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April 13, 2014

John Laing reaches financial closure for UK wind farm

UK-based infrastructure investor and asset manager John Laing has announced the financial closure for the Dungavel onshore wind farm located at South Lanarkshire in South West Scotland.

UK-based infrastructure investor and asset manager John Laing has announced the financial closure for the Dungavel onshore wind farm located at South Lanarkshire in south-west Scotland.

The 26MW project had been acquired from the Germany-based electricity generating firm E.ON in October 2013.

According to the company, the Dungavel project will feature 13 Vestas turbines that will generate enough renewable electricity to power more than 20,000 UK homes.

John Laing said RJ McLeod will be responsible for completion of the balance of plant works, while the senior debt for the facility will be provided by The Bank of Tokyo-Mitsubishi UFJ.

"The Dungavel facility is our first wind farm investment in 2014, leading the way for further expansion in the sector."

Firms that served as the financial advisers to the wind project include FIM Services, DLA Piper, Natural Power, Pinsent Mason and DNV GL.

John Laing Renewable Energy managing director Ross McArthur said the company had made a major investment in the renewable energy sector in 2013 and its portfolio of wind and solar PV assets currently stand at more than 170MW capacity.

"The Dungavel facility is our first wind farm investment in 2014, leading the way for further expansion in the sector," McArthur said.

The company further said that Danish wind turbine equipment manufacturer Vestas will provide operation and maintenance services to the project, which is expected to become fully operational in summer 2015.

Nri

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