth £210m for the construction of three onshore wind farms by Banks Renewables.
The three wind farms with 151MW capacity - Kype Muir and Middle Muir in Scotland, and Moor House in England - have secured Contract for Difference (CfD) in the first round of the UK government auction initiative in 2015.
DNV GL offers technical due diligence and advisory services, independent evaluation of the technical risks regarding the project, including those on CfD funding and operational feasibility of the assets.
DNV GL executive vice president for energy business in Northern Europe, Middle East & Africa, Prajeev Rasiah said: “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 commenced of all the three farms.
Moor House wind farm, comprising six turbines, is expected to become operational in early 2018.
Middle Muir, powered by 15 turbines, is slated to become operational later in 2018 and Kype Muir’s 26 turbines are expected to become operational in early 2019.