Wright, Johnston & Mackenzie LLP (WJM) played a lead role in the development of the two Scottish onshore wind farms, by renewable energy developer and operator Velocita, which recently secured financing of £76 million. Construction of the two projects has now started and are expected to be in operation by February 2017.
WJM previously secured planning consent from the Scottish Ministers for both projects. The Sorbie Wind Farm was called in for determination by the Scottish Ministers in January 2015 and Fraser Gillies, a Partner at WJM appeared on behalf of 2020 Renewables at the hearings. Mr Gillies also acted for 2020 Renewables in respect of the planning appeal for Aries wind farm.
The financing was arranged with the Bank of Tokyo-Mitsubishi UFJ. This is Velocita’s second project in Scotland following the merger with 2020 Renewables in July 2012. The deal comes on the back of the successful 200 million euro financing of the 120 MW Vaite-Bussiere, Rougemont-Baume 1 and Rougemont-Baume 2 wind farms in France, which reached financial close in December 2015.
“It’s always pleasing to see a project which has secured planning consent progress to fruition, and all the more so in the challenging market conditions faced by the onshore wind industry” said Fraser Gillies. “The team at WJM has an outstanding reputation for planning advice for onshore wind energy, and we were very pleased to be able to help 2020 take these projects through planning to a successful result last year, paving the way for the subsequent financial close.”
Alan Baker, the Chief Operating Officer of Velocita, added that the wind farm projects are just two of four projects that the company is planning to secure project financing during 2016 in advance of the proposed Renewables Obligation (RO) closure deadline.
Scotland is already providing over a third of the UK’s renewable electricity at a time where there is an increasingly tight gap between electricity supply and demand. Airies will produce 7.05 MW and Sobie will produce 39.9 MW. Once operational, the project will make a valuable contribution to Scotland’s ambitious renewable energy targets, providing clean, green electricity.
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