FRODSHAM WIND FARM REACHES FINANCIAL CLOSE
Peel Energy and Belltown Power are pleased to announce they have reached financial close for the Frodsham Wind Farm project with KfW IPEX-Bank as the funding partner. This milestone marks the completion of all key contracts necessary to deliver this £66 million project.
Construction of the 19 turbine wind farm on the Frodsham Marshes adjacent to the Manchester Ship Canal and Mersey Estuary in Cheshire, commenced in April of this year. Good progress has been made on the access tracks, sub-station and turbine foundations through the summer. Turbines are planned to be delivered to the site in the second quarter of 2016 and the wind farm is expected to be fully commissioned in the last quarter of 2016. A new radar is being installed at Chester Hawarden Airport (CHA) to mitigate the impact of the wind farm on the primary surveillance radars at CHA and Liverpool John Lennon Airport
The wind farm will provide a Community Benefit Fund (CBF) of £120,000 per year for the lifespan of the wind farm. This will amount to £3,000,000 over 25 years.
Muir Miller, Managing Director of Peel Energy said “Financial close for Frodsham wind farm represents a significant milestone in the UK wind energy sector involving both project finance and the procurement of a resolution in-fill radar to mitigate the impact on two airports. We are delighted to have formed new relationships with Belltown and KfW IPEX-Bank and look forward to working together to deliver the project over the coming year.”
Tom Hill-Norton, CFO of Belltown Power, said “We are delighted to have completed the project financing and acquisition of 50% stake in the Frodsham Wind Farm. This project builds on our previous success in the onshore wind space, adding a large ROC project that makes an important contribution to the UK’s renewable energy targets. We are incredibly excited to be partnering with a market leading developer like Peel Energy in constructing and operating the Frodsham wind farm.”
Thomas Brehler, Global Head of Power, Renewables and Water at KfW IPEX-Bank said: “As one of the world’s leading providers of wind energy finance we are once again underlining our structuring expertise in the wind sector with this commitment. We are pleased to contribute to the production of renewable energy in England and are very happy to deal with Peel Energy and Belltown Power.”