Future Renewables Eco (FRE) has completed a £4m cash call for the first phase of its northern UK wind turbine operation in Aberdeen.
The company said three 250kW turbines have been installed and are undergoing final testing before they start generating power.
The turbines are expected to produce around 2.1GW of electricity a year that will be sold back to the national grid.
FRE said it is looking to raise between £15m to £25m of working capital for the installation of additional units across several sites in Scotland.
The company has acquired two fully consented sites and is carrying out due diligence on two others, all of which will pre-accredited to take advantage of the UK Government’s feed-in tariff scheme.
Turbines ranging in size from 500kW to 1.5MW are expected to be installed and operational on all phase two sites in early 2017.
The company said that while its current focus is on medium-sized wind turbines it is also investigating opportunities in other sectors including solar and biomass.
It already has plans for an anaerobic digestion facility.
FRE chief executive officer Gerry Wood said: “We’re delighted with the success of the first phase of our wind turbine operation, which will begin delivering income to investors this year.
“We’re proceeding with vigour to the next phase of the project and are pleased at the early interest being shown by the investment community.”
Image: Morgue File
