HgCapital and its portfolio company RidgeWind have reached a financial close on the 20.5MW Wandylaw wind project in Northumberland, UK.
According to HgCapital, the Wandylaw project was developed by RidgeWind and consists of 10 REpower MM92 wind turbines, and will sell power and renewable obligation certificates to Statkraft under a long-term contract.
Construction will start later this month, and the wind farm is scheduled to enter operation in early 2013.
HgCapital’s funds are now said to be invested in more than 200MW of UK onshore wind projects in operation, consented or in construction, with more than another 300MW in development.
‘Together with the 24.6MW Hall Farm project financed last December, this is the second project that RidgeWind closed in less than six months, raising project finance for £65m,’ said Dine Glasgow, chief operating officer of RidgeWind. ‘This proves that good-quality projects with strong sponsors such as HgCapital and RidgeWind can raise finance and get built even in difficult markets.’
The total debt and equity value of European renewable energy projects financed by HgCapital now exceeds €1.5bn (£1.2bn) and more than 700MW, including more than 50 wind, solar and hydro power plants.