Wind developer, NTR, has successfully secured a £44.9 million (c.€57 million) debt facility with Royal Bank of Scotland (RBS), for the 27-MW Quixwood Moor wind farm. This is the second project debt financial close achieved by NTR this month, bringing debt facilities secured this month to a total of £61.7 million (c.€79 million).
The Quixwood Moor senior debt facility will be used to finance the construction of the wind farm, a 27-MW wind farm based in the East Berwickshire area of the Scottish Borders region. The wind project will deploy 13 Senvion 2.05-MW turbines, 10 of which are MM92, and three are MM82 turbines.
Construction has recently commenced and Quixwood Moor is due to be operational in Q1 2017, in advance of the closure of the proposed grace period for the UK Renewables Obligation support scheme.
“We are delighted to have secured this facility with RBS which adds to our recent successful completion of a project finance facility for our Ora More wind project in Northern Ireland,” said NTR’s Chief Financial Officer, Marie Joyce. “This facility is instrumental in ensuring the delivery of construction of this wind farm in advance of the important March 2017 deadline in the UK.”
Pinsent Masons acted as legal advisors to NTR and Burges Salmon were advisors to RBS. Civil contractors on the project are RJ McLeod and the Owners Engineer and technical advisor for NTR on Quixwood Moor is Natural Power.