Community Windpower has secured finance from KfW IPEX-Bank for three Aikengall wind farms located near Dunbar, East Lothian in Scotland, with a combined capacity of almost 200MW.
The Aikengall portfolio debt facility is £144m and follows KFW IPEX-Bank’s refinancing of Community Windpower’s Calder Water and Millour Hill wind farms, which use 21 Siemens Gamesa 3MW direct drive turbines, and the financing of the Sanquhar project, which comprises nine Vestas 3.6MW machines.
KfW IPEX-Bank originally provided finance for the construction of Aikengall 2 community wind farm in 2014, which has now been refinanced alongside funding for the construction of Aikengall 2a project.
Aikengall 2a will be one of the largest subsidy-free developments in Scotland using 19 Siemens Gamesa 4.3MW turbines, said Community Windpower.
The transaction will also see the Aikengall 1 community wind farm added to the finance portfolio.
Aikengall 1 and 2 have been operational since 2009 and 2017, respectively, while Aikengall 2a is scheduled to be operational in summer 2021.
KfW IPEX-Bank team head of power, renewables and water Federico Florian said: “We’re delighted to continue our support of Community Windpower’s wind farm business in Scotland.
“We are one of the leading project finance banks in UK supporting the growth of onshore and offshore wind and committed to sustainable development goals and follow a globally recognised code of enhanced social and environmental standards for project financings. CWP’s Aikengall portfolio fits perfectly into this profile.”
Community Windpower managing director Rod Wood said: “KfW IPEX-Bank is recognised as one of the leading clean energy financial institution both here in UK and worldwide with a longstanding track record of investment in wind which is really important when debt terms extend to 15 years or more.
“Many project finance banks continue to finance coal and nuclear generating plants and I am pleased that KfW IPEX-Bank exclude these investments, which is a fundamental reason why CWP chose KfW IPEX-Bank.
“Having this level of support from KfW IPEX-Bank ensures we can continue to invest in renewable energy projects in Scotland, supporting local communities and creating jobs and investing in the Green economy.”