October 06, 2015
Invenergy Completes Project Financing For Corriegarth Wind Energy Center
CHICAGO (Oct. 7, 2015) – Invenergy Wind LLC (“Invenergy”) announced today that it has arranged project financing for its 69 MW Corriegarth Wind Energy Center (“Corriegarth”), which is currently under construction in Scotland approximately 31 kilometers southwest of Inverness.
The Mitsubishi UFJ Financial Group and Norddeutsche Landesbank Girozentrale, London Branch acted as the Mandated Lead Arrangers for the financing transaction, which included a Term Facility and a VAT Facility.
Corriegarth will consist of 23 Enercon E-82 E4 wind turbines. Commercial operation is expected to commence at the end of 2016. Energy and Renewable Obligation Certificates will be purchased under a 15-year Power Purchase Agreement.
“We’re pleased to have reached this milestone for this important project, which represents our first project financing in Scotland,” said Jim Murphy, Chief Financial Officer and Operating Group President at Invenergy. “Based on established and successful working relationships between Invenergy and our financing parties, we were able to achieve an efficient financial close amidst changes to the renewable energy framework in the United Kingdom.”
RJ McLeod is the project’s civil works construction contractor, and Powersystems UK is the project’s electrical works contractor. Wind Prospect is providing project management and engineering support. Nevis Environmental is providing environmental management of the site. The development of Corriegarth is creating more than 100 local construction jobs.
The wind farm will further benefit its host community economically through an annual contribution of £138,000 to the Stratherrick and Foyers Community Trust that will be used solely for charitable purposes.
Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in North America and Europe. Invenergy is committed to continued innovation in clean power solutions. Invenergy's home office is located in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan, and Europe.
Invenergy and its affiliated companies have developed more than 9,100 MW of projects that are in operation, in construction, or under contract, including 76 wind, solar, and natural gas-fueled power generation projects and energy storage facilities. For more information, please visit www.invenergyllc.com.
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